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Today I would like to continue where I left off yesterday by going even deeper into my investigation into the rumoured Telegram ICO and blockchain based apps platform.
I’m glad I did this in 2 parts because I’ve now had 24 hours to reflect on what I talked about yesterday, which has given rise to a few insights.
The first is that I do not think these materials have been leaked by accident. The marketer in me is beginning to think this is actually just part of a very clever product launch strategy.
By seeding the market with small pieces of ‘leaked’ information, people like me jump on it and basically starting promoting their ICO for free.
Other media outlets do the same and the news goes viral without Telegram having to spend a penny on advertising.
This isn’t fact, its just what I have started to think based on what I see and my own experience doing marketing campaigns that have similar characteristics.
Second, I still have heard no official word from Telegram as to whether they confirm or deny any of this. I suspect if they were not doing anything like an ICO, a cryptocurrency or a blockchain they would come out with a strong denial, but they haven’t.
Their last tweet for example was from the 30th of December and was an announcement about a new version of the messenger app.
And there is nothing on their blog:
The main promise I made to you yesterday was that I would analyse the draft whitepaper, which is officially called the Primer document.
So here we go.
You get a pretty good overview of the project just from the table of
The foundation of the project is the Telegram Open Network and the techniques they plan to use for massive scalability.
That then enables all the features of the TON platform such as:
And of course TON Payments
Then they have a section on integrating the Telegram messenger app as the way to interact with the network.
The paper does specifically say that it will launch in 2018 so that’s something specific. However when you have a look at the roadmap, the full released isn’t dated until the 4th quarter.
And speaking of dates, while TON stands for Telegram Open Network today, it says this will change in 2021 to The Open Network.
This primer also makes references to the technical whitepaper, which I have not yet managed to get a hold of.
The paper sets the scene by using Bitcoin and Ethereum has the best examples of cryptos to date but that they are still falling far short of something the average person can use day to day, which is what their token is going to be.
They highlight the fact that the TON wallet, which will be integrated right into the Telegram messenger app, will quickly become the worlds most adopted cryptocurrency wallet.
One question I have is how they are going to handle people’s private keys. How are they going to keep it super user friendly while also making users back up their wallet? We shall have to see.
They say that 500,000 new people download Telegram each day. That’s quite normal for a messenger app, but half a million downloads per day for a cryptocurrency wallet is huge.
In this section about the TON blockchain, they start to describe what they refer to as their 2 dimensional blockchain architecture.
It says the network will have a master chain and then up to 292 accompanying blockchains in what they term an ‘Infinite Sharing Paradigm’.
Or as they refer to it in the promo video ‘every block can become its own blockchain’.
But again they refer you to the technical whitepaper for more detail on how this works.
Anyway assuming all the fancy infrastructure provides the massive scaling that they claim, then comes the services the network can provide such as…
TON Storage, which is a decentralised file storage system similar to the ones we have seen in the blockchain space so far.
TON Proxy, which would enable privacy services like a VPN or anonymous browsing like TOR.
TON Services, which is where you’d access all the various decentralised apps or even a decentralised world wide web.
And then there is TON DNS, a decentralised naming system so we’d be able to give human readable names to everything rather than cryptographic addresses.
And finally TON Payments, which will enable micropayments and achieve that day to day usage we mentioned earlier.
You know, Telegram may be targeting the mainstream with this, but we all know that Telegram is the chat platform of choice for cryptocurrency projects.
Telegram is giving the Tokens of this ICO for free before the official launch.
Just click on the following link and follow the instructions
Once inside the group, request your tokens by writing / claim
Also give everyone their own referral link to let all your friends turn
Someone explain this to me please? What exactly gives the tokens value? This doesn't just apply to this Telegram ICO. The coins aren't shares of stock in a company and most of the technology in this space is "open sourced" where anyone can take the code and copy it. I understand that the token is used inside the block-chain in order to perform the micro-transactions needed to do the work . But what actually gives a TON, XRP, etc. value other than the perception of value by traders?
