It was reported recently that the encryption-based messenger, Telegram, might be getting a massive update with a blockchain platform called the Telegram Open Network (TON), along with its native token called “Gram.”
Reports suggested that by using TON, Telegram will facilitate instant payments between its users, and the messaging app will not just serve as an encrypted message anymore but also a peer-to-peer transaction service.
A few other features had also been reported for the blockchain, but there has been no official word from the founders of Telegram, the Durov brothers.
There is also a leaked whitepaper that explains Telegram’s plans for the ICO and the token itself, but it is not clear whether that document is authentic.
That being said, there have been a few interesting points within the document, which if true, could be revolutionary for the blockchain and cryptocurrency community.
A few points from the white paper
If the whitepaper is to be believed, the new venture will be based on a multi blockchain architecture. It will be based on a master chain which will have “up to 292 accompanying blockchains”.
Further information learned from the document is provided below in bullet points.
- The platform will use a proof-of-stake protocol.
- It will focus on user-friendly interface, wherever possible.
- The network will aim to perform faster transactions in comparison with other networks. It seeks to process millions of transactions per second.
- In the long run, the company will work towards expanding cryptocurrency usage in conventional settings.
- The network will use an infinite sharding program that allows the blockchain to split and merge according to requested processes
- It will use 2-D distributed ledgers to avoid forks created due to incorrect blocks. New valid blocks can be built on top of such blocks instead.
- Grams will facilitate in-network transactions, such as paying for content and services.
- The total supply of Grams will be 5 billion.
- 200 million Grams will be held by the development team for a vesting period of 4 years.
- 52 percent of the Gram’s overall supply will be held in the network’s reserve during the launch.
- An initial coin offering (ICO) might be held this year.
- Decentralized data storage service will be provided to users.
- A payment service will be created.
- A virtual private network (VPN) service will be offered.
- A DNS will also be a part of the mix.
However, it should be reiterated that the legitimacy of the document has not been verified by the Telegram officials as of yet.
Whether the leaked whitepaper is official or not, the features listed through it are nothing short of exciting. For instance, in this era of hacking attempts, who wouldn’t like to see a decentralized storage service which provides the utmost security for their documents and pictures? The ability to send payments instantly with a network that promises almost no wait times seems like a significant improvement as well.
It remains to be seen whether this whitepaper holds true or not. However, in the case that it is accurate, then this will prove to be a fascinating year for the 200 million + user-base of Telegram.