With blockchain and crypto, it’s all set for Telegram to launch the next Ethereum.
Telegram is publicly testing its much-anticipated blockchain project ‘TON.’ The company’s blockchain will be compatible with Ethereum, allowing developers to port their Ethereum smart contracts, revealed a tech startup working on the project alongside Telegram.
There is this Ethereum killer on loose. Its high time for the Telegram Open Network (TON), to define its popularity with the cryptocurrency community with the massive ICO. Apart from other ICOs, telegram is not content resting on the already hyped and largely successful Ethereum for its token sale and services. Thanks to the blockchain technology, more decentralized services, and internet experiences are set to improve with the development of a rival for the Ethereum. Taking into account traditional venture capitalists and insiders of the executive’s close circles, the company has decided a pre-sale for them amounting to $1.2 billion in total, starting with $600 million. This is a huge impetus for the ICO. This will be followed by a public sale for retail investors again at $600 million eventually surpassing the current record set at $257 million by Filecoin.
Decentralized web runs in demand
Even though the most popular messaging app is used in most of the ICOs, telegram is not settling in for that record-making it's own ICO more extensive. The company is all set to develop decentralized internet and eventually decentralized apps known as Dapps, smart contracts, and censorship proof websites.
Telegram is not just another messaging app but has the potential to become the host of internet-based content, making it a micro paywall that can be used for unlocking news and subscriptions using small crypto payments. The potential for it to be a major payment hub cannot be ruled out.
TON has this unique feature of being the backbone of many internet-based services along with allowing other social networks to join in shortly. TON lets developers build apps and services on top of it and can be a gateway to many projects for the masses based on blockchain technology similar to Goggle Play and the App Store.
The innovations in the field of blockchain help telegram find its footing on strong grounds with ideas that are yet to be materialized. But blockchain developers claim that no new technology has been mentioned in the white papers released by Telegram.
How well will TON fare?
Investors are sure that the much-created hype around the cryptocurrency is sure to help TON. The company offers many incentives like the ones mentioned below.
- 10 percent or developers to develop the platform
- 4 percent or remunerating the developer team
- 42 percent retained by TON Reserve to maintain flexibility in the early stages of evolution.
- 44 percent will be tradable
Telegram targets Whales - pre-sales investors - to contribute to the token sales called ICOs. A minimum investment of $20 million which is far ahead of the usual token sale to date with discounts of more than 50 percent is what telegram offers right now. Telegram setting the public sale price at $ 0.97 means that whales pay as little as $0.31.
A lock-up period of 3 to 18 months dependent on the discounts is being worked out by the company so that investors who enjoyed the highest discounts would be unable to sell the tokens. An offer of partial lock-up is also underway.
TON has a ton of promises.
TON is here to offer so much, that a move to incorporate it to WeChat has undermined the project. Telegram aims at developing a competitor to Ethereum and is one of the kind Ethereum killers mostly active in the market. More than financial gain, telegram targets future cryptocurrencies, future ICOs and future decentralized apps and a new censorship proof internet system. Technically the processes and protocols of Telegram are still in the development phase. With 170 million users, Telegram is all set to attract crypto-based investors to grab a huge chunk of the sales and it is also scrutinizing the pre-sales effect over traditional VCs.
Where does Telegram stand on the global stage?
Telegram is setting up the platform or decentralized web services. It happens that the scene is set and the stage is vacant for a robust technology that brings power to the internet user. While cryptocurrency is the order of the day, it still has a long way to go. Competition is rife and every company is banking on services to make the life of people even more standardized. What experts are watching is the low o technology as smooth as a river. The industry is ripe with technology that keeps updating at a pace insane and minds boggling. So let us watch them grow.
Zuckerberg defends LIBRA before the Congress
In his first, Mark Zuckerberg, CEO defends cryptocurrency LIBRA before Congress.
Facebook has drawn much wrath from the officials in the US on account of its security breach as it is said to have compromised the credentials of millions of Facebook users. This is something everyone in the cyber world is keenly following. But Mark Zuckerberg, CEO, is not someone to be dogged down with these controversies and of course, they are at the helm of making leaps and strides in inventing and innovating technology and catching up in the race to top the world with blockchain and cryptocurrency experiments. The latest being launching their cryptocurrency named LIBRA. As usual, it is said to have robust technology surpassing their counterparts. The LIBRA works on blockchain technology backed by cryptography making it the safest medium of money exchange.
What is LIBRA?
LIBRA was created to attach national currency to the synthetic, making it a better payment gateway. Governments on the other side are closely scrutinizing it as it has fame to be the product of Facebook that has security issues. But the LIBRA Association has been in charge of the members who are likely to support the crypto.
According to David Marcus, the synthetic currency could be replaced by local currency attached to stable coins like dollar stablecoin, euro stablecoin, and the likes. Facebook’s wallet called Calibra wallet can be tied up with Whatsapp, Messenger, and its app. This makes transactions safe and easy for the unbanked to send money to families from abroad. To bring about a global currency, Facebook has given LIBRA more decentralization and privacy more than that expected by all.
Powered to fix ‘failing’ financial system
Zuckerberg, in his defense, will support the crypto LIBRA as to have the power to bring financial services to the 1.7 billion unbanked workers across the world making it an essential evil for the fast-paced world. Additionally, he warns that if it’s not Facebook, then China will bring out its own new central bank crypto.
Being scheduled to testify before the U.S. House of Representatives Financial Services Committee, he released the written testimony a day before. He stated that LIBRA could be the game-changer when it comes to global money exchange for the working class.
“The financial system currently prevalent is failing the mass of people as the industry is stagnant and the lack of digital financial architecture to support the innovation can be solved by LIBRA, “ Zuckerberg was quoted as saying.
Warning that the US may lose its financial leadership if not acting quickly as China has plans to do the same in the coming months, he was sure that LIBRA could ideally give the US a head start in applied cryptography fit to revolutionize daily lives. He assured that LIBRA will be launched only after all regulatory bodies are acknowledged and the permissions granted. With 21 members, including Calibra, a Facebook subsidiary, and Breakthrough Initiatives, a venture capital fund that Zuckerberg is involved in, the association – the governing body- has been signed on and there is no effort to further LIBRA’s development.
A promise to keep for financial stability
Stating that they do not have any intention to compete with sovereign currency or participate in monetary policy, as that are fields to be dealt with by central banks, adds to the transparency of the crypto. In his statement, Zuckerberg stated that they would work with federal reserves and other central banks to make sure LIBRA does not interfere. Libra is being developed with economic security and stability in mind, fully supported by LIBRA Reserve.
Better positioned currency
Emphasizing that law enforcement agents can check the on-chain activity and analyze know your customer information, Zuckerberg insisted, LIBRA would be in a better position to fight financial crimes in the already existing financial system.
Earlier, David Marcus, head of the LIBRA project had testified before Financial Services Committee (and its Senate counterpart) in July supporting LIBRA on common grounds. Mark Zuckerberg, the CEO, is the second official from Facebook to support the cause of cryptocurrency from further scrutiny.
Where are we headed?
With LIBRA, the world is shrinking to a global currency that would probably make the stage free of fraudulent and illicit transactions. This means a lot to the unbanked working class who are being deceived and targeted by money payers and the middlemen. The positivity of the tech world could make sure the general public is benefitted. This could mean a lifesaver for many a million of people.