To describe Telegram’s planned initial coin suggesting (ICO) spil ambitious would be an understatement.
And it’s not only because the provider of a popular messaging app is seeking to raise $1.Two billion, according to three people ordinario with the suggesting, which would represent the largest crypto token sale to date.
Strafgevangenis is it just because Telegram, with 200 million users, seems to be intent on bringing cryptocurrency payments to the masses.
Rather, the proposed Telegram Open Network (TON) would seek nothing brief of decentralizing online communication, with a suite of services, from verkeersopstopping sharing to anonymous browsing, purchasable with the fresh crypto tokens, known spil grams.
“This is like Elon Musk-level ambition,” Kyle Samani of Multicoin Haber, who looked at the suggesting, told CoinDesk. Te fact, Samani said he declined to invest ter the ICO precisely because of its broad scope.
“My concern spil an investor is concentrate and diluted effort,” he said, since the TON aims to disrupt the same areas spil several other blockchain startups that have also recently raised funds via token sales.
Outlined te a 23-page primer on the suggesting obtained by CoinDesk, the TON is a blockchain protocol for the peer-to-peer movement of funds inbetween users and to make purchases. This would interact directly with Telegram’s messenger app, which wasgoed created ter 2013 at VK, the Russian omschrijving of Facebook.
Sources told CoinDesk that $500 million to $600 million wasgoed Telegram’s purpose ter a presale, with the other $600 million to $700 million to be suggested publicly.
The company is using the Plain Agreement for Futures Tokens (SAFT) structure, te which money is raised from accredited investors before a functioning network is built, te order to avoid running afoul of securities laws. The grams, eventually delivered to the SAFT investors, could then be resold to consumers.
Talk of the town
Telegram, which has not responded to CoinDesk’s requests for comment, would, no doubt, be the most mainstream company to punt a crypto token to date, albeit the social messaging app Kik raised $98 million te an ICO ter September.
“Many hedge fund managers are talking about the TON ICO,” said BitBull Caudal’s Joe DiPasquale. ” Telegram has possessed the talk space for those ter crypto, and our usage of the app is enlargening due to its security and ease. It’s become the podium of choice for crypto discussion, and they will have a lotsbestemming of attention leading into their ICO.”
Calling the presale’s ondergrens investment of $1 million and cap on proceeds high and its one-year lockup long compared to other token sales before it, DiPasquale still continued optimistically, telling:
“They are likely to be successful with a raise given their success spil a verhoging to date.”
Other investors CoinDesk spoke with were reluctant to discuss the sale, with one citing a non-disclosure agreement required to view the primer and a technical white paper.
Rumors of the ICO project embarked last week, and on Sunday a Russian-language slide deck marked “Ton_Draft” wasgoed posted on a Russian-language Telegram channel run by Fedor Skuratov, CEO of Combot, an analytics podium for the messaging app. TechCrunch wasgoed the very first English language outlet to report the project.
While the document CoinDesk received, and other investors have confirmed receiving, does not seem to be the most detailed account of the TON system (its footnotes refer to the technical white paper), the primer does provide a basic outline of what Telegram hopes to achieve with its crypto token.
Ter the document, the company announces:
“The current state of blockchain technology resembles automobile vormgeving ter 1870: it is promising and praised by enthusiasts, but inefficient and too complicated to appeal to the mass consumer.”
Spil such, no cryptocurrency has gained truly mainstream success, yet Telegram believes, according to the paper, that a decentralized counterpart to everyday money is needed.
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The primer states that the company is hoping to enable the effortless exchange of micropayments among users and bots, something that’s bot of caudillo rente across the blockchain space.
Ter an effort to do that, the primer explains that Five billion grams will be generated, with Four procent reserved for the Telegram team (with a four-year vestingsgracht period) and 44 procent to be sold during the ICO.
The remaining 52 procent will be “retained by the TON Reserve to protect the nascent cryptocurrency from speculative trading and to maintain plasticity at the early stages of the evolution of the system,” the primer states.
According to a source with skill of the presale terms, the one-year lockup comes with a 60 procent discount.
The ICO is likely all or a part of the “three big announcements” Telegram co-founder Pavel Durov told his followers about on his public Telegram channel on Fresh Year’s Eve.
According to the primer, the sale will take place ter the very first quarter of , with the SAFTs converting to grams te the fourth quarter.
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The roadmap goes on to state that the very first related product, “Outer Secure ID,” will launch ter the very first quarter of , with all other products to be flipped out by the very first half of 2019. And the Telegram founders’ control of the project will shift to a non-profit foundation by 2021.
‘Tons’ of competitors
While the TON’s main priority is consumer payments, the primer goes into a number of services Telegram would like to build out that seem to encroach on territories, such spil opstopping sharing and privacy, already staked out by well-known and well-funded ICO issuers.
For example, the primer outlines:
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- TON Storage – “A distributed file-storage technology, accessible through the TON P2P Network and available for storing arbitrary files, with torrent-like access technology and brainy contracts used to enforce availability.” Throwing te torrent-like access makes this product similar to the Filecoin podium, which raised $257 million ter a token sale ter September, spil well spil projects like Storj and Sia.
- TON Proxy – “This layer can be used to create decentralized VPN services and blockchain-based TOR alternatives to achieve anonymity and protect online privacy.” This sounds similar to the vision articulated by the team behind Orchid.
- TON Services – “A podium for third-party services of any kleintje that enables smartphone-like friendly interfaces for decentralized apps and clever contracts, spil well spil a World Broad Web-like decentralized browsing practice.” A number of blockchain-based startups are building decentralized app marketplaces, including Coinbase, which resumes to build out its Toshi marketplace, and the recently finished token sale for Sirin, which seeks to integrate decentralized applications into its blockchain-based mobile device.
- TON DNS – “A service for assigning human-readable names to accounts, brainy contracts, services and network knots.” Both MaidSafe and Blockstack, which raised $50 million on an ICO ter December, fall into the same category.
The company’s ICO plans voorwaarde have come together quickly, according to the former chief technical officer at VK, Anton Rozenberg.
“While I wasgoed working at Telegram, cryptocurrencies, ICO, blockchain, etc were never discussed,” Rozenberg, who left the company ter April of last year, told CoinDesk.
Still, many remain, if nothing else, wow-ed by the expanse of the project.
Eduard Gurinovich, a Russian entrepreneur and founder of MyTime, which plans on launching an ICO ter March, told CoinDesk:
“Gram . is announced, essentially, spil a fresh dawn for P2P. This is something that could challenge with bitcoin. Gram has the chance to realize its total potential. This is the winning bid for Gram spil a fresh accounting currency, not an investing one.”
The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.