It’s not often that we hear of mind-blowing ICOs such as is mooted by the messaging client Telegram. Going by the announcement and the company’s antecedence, the planned ICO would be a record-setting one since the company is already a force to reckon with in the ICO space. The company announced that the Telegram Open Network was conceived as a one-stop solution that solves the problem of all the existing cryptocurrencies.
Though it is a known fact that most digital currencies have shortcomings, it would be a matter of time to confirm how the Telegram Open Network (TON) comes up with a token that gives users 100 percent utility as well as network satisfaction. TON was described as a blockchain based third generation application that improves on and solves the perceived limitation of existing digital currencies.
The new digital currency (Gram) proposed by the company for the TON will be funded through a massive ICO in which the company plans to raise $500 million in pre-ICO alone. Cryptocurrency users have recently been beleaguered with a slow and clogged network, especially with the most popular coins such as bitcoin and ether, especially when there was a high usage traffic.
This has made transaction time to be extended from what should have been a few seconds to days or weeks. This has made cryptocurrency users to start looking at option with utility, spread as well as network speed.
The Ethereum Network, for instance, was clogged for days during the CryptoKitties ICO while Bitcoin has been bedeviled with slow network transaction confirmation that has created a boom in the transaction confirmation business in which users with unconfirmed transactions sometimes pay higher fees or pay mining pools to have stuck transactions confirmed.
It is against this backdrop that a number of companies started toying with the prospect of creating their own digital currencies that solve the problem associated with Bitcoin, Ethereum, Ripples, Litecoin, and others.
Nevertheless, it is obvious that Telegram has the comparative advantage over all the other companies because it already seems to have enough crypto enthusiast subscribers in its database. It is a popular platform on which blockchain activities and ICOs are promoted. Telegram has 180 million active users, many of whom are in groups that are crypto niches.
Analysts are of the opinion that should the Telegram developers come up with a dapp with community acceptance that has faster confirmation time than the coins with a high market cap such as bitcoin and ethereum, the TON will no doubt become a major player in the coin market.
The pre-ICO which is a period meant for discounted sale to big corporate buyers targets a massive $500 million, which is more than any ICO has raised. The news says that the total ICO target for the Telegram open network TON would likely be between $3 billion to $5 billion.
The Telegram Open Network coin named the Gram would likely be used as a peer to peer digital currency within the Telegram network which will make its adoption to the cryptocurrency community easier.