If Telegram Does Their $1.2B ICO... We Win 🏆
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In today's video:
I’ll present part 1 of my research into the rumoured ICO that is to be launched by the Telegram messenger app to bring cryptocurrency and blockchain usage to it’s 200m mainstream users.
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The master key to success in this industry is without a doubt the task of gathering a critical mass of users.
This is why when already established organisations decide to adopt crypto make such huge waves.
With 200 million users around the world, and what I would deem a trusted brand, Telegram is the best positioned app so far to embrace cryptocurrency.
Assuming this actually happens the way it is intended, which we’ll get to in a moment, this could truly be the point of no return, the point at which cryptocurrencies become certified unstoppable.
A couple of years ago there was this Telegram bot called Telebit that would allow you to have a Bitcoin wallet within Telegram.
You would type certain commands to the bot and it would do things like tell you your wallet balance, send transactions or generate a receiving address.
I don’t think that service is around anymore but if I was excited when I originally discovered that, you can imagine how excited I was when I heard this news.
https://www.coindesk.com/telegrams-1-2-billion-ico-ambitious-token-sale-yet/
Interestingly, CoinDesk claim to have obtained a 23 page document which outlines the project, although they don’t go as far as providing a link to view it for yourself.
You’ll start hearing this abbreviation ‘TON’ which stands for Telegram Open Network.
So $1.2b when you add those two together.
Divide that by 200m users and you get a value of $6 per user.
The question is, where is the revenue going to come from? Telegram doesn’t actually have any sales revenue according to their FAQ...
https://telegram.org/faq#q-how-are-you-going-to-make-money-out-of-this
Anyway back to the ICO…
‘The grams’ is I assume what the tokens are going to be called, which I like. What I don’t like is to two tier funding system appearing again where a special class of accredited investors get the first crack and the best deal.
Although while I don’t like that, as we saw yesterday, amateaur investors are often a danger to themselves, which is what the regulators believe they are there to mitigate.
The question is, did I manage to get hold of this 23 page document that CoinDesk are talking about? But of course…
Before we go there I also managed to find this supposedly leaked promo video for the the Telegram network.
It’s just under 2 minutes long so I’m going to play it for you now so I can highlight a few things that I noticed about what is said.
OK so a few things there
Millions of transactions per second thanks to it’s unique multi blockchain architecture.
They will supposedly achieve this through a technique you may have heard of called sharding, where a blockchain is split into pieces and each is hosted by a different cluster of nodes on the network, so theoretically that’s possible.
Direct payment channels for instant transactions
Again this is lightning network type tech but we’ll have to get more technical info on how they plan to do this to assess it’s viability
If you are listening to the podcast version of this, when it says TON processing nodes only do useful work, it says on screen ‘Efficient Proof of Stake’ which makes sense given they already have such a broad network of users.
The trick here will be how they ensure a broad distribution of tokens. The concern for me is that they are raising half of the money from accredited investors, so how are they going to avoid those investors having a disproportionate amount of power in the network, given that it’s proof of stake? We’ll have to see.
User friendly cryptocurrency and app platform
Referring back to what I said early, telegram already has a bot system in place so there’s somewhat of an infrastructure there for apps to be built on. That could get interesting.
This definitely needs some more investigation so I’ll analyse the draft whitepaper and then perhaps do a follow up to this tomorrow going into more detail on what I find.
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Yes, this is interesting. Will these be an amazing new coin that will actually work or just another coin to crowd the market? We definitely need to learn more about it and its capabilities. Please let us know if you think it is actually capable of doing what it says.
On a side note Chris, I found you through the podcast and love your stuff. At the beginning of the year you talked about how your going back to not putting your face in the videoes and you referenced box mining's success. I love the content from box mining as well, but when he has close ups of his face it freaks me out. I really like your style, stick with your strengths! :D
Yes - agree that Telegram could be a huge development in the Crypto space.
Could be a big one! I had no idea Telegram had so many users, thought it was just a whatsapp for geeks!
Hah right? And terrorists 😂
I heard ISIS are doing an ICO
Another centralized shitcoin.....not a win.
There is absolutelly no reason not to use something like Litecoin (later Bitcoin on LN). All they achieve like this, is more friction if I wanted to use it.
Or SMTs build on Steem. Why not use that?
Because they believe they can build an even better system.
wow, when this comes reality we can forget most of the cryprocurrencies. It seems that Telegram want to become the leader in that space when it comes to mass adoption. This is for me the first BIG PLAYER from outside the crypto space that may ride this wave. That may bring Facebook, twitter, Amazon and many other players into a follower position
Stellar Lumen Next Target $2
When and how do I get this ico?
Answers in next video
I like the last sentence from the TON video. "Lets bring blockchain technology finally to main stream" :P
it will really be unstoppable, millions of transactions per second will make even visa look like current bitcoin.
nice read, thanks for the info.
Thanks for sharing this Chris. I would like to see good reasons for using it instead of what already exists. I don't see clearly how its use is different from other cryptocurrencies like LTC. From the video it seems it will be "faster"?
And just out of curiosity, how do you become and accredited investor? If you are one in any country, how can you get to participate in the presale?
Thanks!