Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News

Telegram Takes the First Step Towards Its Own Blockchain Network and Cryptocurrency

Varun Kesari
Varun Kesari
Blogger | Youtuber | Music lover | Tech enthusiastic | Proud To be INDIAN

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

The new Telegram project, called TON (Telegram Open Network), has now been opened to a small number of developers of which not everyone has been announced. The operation and transactions through this platform are tested by these developers and the transaction speeds would be called ‘extremely fast’.

Telegram would like to use the blockchain and its cryptocurrency to exponentially grow crypto use. Telegram has the same kind of thinking as the crypto world, namely decentralization. With TON, users can create decentralized apps (DApps) that will be supported by Telegram’s new token. The new token will be named Gram.

Telegram managed to raise 1.7 billion through an initial coin offering (a kind of IPO for the cryptocurrency world). This amount was collected within a month and is also a record for ‘non-public’ ICOs.

This record is seen by Iran as a threat to national security and Russia has already banned the app completely from the country. This is mainly due to the privacy that the app gives its users.

Telegram is unlikely to care too much about Iran and Russia because the app has more than 200 million users worldwide. Because Telegram already has a huge user base that values ​​privacy, it is expected that the Gram will be used on a large scale. The rumors are that this project should be usable before October.

Finally, people close to the file said that Telegram was discussing with several important Asian crypto-exchanges such as Huobi, OKEx, and Binance for the listing of its GRAM token.

For some experts, GRAM could quickly become one of the largest cryptocurrencies given a large number of Telegram users (more than 200 million). Recently, the social network has invested in a blockchain startup and strengthened its team dedicated to this technology set up in the spring of 2018.

In addition, last month, unnamed sources cited by Bloomberg claimed that Facebook was working on a cryptocurrency type stable coin for WhatsApp.


Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic