The Latest From Telegram All Set To Launch Cryptocurrency
What is the reason behind the popularity of Telegram? Why are governments out to ban the messaging app due to its encryption strategy? Know more about how Telegram is joining the blockchain network.
Telegram the encrypted messaging startup has come as the latest company getting in on the blockchain and digital currency craze. On a report by TechCrunch, it announced the plans to launch the blockchain platform as well as native cryptocurrency that can be used for payment within the chat app.
Making moves into the blockchain realm, several prominent businesses while this one may be seen to be different for a few reasons. The telegram open network firstly is a new type of blockchain with even more powerful capabilities. Most importantly perhaps the ICO is set to launch the platform where the currency aims to be one of the biggest yet.
Pre-Sales Fuel ICO
Going toe funded by a massive initial coin offering the launch of the new network is reportedly going including private pre-sales, ranging into hundreds of millions of dollars making the Telegram as one of the largest of all time.
The relevant question is that what could probably make Telegram’s efforts in this area as different from many others? As most of the ICOs aimed to launch new startups with being unique in that it is a well-established with successful preexisting business.
The main reason behind telegram interested in getting into the cryptocurrency space is the payment system. Offering telegram exceptional level of independence from outside regulators is gained by converting it to an in house cryptocurrency. Allowing users to circumvent remittance fees for international payments and transactions is the main feature and along with it also allowing users to move potentially large amounts of money privately via encryption.
Because of relatively high credit card fees, users can make micropayments whereas it would otherwise not be worthwhile. Already highly popular among cryptocurrency enthusiasts the fact that telegram is around the globe making the prospect of new digital currency even more enticing in this area.
Huge Cryptocurrency Sale
The truth behind the report is that Telegram raises as much as $500 million just in sales even before the ICO, and it would subsequently peg the potential total token value as long as the upcoming cryptocurrency is as high as $5billion. These figures may, however, change as the likelihood of being the largest of all time.
Russia Bans Telegram After Encryption Dispute
Ordering an immediate ban on Telegram, a Russian court has brought the popular app under scrutiny which allows users to send encrypted messages after it refused to turn over decryption keys to Russian state security services.
The Reuters report that the decision is just a week after Russia’s communications and technology watchdog Roskomnadzor, filed a lawsuit restricting access to the app. Judge Yulia Smolina after an 18-minute hearing ruled that aces to the app would be blocked until telegram cooperates with Russia’s Federal Security Service (FSB) and thereby provide the decryption keys. Finally, judge Smolina was quoted saying by Russian news service TASS that the ban on access will surely be in force until FSB’s demand is met while providing keys for decrypting user messages.
In this context, the New York Times has recently reported that telegram instructed lawyers against attending the hearing in protest of the rapid pace of proceedings.
Telegram Allegedly Did Not Provide Decryption Keys
The Telegram was recently ruled by the supreme court of Russia requiring it that telegram has to provide FSB with decryption keys whereas the security agency had requested it in the wake of the 2017 terrorist attack in St. Petersburg. Claiming that suicide bomber in the attack used telegram, the FSB said it needed access to some of the messages preventing future attacks, which telegram has repeatedly refused to comply citing user privacy concerns.
Recently a blog post on telegram’s website was found stating that they don’t deal with marketers, data miners or government agencies as it was launched and haven’t disclosed a single byte of user’s private data to third parties.
While it was well known that the Russian social media website VK posted that telegram founder Pavel Durov has stated that telegram still uses internal methods while allowing Russian users to bypass the block through a VPN that is required to access the service.
Concluding The Discussion
It was the truth that marking 200 million active users, Telegram is the currently widely engaged in the world’s largest ICO whereby it has raised $ 1.7 billion from investors who are creating a network enabling those transaction speeds faster than Bitcoin and ethereum blockchains that comes with built-in cryptocurrency for telegram users.
It is surely a challenging position for Telegram in Russia as many countries may follow suit to ban Telegram due to t its encryption strategy. This makes it difficult for the messaging app to find foot on the world tech devices. Telegram is sure to find the future a little bit competitive as startups are growing at an unbelievable pace.