The world’s fastest messaging app, Telegram is entering the realm of ICO. A portion of Telegram ICO funds shall be spending on salaries, offices, and consultants.
Business Insider reported that this cloud-based instant messaging service plans to raise around $1.2billion in a blockbuster ICO. However, the app put in sound social media engagement to companies based on blockchain technology. It enables them to connect their prospective audience via groups on Telegram.
Multiple sources, as analyzed by Coinpedia team unveils that Telegram has more than $170, monthly users. The platform is launching its ICO either as “Telegram Open Network” or “The Open Network(TON)” which includes the private sale in February 2018 and the public sale in March.
Telegram ICO with $1.2billion could be the most massive token sale ever, wherein firm support its blockchain platform called, (Telegram Open Network).
According to the whitepaper, investors will receive “TON tokens or Grams” for joining its crowdsale by the end of 2018.
Moreover, the company said Telegram ICO aims to solve a problem that neither Bitcoin or ethereum address and reported as follows
“Bitcoin has established itself as the «digital gold,» and Ethereum has proved to be an efficient platform for token crowd sales,” the white paper said. “However, there is no current standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people.” While bitcoin and ether have reached incredible heights over the past year, critics point out they have not been able to scale to the point at which they can truly rival cash or credit cards. Accordingly, the common tag-line evoked by skeptics is “you can’t buy a cup of coffee with a bitcoin.”
They expressed bitcoin’s incapability of using as fiat money for everyday use. Thus TON aims at advancing as “a decentralized counterpart to everyday money.”
Following the statement, sources have reported that Gram ICO shall be 3rd generation depends on the proof-of-stake system. That just means it won’t contain mining mechanism. Nonethless, the system will have $5billion worth of Grams wherein four percent will be reserved for the development team. Furthermore, 52 percent will be detained by the admin to regulate token circulations.