Everything You Need To Know About Telegram Open Network (TON)
“Are you familiar with the Telegram? “
Telegram Open Network (TON) , Complete Guide
Are you familiar with the Telegram? What do you know about it? Do you know Telegram plans to launch its blockchain project, Telegram Open Network (TON), this month (Oct. 2019)? Would it important if an encrypted messaging startup with almost 200 million members issue a new cryptocurrency?
Your answer would be ‘yes’ if you knew that about US$1.7 billion was invested in TON project by investors in 2018. The other reason for ‘yes’ is if Telegram succeeds, it will overtake Facebook’s ambitious project, Libra, which has been ceased behind closed doors of states’ officials.
So, how does TON work, and how can the Gram, the blockchain network’s native crypto token, affect the crypto market? Can the Gram help cryptocurrencies to become more adopted? In what follows, we try to answer these questions.
TON(Telegram Open Network) Launches in Late October
Getting popular is the secret of every technology for being successful. In the first stage, early adopters will be attracted, and the maturity takes place with the mass adoption through the common people in the community. Telegram is a well-established messaging platform used around the world and has about 200 million members. It is famous for enabling users to send encrypted messages between smartphones. It has already got popular, and it wants to develop more, now.
It has been reported that Pavel Durov, the founder of Telegram messenger, has currently developed the Telegram Open Network (TON), a blockchain platform powered by Telegram and fuelled by the Gram cryptocurrency which raised $1.7 billion in early 2018.
Recently, an email was sent to TON’s investors by the project team announcing them that the project is scheduled to launch in late October. TON’s project team informed the investors that they would have to provide the public key to receive their Grams by October 16th.
What is TON?
TON or telegram open network Blockchain is a scalable and flexible blockchain architecture 5 that consists of a master chain and up to 292 accompanying blockchains. It provides an infrastructure for several services such as encrypted chat, payment system, and so on, as well as Telegram cryptocurrency.
In fact, Gram will operate with a decentralized structure similar to Bitcoin, governed by a decentralized network of computers. However, Telegram would run its own blockchain with some elements of centralization to accelerate transaction speed. It seems TON uses both a centralized and decentralized infrastructure and combines them to solve the problem of transaction speed from which Bitcoin suffers as a totally decentralized network. TON Blockchain will process millions of transactions per second.
Which Services TON Provides?
Besides Telegram services, TON aims to facilitate payments, host new kinds of decentralized applications, and provide e-wallet services.
Using a decentralized blockchain platform could empower Telegram users to act in a cryptocurrency ecosystem inside the app, without any states’ intervention. It means TON could give Telegram’s payment system enormous independence from any government or bank. It could enable users to bypass remittance fees as they send funds internationally, move sums of money privately through the app’s encryption, and deliver micropayments.
What is the difference between TON and other crypto projects?
According to the GramBlog (https://gramblog.org) there is a crucial difference between TON and other crypto projects. Instead of new blocks, TON will create new blockchains, and this will allow splitting an enormous amount of operations that are processed in the blockchain between smaller chains. Thanks to the multi-level blockchain, the transaction permeability will be much higher. Then, TON will solve the problem of blockchain scalability, and it will meet the needs of many users.
In order to identify an individual in the project and on the services of partners, it will be enough to provide their personal data to Telegram once. All information will be posted on the closed pages of the telegram.org website.
How Can TON Affect the Market?
One of the main features of a cryptocurrency is its adoption. When a cryptocurrency adopts in the community, it could affect the crypto market. Telegram, as a powerful messenger, is so popular worldwide and a considerable amount of users amplifying their business using this social media. Within more than 200 million active users is being used widely in Russia, China, Iran, and other countries as the most famous messenger.
Online market places on social media are one of the considerable signs of human being migration to the Virtual world, and at the moment, the development of TON is going to pave the way through value transfer besides Know-Your_customer (KYC) services. This could be a tremendous mass adoption opportunity for blockchain technology and cryptocurrencies, which results in a higher money flow in these markets.
Gram will be tied to Telegram’s chat application, which could potentially help it to adapt quickly. The comparison between Telegram and WeChat can help to illustrate how crypto adoption could have an effect on the market.
WeChat is a famous chat app that is broadly popular in China and provides its users with a payment mechanism. While WeChat fast payment for a variety of services is a totally centralized system, TON, as a decentralized platform, offers Telegram users more secure and resilient payment services.
On the other hand, if Telegram launches TON Blockchain this month, it will overtake the Libra project conducted by Facebook, another social media service entering the blockchain field. Visa, Mastercard, PayPal, and other key financial partners involved in the Facebook Libra project. However, it seems the Facebook project is ceased in a labyrinth of regulation, and last week PayPal announced that it quitted the project. Then, TON sees the market without any serious rival.
“TON Launches in Late October “