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Telegram plans $1.2-billion ICO for chat cryptocurrency

Telegram plans $1.2-billion ICO for chat cryptocurrency”

The proposed Telegram Open Network is an ambitious project, says coindesk reporter Brady Dale.

Telegram is a well know social media chat platform and is launching its very own blockchain technology and cryptocurrency that will be used to make payments on its Telegram application and more. While not a blockchain-based cryptocurrency platform, LINE Pay does show that you don't need 1 billion users worldwide to establish a payment platform and coupled with the fact that Facebook has yet to enter the payments market, it's a prime opportunity for Telegram to become a leader in the space.

According to the revealed information by Cryptovest, this ecosystem will include a proxy service, a distributed file-storage service, decentralized apps and smart contracts, DNS, a decentralized ad exchange, micropayments, a digital and physical goods marketplace.

The company now hopes to make some $500 million in the pre-ICO sale - making it the world's largest private cryptocurrency launch.

Telegram's blockchain platform is to be called Telegram Open Network ("TON") that will be integrated into its existing messenger app, with the release of Gram, Telegram's very own cryptocurrency.

In the pre-sale the company will try to attract big investors ("whales") before a wider token sale to retail investors. Around 4% of the issue will be reserved for the employees of the company.

The token will be named "gram", and the token sale will reportedly take place within the first quarter of 2018.

But as it is known, Telegram is not the only company showing such a serious interest to cryptocurrencies and having aspiring ideas.

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