The end of 2017 was marked by two events related to the popular Telegram network. The developers announced the introduction of their own cryptocurrency GRAM, as well as the launch of the blockchain system TON. Notably, the Durov team did not disclose details of the plan to the media; however, thanks to a leak of documentation online, the world learned about Telegram’s extensive plans. Internet users responded positively to the innovation and are watching the development of events around this news with increased interest.
Telegram’s Plans to Launch the TON Blockchain System
Telegram’s technical documentation reveals plans to launch their own blockchain system, which incorporates technologies and addresses the shortcomings of cryptocurrencies like Ethereum and Bitcoin. The resource Cryptovest was the first to publish the documentation, and the TNW website confirmed its authenticity, allowing readers to learn details of the project. Users interested in studying the documentation themselves can follow this link to familiarize themselves with Telegram’s plans.
The third-generation blockchain network – so the third-generation TON (Telegram Open Network) is positioned according to the documentation. Scalability and transaction processing speed are priorities for TON. Accelerated block creation, which will eliminate queues and transaction costs, will resolve issues faced by Ethereum and Bitcoin networks. The mechanism for this solution is not described, but it is believed that the introduced technology will quickly break down into components and adapt to other blockchain platforms.
Telegram plans to attract investments of $500 million to TON solely through token sales before conducting an ICO. According to the documentation, the fundraising is scheduled for March 2018. The TON network will incorporate microtransactions and service payments directly within the Telegram messenger. A high demand for such a service is forecasted, as of January 2018, 180 million people are registered in the database. The launch of the blockchain system will inevitably lead to an increase in users, and Durov’s team assures that the platform will handle the load, guaranteeing uninterrupted operation.
DeCenter shared their opinion with readers, which leads to the following conclusions:
- No mining will be involved;
- A flexible system with solutions for predecessor issues;
- The presence of torrents and VPNs;
- User identification via passport data;
- Transaction fees;
- Node lending for launching a private server;
- The circulation of GRAM coins within the TON system.
Ultimately, TON is a decentralized Internet built on top of the existing one, with its own security system and unlimited traffic transfer capabilities. Regarding user identification via passport, a mechanism similar to WebMoney is implemented, where the user must prove the recipient’s authenticity. This type of protection prevents theft when dealing with finances. It remains to be seen how Durov’s team will advance the project through Roskomnadzor, which has banned VPNs and torrents.
