Durov's cryptocurrency: the one Gram

February 13th, 2018. World news agencies reported the news that the entire cryptoindustry had been waiting for - the U.S. Securities and Exchange Commission received an application for registering an ICO from...

February 13th, 2018. World news agencies reported the news that the entire cryptoindustry had been waiting for - the U.S. Securities and Exchange Commission received an application for registering an ICO from Telegram Group Inc. That moment marked the beginning of the electronic coin Gram (GRM), of which experts predict a bright future. The blockchain platform for the new crypto was called Telegram Open Network (TON).

Who owns Telegram's cryptocurrency?

A third of the tokens were sold in the first round, as soon as bidding was started. The project raised an $850 million investment from a group of 81 investors. Another third of the coins was bought by 94 investors for the same amount in the second round. Thus, the development and launch of TON has already raised $1.7 billion in investments.

It is worth noting that it will not be possible to join the initial investors of the project since Durov's team has stated that there will not be a public ICO, The money raised is already enough to launch the platform. But as soon as TON is up and running, Grams will be freely available at the market price.

In total, the developers plan to release five billion Grams, 4% of them will remain with the platform's creators. The price of the first GRM will be $0.1. Each subsequent one will cost one-billionth more than the previous one.

Mining with TON

Mining "Durov's cryptocurrency" will be possible, but not everyone will be able to mine them. There will be about a thousand people specially selected as "validators" in order to verify and confirm transactions. These will be people with the necessary amount of cryptomoney in their account, fast internet, and high-performance servers. The validator is encouraged by crypto for good work and his account can be set to zero for bad work.

The developers said that an electronic wallet will be integrated into the Telegram messenger – perhaps as soon as this summer. And they promise to launch the blockchain platform no later than October 31st of next year.

What is different about the cryptocurrency Gram?

The information about all operations will be stored on several blockchains. This will significantly increase the speed of processing transactions. It is estimated that it will be in the range of a million operations per second. As a comparison, Bitcoin can process 9-12 operations per second.

After the launch, TON Telegram will become a haven for all kinds of services and applications with all kinds of conveniences. In total, the team identified five promising areas: file storage, a powerful anonymizer and a decentralized VPN, micro-payments and transfers, the integration and maintenance of the correct operation of applications on Telegram, and finally the creation of domain names.

Use of the TON blockchain platform will not only be able to be used on Telegram, but also any other messengers and social networks - like Google Play and the App Store.