Ripple, for example, is used in their money transfer system. It's amazing technology but why is the XRP token needed in that transaction? Couldn't you just replace it with a digitized fiat currency and it will work just fine? XRP is essentially a "beta currency" to be replaced by the USD, Yen, etc.
Again, no stock . No patents. No barriers to entry. No value?
A coin attached to an actual business that gives back profits in the form of "dividends" to coin holders would give it some baseline value, but the TON transactions will be essentially nearly free. So how does the system make any money for "coin holders". See what I mean?
>most of the technology in this space is "open sourced" where anyone can take the code and copy it
You can copy the tech but you can't copy the blockchain. So a particular token/coin will operated within its ledger.
>But what actually gives a TON, XRP, etc. value other than the perception of value by traders
What was the value of google when investors poured money into it? They did not have a way to monetize. They believed in the the tech. A powerful search engine that could get you what you wanted
Same thing with cryptos. A DECENTRALIZED way for processing transactions (money, contracts, services etc). Whenever i explain this to people, they never seem impressed. It is a BIG DEAL. think about the consequences for a moment and why people VALUE this tech before all these speculative investors came in.
>XRP token needed in that transaction
A lot of people who are into the ideals of crypto-technology don't actually like XRP. Just FYI, its not ideal to have a coin that is controlled by the banks.
>Couldn't you just replace it with a digitized fiat currency and it will work just fine
Oh you mean a currency that is still being influenced by the Central Bank? where a central authority can dictate the interest rates and plunge the country into more debt to fund the federal government?
>TON transactions will be essentially nearly free
so not free. you know there are transaction fees right?
The purpose of TX fees is not just to pay miners, it is also to stop spam attacks. Would be interesting to see if they use the same PoW mechanism as RaiBlocks if they choose to go down the 0 TX fee route.
Good info Chris! Thank you. Good & reasonable points on overall viability.Any doubts aside, Telegram is a far better messenger that any standard text msg app, which gives much credibility.Learned about it from you! Thank you!
If only I'd mined or bought Bitcoin years ago. However many computers, hard drives, USB sticks, paper wallets etc etc I had thrown away, had broken down irreparably, I would still have access to my bitcoin now, thanks to Roboform, which I have been using for donkeys' years.
Andrei Barbu it's a simple question, no need to get defensive and take it personally unless of course you know the cryptoverse personally? If not the cryptoverse can answer himself. and i just assumed his cryptofolio had enough in there to feed him.Guess that's why I should never assume!
13,500,000 GRAM Plan to sell.
Telegram Open Network.
Multi-blockchain Proof-of-Stake system.
About Telegram Open Network.
Instant Hypercube Routing TON blockchains use smart routing mechanisms to ensure that transactions between any two blockchains will always be processed swiftly, regardless of the size of the system. The time needed to pass information between TON blockchains grows logarithmically with their number, so scaling to even millions of chains will allow them all to communicate at top speed.
TON Services TON Services provides a platform for third-party services of any kind that enables smartphone-like friendly interfaces for decentralized apps and smart contracts, as well as a World Wide Web-like decentralized browsing experience.
TON DNS TON DNS is a service for assigning human-readable names to accounts, smart contracts, services, and network nodes. With TON DNS, accessing decentralized services can be similar to viewing a website on the World Wide Web.
TON Payments TON Payments is a platform for micropayments and a micropayment channel network. It can be used for instant off-chain value transfers between users, bots, and other services. Safeguards built into the system ensure that these transfers are as secure as on-chain transactions.
The Telegram Team will rely on its 10-year experience in building user-friendly interfaces for tens of millions to create light wallets, exchanges, and identification services that will allow users to get on board with cryptocurrencies in an intuitive way.
Please, pay your attention that Cointelegraph is not responsible for the information on this ICO as there was no official statement so far. There is no official site either.
Telegram recently announced it would launch an ICO for its blockchain platform.
TON aims to deliver a fast, scalable blockchain with support for decentralised applications, distributed file storage, and micropayments.