There are a lot of eyes on Telegram’s upcoming currency. Gram is designed to rival existing monetary solutions for internet users worldwide. What is of even more interest is the Telegram Open Network, or TON. This blockchain project needs to deliver on its initial promises. The cross-compatibility with Ethereum is certainly one of its major selling points.
TON Explained
The Telegram Open Network may prove to be a game-changer for social messaging. It is Telegram’s native blockchain project, which is expected to go live in the weeks ahead. Prior to developing this ecosystem, the company raised $1.7bn – or slightly more – in funding. Given the popularity of Telegram, it is not entirely surprising to see so many investors get in on the action. With over 200 million active users, the blockchain ecosystem and native Gram token can prove to be very lucrative to early investors.
Although little was known about TON at first, recently unveiled information sheds an interesting light on the project. First of all, there will be a strong focus on blockchain scaling. Anyone paying attention to cryptocurrencies will know there have been major issues regarding the scaling of a blockchain project. For TON, the pressure is on. If this network is to compete with existing financial networks in terms of transaction throughput, there is still a lot of work ahead.
Secondly, the Telegram Open Network will need to offer proper security for all of its users. While TON is created to boost global cryptocurrency adoption, that will only work if the network itself can protect its users around the clock. The decentralized nature of TON will certainly be of great help in this regard. It also appears the first test nodes will come online in the weeks ahead. To this date, it remains a bit unclear if anyone can run a TON node or only those who invested in the project’s token sale many months ago.
The Gram Token
As is customary when creating a new blockchain, Telegram issued its own Gram token accordingly. This utility token will be used as part of the in-app ecosystem on Telegram, although external use cases will be unveiled later on. This currency will also serve as the “reward” paid to TON validators for processing network transactions and smart contracts. Depending on which services will become part of the TON ecosystem, it is safe to assume this currency will also serve as a payment method for those features accordingly.
Crunch Time Looms
An official launch date has been set for October 31, albeit that will heavily depend on how the current pre-launch tests pan out. If this release is not possible, Telegram will need to refund investors of its Gram token in full. The coming weeks will be very crucial for this project, as a lot of people are keeping close tabs on the proceedings. If Telegram were to fail regarding this deadline, the project may very well be doomed from day one.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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