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Instead, it wants to create a platform of its own to rival Ethereum for hosting a new wave of decentralized services and internet experiences tipped to emerge thanks to the blockchain. That first stage is running from January to February by invite-only, according to the letters sent to selected participants that were viewed by TechCrunch. Following the pre-sale, the firm plans to hold a public sale in March which will allow retail investors to enter. Beyond money, the ICO will be notable for a product with far greater traction among consumers than any other token sale project to date.
As explained in the prospectus, Telegram is on track to surpass million active users this year:. In October , Telegram reached million monthly users, delivering 70 billion messages every day. At least new users join Telegram daily. At this rate, the service is expected to hit million monthly users in Q1 These users can provide the required critical mass to push cryptocurrencies towards widespread adoption. Telegram is best known for a messaging app, which the company claims in the documents is used for community communication in over 60 percent of ICO projects, but its own ICO is more extensive than monetizing that chat service.
The company is planning to develop the building blocks for a decentralized internet that could eventually power decentralized apps known as DApps , smart contacts, censorship-proof websites and more.
Putting these components together could allow Telegram to be the base for a new range of decentralized apps and services based on the blockchain. TON will provide the backbone for new kinds of internet services while also allowing existing social networks and messaging apps to join in, too.
Blockchain developers who spoke to TechCrunch were underwhelmed by the lack of new technology in the whitepaper, claiming that it mostly uses theories from existing projects rather than pushing the envelope. And it will also use 2-D Distributed Ledgers. This means the TON can grow new valid blocks on top of any blocks that were proven to be incorrect to avoid any unnecessary forks. It will also handle storage of ID, payments and smart contracts. So, instead of relying on proof of work to create its currency, Telegram will rely on a new, less energy-hogging way of mining cryptocurrency than the original Bitcoin method.
The claim is that it will be capable of a vastly superior number of transactions, around 1 million per second. In other words, similar to the ambitions of the Polkadot project out of Berlin — but with an installed base of million people. Once news of the project got out, most interest focused around the token sale itself with many investors sure the project will be a hit based on hype alone. A recent trend in ICOs, also known as token sales, is to offer large discounts in the pre-sale phase to encourage large investors — known as Whales — to contribute.
Due to those enormous discounts, Telegram is proposing a varied lock-up period that would see the investors who enjoyed the largest discount unable to sell their tokens. Details are still being worked out, but lock-up periods could range from three to 18 months dependent on discount, with an option for partial lock-up, too.
There will be an uncharacteristically long delay before investors, both pre- and public, get their hands on their tokens. Telegram plans to release the Grams in December, with a schedule of January-March for when they will list on exchanges, thereby becoming available for everyone else and, crucially for investors, tradable.
Plenty of ICOs are rightly accused of trading on hype and developing multi-billion dollar market caps for their coins without actually offering a product. The question — like all ICOs — is whether the theory can become reality. Given the fact that few ICOs even have a product in the market, let alone one with million active users, you can expect that crypto-focused investors will be keen to grab a slice of this sale.
How the pre-sale fares among more traditional VCs will also be one to watch. As explained in the prospectus, Telegram is on track to surpass million active users this year: These users can provide the required critical mass to push cryptocurrencies towards widespread adoption Ambitions to run the decentralized web Telegram is best known for a messaging app, which the company claims in the documents is used for community communication in over 60 percent of ICO projects, but its own ICO is more extensive than monetizing that chat service.
The pitch includes four components, as we previously reported: Distributed file storage akin to services like Dropcoin and ICO company Filecoin A proxy service for creating decentralized VPN services and TOR-like secure browsing environments based on the blockchain Services for decentralized apps, smart contracts and decentralized web browsing experiences Payments for micropayments and peer-to-peer transactions Putting these components together could allow Telegram to be the base for a new range of decentralized apps and services based on the blockchain.
More details in full, as we reported last week: Telegram CEO Pavel Durov speaking at TechCrunch Disrupt San Francisco Huge discounts and a long wait Once news of the project got out, most interest focused around the token sale itself with many investors sure the project will be a hit based on hype alone.
Product roadmap Plenty of ICOs are rightly accused of trading on hype and developing multi-billion dollar market caps for their coins without actually offering a product. The author owns small amounts of cryptocurrency including ETH.