We disassemble one of the most anticipated projects this year – Telegram Open Network
As a result of the second closed round of Telegram’s telegram, the messenger team managed to attract over $ 1.7 billion. Given such a high demand, the organizers may abandon the idea of conducting a public phase of the primary sale of tokens, having received all the funds at closed stages.
Is it possible? What services inside the Telegram ecosystem will Gram tokens be used and how will the cryptocurrency work?
We sort out one of the most anticipated projects of this year.
Based on the information contained in the white paper of the project, the idea belongs not only to Pavel Durov but also to his brother Nikolai. The main goal is to provide crypto-currency holders with a comfortable, scalable, and, most importantly, a fast platform for interacting with their assets. That is why one of the main factors affecting the welfare of the project is the launch of the Telegram ecosystem. It has a direct relationship with the messenger and is entirely based on the blockchain, Gram coins and an impressive list of available services and services.
The basis of the ecosystem is the TON, also known as the Telegram Open Network. The architecture of this multi-blockchain system assumes the work of the Proof-of-Stake protection algorithm, consensus, masterful and all networks that accompany them. The reason for this decision was primarily an attempt to prevent problems with scalability. In other words, the “chains” of TON will have the opportunity to split up or to connect in automatic mode.
This is done to ease the load on the network as a whole. At the output, we get a complete lack of queues and, as a consequence, a low commission. But that’s not all! Any block from the blockchain can become a self-sufficient network, which only a well-thought-out routing system will help, which provides an opportunity to instantly exchange information between all the “chains” of TON. According to the authors, the network will be able to perform up to 1,000,000 transactions per second!
In the ecosystem itself, users are offered services:
TON Storage – decentralized file storage
TON DNS – Domain Name System
TON Payments – a platform for micropayments and related channels
TON Services – a platform for third-party services with a user-friendly interface for DApps and smart contracts
What is Gram?
The main thing that you need to know: Gram is the only and the main token of the internal crypto-currency ecosystem Telegram. The total number of tokens issued is about 5 billion. Users will be able to use these coins to pay for goods and services provided by vendors in the Telegram ecosystem. In addition, this cryptocurrency can be used for:
- payment of TON Validators work to commission for confirmation of financial transactions and smart contracts
- Work with the network validators, approving operations and creating new blockchain
- transfer of the debt to the validators in exchange for a nominal percentage of commission
- rights to support or express renewal protests in the functioning of the network protocol
- payment services that are presented in the DApps platform
- calculation of the use of the data warehouse
- Payments for hiding IP addresses and anonymizing
- calculation for domains and hosting
- payments for circumvention of resources that fall on the censorship list of a particular provider
Investors were given a simple agreement for future tokens – SAFT. It is assumed that the coins themselves will be available only after the end of the launch of the TON blockchain in the fourth quarter of this year. Conversion of agreements is 1: 1.
As for the promised level of inflation based on the basic parameters of the TON, it will be about 2%. This is due to the payments that the participants will make in the general mass.
The project stipulates that developers will receive 4%, which is equivalent to 200 million Gram tokens from the total amount of emissions. It should be noted that they will be subject to the restriction of use for a period of 4 years. 52% of the coins will be frozen within the TON Reserve in order to avoid the trader’s speculation and retain flexibility at least at the initial stages of the launch of the network. The remaining 44% of Gram will go on sale.
The cost will be derived from the formula:
pn: = 0.1 × (1 + 10 – 9) n USD
If the first token is sold for $ 0.1, the price of each subsequent one will be increased by one billion. Thus, tokens that will be transferred to TON Reserve will retain their high cost and will be more expensive than those purchased by the participants of the token.
To work with the cryptocurrency, a “light purse” will be used, allowing you to store coins without loading the entire TON blockchain. Wallets themselves will be integrated into the ecosystem of Telegram so that customers can interact with any applications and services offered. In addition to the basic expected mobile version of the purse.
Why do we risk not seeing the public round of Gram?
If we take into account not only the number of investments already attracted but the popularity of the project, which grows every day in geometric progression, the experts are already beginning to scare us that the Telegram team can simply abandon the public round.
One of them was the partner of Morgan Creek Capital Blockchain Anthony Pomppliano. He notes that the main goal of ICO is to get the required amount, and given that TON has already reached the required mark, there is no sense in holding a public round.