Telegram, the popular messaging app that boasts a secure end-to-end encryption, will be launching its own blockchain platform and cryptocurrency. According to reports by Anton Rozenberg, a former employee of Telegram’s publishing division Telegraph, this new platform will be coined the “Telegram Open Network” (TON) and is rumored to be based on an upgraded version of the blockchain technology.
In his Facebook post, Rozenberg leaked what he claims to be the teaser advertorial video for the new platform. Aside from hinting at the upcoming ICO, Rozenberg also mentioned that TON will be able to benefit those who are under oppressive regimes like Iran and Uzbekistan as they would be able to transfer money swiftly and securely through the messaging app.
“In Iran and Uzbekistan, no international financial system has been established because of sanctions and financial reforms,” Rozenberg said. “The last time I was there it was impossible to find ATM or cards. Cash is used everywhere.”
What is the TON platform?
TON is a fast, scalable and user-friendly cryptocurrency and blockchain platform. All Telegram users will receive a TON wallet, which will allow them to transfer money in the blink of an eye as the TON network can handle up to millions of transaction per second. According to CoinTelegraph, the TON’s currency will be called ‘gram’, and the platform will also utilize light wallets, ergo users won’t have to download other heavy and unwieldy blockchain wallets to support their daily transactions.
Telegram, which boasts over 180 million active users and is worth over billions of dollars, will also serve as a launch-pad for the TON network as the platform won’t have to go through the bootstrap period, which might last up to several years, compared to most new platforms.
Furthermore, Telegram is also an incredibly popular messaging platform in the world of cryptocurrencies, as proclaimed by co-founder, Pavel Durov:
“Like right now, the entire Blockchain and cryptocurrency community just switched to Telegram.”
Thus, with millions of blockchain enthusiasts backing it, the TON platform will have the potential to disrupt the current cryptocurrency market and become the “next big thing”. Since Telegram is famous (or infamous) for its strong end-to-end encryption technology, future users of the TON blockchain network will also be guaranteed a secure, encrypted p2p transaction experience as well.
In fact, in an interview with Bloomberg, Durov insists that Telegram is not for sale at any price, because his users’ privacy is too valuable to risk:
“Even for $20 billion, it’s not for sale. That’s a lifetime guarantee.”