Encrypted messaging startup Telegram plans to launch its own blockchain stage and native cryptocurrency, powering remittances on its chat app and beyond. According to multiple beginnings which have spoken to TechCrunch, the “Telegram Open Network”( TON) will be a new,’ third generation’ blockchain with superior capabilities, after Bitcoin and, afterwards, Ethereum paved the way.
The launch will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales arraying into the hundreds of millions, potentially realise it one of the most significant ICOs to date. Demand is driven by the fact that rather than the ICO coming from a fresh startup, Telegram is a well-established messaging scaffold use around the world.
Adopting a homegrown cryptocurrency could hold Telegram’s payment system enormous sovereignty from any government or bank — something Co-founder and CEO Pavel Durov is known to covet after investors took over his last-place busines, Russian social network VK. Durov has not responded to TechCrunch’s various attempts to contact him regarding this story.
The potential for a cryptocurrency inside a widely borrowed messaging app is enormous.
With cryptocurrency powered remittances inside Telegram, users could bypass remittance fees when casting stores across national borders, move sums of money privately thanks to the app’s encryption, give micropayments that would incur too high of charge card costs, and more. Telegram is already the de facto communication channel for the world-wide cryptocurrency community, making a natural dwelling to its own copper and Blockchain.