Telegram launches the blockchain and cryptocurrency in March 2018.
In December 2017, there was an interesting rumor: according to “knowledgeable sources,” the messenger Telegram, which is very popular among fans of the cryptocurrency thanks to the powerful encryption and the protection of privacy, will launch its own blockchain-based platform and cryptocurrency.
8 January 2018, TechCrunch reported that several sources, who wished to remain anonymous, confirmed this rumor, and provided information from the secret information document Telegram. TechCrunch claimed that “the potential for the development of cryptocurrencies in the framework of the popular app for messaging is huge.”
Of course, it became available and analytical note on white paper that is flushed in the media. The owner of the document was a portal Cryptovest, and its authenticity was independently confirmed by the service TNW. In a 23-page research note is often referred to not yet published white paper in which, according to the publication TechCrunch, 132 pages.
“The document describes the vision of a new cryptocurrency and ecosystems, which can meet the needs of hundreds of millions of users, including 200 million base Telegram”, — stated in the white paper. “The launch is planned for 2018. Cryptocurrency will be based on a multi-blockchain system with proof of share ownership — TON (platform Telegram Open Network, named on the basis of The 2021 Open Network) designed for next-generation cryptocurrency and decentralized application”.
Scaling and implementation
According to the Telegram, cryptocurrencies and other technologies based on the blockchain have the potential to make this world more safe and self-directed environment, but none of the currency created on the basis of consensus, has not caught on in the mass market and has not reached widespread adoption. Despite the practical value of bitcoin and Ethereum, “at the moment there is no standard cryptocurrency used for the regular exchange of values in the daily life of broad layers of the population.” At this situation, and the aims of the project TON. Representatives of the Telegram are sure that the world needs “a decentralized equivalent to the usual currency is a true cryptocurrency for the mass market.”
See also Pavel Durov commented on the rumors about the new cryptocurrency on the basis of Telegram messenger
An important requirement for cryptocurrency to the mass market is also scaling throughput of transactions per second, which is already available in most credit card networks such as Visa and Mastercard. While developers of bitcoin and Ethereum are scratching their heads over the increase in throughput, according to the information document Telegram at the moment, the average is 7 transactions per second bitcoin for Ethereum and 15, resulting in a lack of speed and higher-value transactions. However, it seems that in this information document are not taken into account, the protocols of the second level.
Moreover, according to the Telegram, the existing cryptocurrencies are also faced with other difficulties. For example, they are still too complicated for ordinary traders and consumers, and the demand for digital assets comes mostly from investors not ordinary consumers. Also the ecosystem is not enough critical mass for growth and “the actual implementation in the lives of hundreds of millions of users.”
“Telegram uses the experience in the distributed storage of encrypted data to create TON of fast and scalable multi-blockchain platform”, — stated in the white paper. “TON can be considered decentralized supercomputer and transmission system cost. Combining the minimum transaction time and with maximum protection, TON can be an alternative to services VISA/Mastercard in the new decentralized economy.”
Blockchain TON will consist of a main chain and (eventually) from a huge number (2**92) the accompanying block chain (segments), which can separate and connect in a dynamic mode to manage changes in load and optimal throughput. The TON platform approach will be used evidence of ownership interest, based on the version of the Protocol is Byzantine Fault Tolerant (“the problem of the Byzantine generals”), and instantaneous routing in hypercube to split the workload between the segments. Network protocols for data storage, privacy use of the similarity of the TOR software, and micropayments will be released after the blockchain kernel TON.
Needless to say, the TON platform will be fully integrated into a network message Telegram. According to the white paper, this will allow Telegram to manage the extensive user base and to develop the ecosystem, which will open cryptocurrency for millions of people, “lightweight wallets” which will be built into the app Telegram. The document also States that 84% of all blockchain projects have active channels in the Telegram, which is more than all the other services for the exchange of messages together. This means that Telegram — “the most popular app messenger in cryptocurrency in the world.”
Based on a roadmap presented in the white paper, the test network with the minimal functionality of the platform TON will be launched in the second quarter of 2018. Then, after passing the stage of testing and security audit in the fourth quarter of 2018 will be running the stable version TON and Telegram-wallet.
Financing in Gram
Currency platform TON will be called Gram. For financing platform TON in the first quarter of this year the Telegram will launch the sale of tokens. It is assumed that 44% of the total number (2.2 billion) Gram will be sold at a starting price of 0.10 USD for one Gram with a gradual increase. The price of each Gram is one billion higher than the previous one, and after the sale of all 2.2 billion tokens, the cost per Gram will reach $ 1. On the basis of these assumptions it is possible that the sale of tokens Telegram has the potential to become the largest in the history.
52% of the total number of Gram TON will be left in Reserve for the “protection of new crypto-currencies from speculators and to maintain flexibility in the early stages of the evolution of the system,” and another 4% will be left for the team.
According to the plans at the moment, sales of tokens to be used for Simple Agreement for Future Tokens, SAFT (“Simple agreement for future tokens”) with conversion the original TON Gram in 1:1 ratio after starting the blockchain TON.
Telegram wants to become a launching pad for a TON, but over time it is planned the transfer of ownership and management of a TON to a nonprofit Foundation TON. “Until 2021 will be created and implemented initial vision and architecture for TON”, — stated in the white paper. “Then the acronym will be TON the item was removed “Telegram”, and the name will be changed to “The Open Network”. After that, continuous improvement blockchain TON will be borne by the functionaries of the Foundation TON”.
“Killer app” of the platform TON: user base, focused on privacy
“Killer app” of the platform TON – Telegram is the ability to meet the demands of millions of fans of the cryptocurrency of the 200-million user base of the messenger. However, at the same time, it should be noted that most of the population is not worried neither about encryption, not about crypto. For example, such applications for messaging like Messenger from Facebook and Whatsapp is much more popular than Telegram.
Telegram is an independent service, independent financing, with a focus on data security. The popularity of Telegram among the followers of cryptocurrency can be explained by the fact that the application is funded “libertarians for the preservation of freedom by encrypting data.” These properties increase its attractiveness compared with other platforms, such as Messenger or Whatsapp, for users who value their privacy.
In this vein, it is interesting to think about the possible launch of its cryptocurrency and the social network integration with Facebook in and messenger.
In one of the last posts mark Zuckerberg, co-founder and CEO of Facebook, shared the idea that contrary to common belief that technology can become a driving force of decentralization, expanding the ability of people, now it seems that the combined effect of technology is to concentrate the possibilities in the hands of large corporations and governments.
“There is a significant reverse trend, represented, for example, encryption, cryptocurrencies, which take effect from centralized systems and transmit it back to the people,” says Zuckerberg. “But immediately there is a new risk — these phenomena are more difficult to control. I like more detail to understand it and explore the positive and negative aspects of these technologies, as well as the optimal methods of their application as part of our services.”
In his speech at the International conference on cyber security January 9, 2018, the Director of the Federal Bureau of investigation United States Christopher ray shared his fears about encryption, saying that last year law enforcement agencies are unable to access 7 800 units.
“This problem adversely affects the course of the investigations abroad on issues such as human trafficking, combating terrorism, counterintelligence, fight against gangs and organized crime in General, child labour and cyber security”, — he said.
He urged the private sector to find ways to “respond to legitimate court orders upholding the rule of law and cybersecurity”. Maybe Zuckerberg thinks about these problems of access.
It is unlikely that Facebook has turned into such a reliable flagship safe as Telegram, but will definitely be entertaining to watch the Facebook innovations in the field of cryptocurrency.