The crypto network is backed by a team of developers with rich experience in building the most scalable projects.
The massive success of the project has irked the Iranian government who are scared Telegram might collapse their economy. The yielding result of Telegram’s ICO which many branded as a scam is surprising. The cryptocurrency being used in the network will be known as Telegram Open Network (TON) coins or Grams. At the core of the platform is the TON Blockchain — a scalable and flexible blockchain architecture that consists of a master chain and up to 292 accompanying blockchains.
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Back in February, it was reported that the Telegram or TON ICO managed to raise close to 1 billion USD.
Telegram, prior to this time was not intended to acquire revenue, the platform says it will never sell ads or accept outside investment. The document submitted to the SEC reported that Telegram’s second sale raised $850 million from 94 investors. With the help of intuitive UIs, the platform can develop lightweight wallets, identification services, and exchanges allowing the users to easily jump on the cryptocurrency bandwagon. The President of Iran, Hassan Rouhani did not entirely support the proposal to ban Telegram.
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For instance, TON will be building its own lightweight wallets that will be integrated right at the heart of Telegram.
Considering the recent war on ICO on Google and other social platforms, Telegram messaging app has benefited from the recent trend the most. An interesting thing aside from the financial aspect of the Telegram ICO is the fact that, actually, many small and medium-sized online business operates through the platform itself. “Telegram will use its expertise in encrypted distributed data storage to create TON, a fast and inherently scalable multi-blockchain architecture.” One, Telegram is becoming a base for cryptocurrency breaking news.
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By bringing the capabilities of Telegram to TON, the latter will become more feature-rich.
Messaging app Telegram has accumulated $1.7 billion through its initial coin offering (ICO) second-round presale event, reaching that mark after a staggering $850 million first raised in its first round. Telegram was regarded a scam, but it is becoming a big market, suddenly. In what has been tagged the biggest ICO project of all time, Telegram ICO has generated over $1.7 billion so far. Telegram was making headlines back in February during their first ICO pre-sale when the company raised $850 million from 81 investors.
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But why exactly are high rollers jumping at the opportunity to board the Telegram ship?
We’re not building a “user base”, we are building a messenger for the people,” the platform had said in the past. Once TON is integrated with Telegram, a clear path is opened for millions to adopt cryptocurrencies and interact with them every day. The world’s largest ever cryptocurrency fundraising effort has been put on hold after the popular messaging app Telegram scrapped plans to broaden its initial coin offering (ICO). What is already known - the project is going to create its own blockchain technology, which is supposed to surpass most of the competitors.
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Since that time the authoritarian government has been against Telegram and its founders.
In his words: “Telegram is not a dominant messenger in any country except for Iran. On that point, it is also real that Telegram lacks a business model for the fact that it was built majorly not for profit. A whitepaper published earlier this year that describes the Telegram Open Network (TON) cryptocurrency explains how it aims to overcome limitations with other major virtual currencies like bitcoin. This is a big boom for Telegram, a messaging app that has not made a dim before its ICO was released. The platform was managed directly with Durov’s fund, until recently when the game changed. Bitcoin is known as digital gold, and Ethereum has also risen as a robust platform for rolling out a number of token crowd sales. In addition, it is known that the project has already attracted $850 million from private investors. According to reports, over 50 percent of the Iranian population are active on Telegram.