A brief of the ambitious Telegram's $1.2B ICO plan for the future
We have more details on the plan by the Telegram's messaging app to push its project the Telegram Open Network (TON). The move was made after the company obtained the whitepaper and investor prospectus was completed in full.
According to the documents, Telegram depicts its discontent on being similar to the many ICOs that use the Ethereum platform to sell their tokens and services. Rather than sticking to the norm, Telegram aims to create its own platform that will compete with Ethereum. The new platform will host new decentralized services as well as Internet experiences.
If Telegram's ICO works out, then it will set a new record. However, this will only be the beginning.
In the future, the company wants to raise a whopping $1.2 billion. To start off, it will raise $ 600 million between January and February from those in the company's executive's circle and traditional capital venture backers. The few selected by TechCrunch will receive letters to confirm their participation on the stage.
After the presale, the company will then invite retail investors to a public sale which will be held in March to raise the remaining $600 million. If the company is able to achieve this fete, it will beat the current record held by Filecoin in September for raising $257 million.
A new player in running the decentralized web
According to the company through its documents, the app is used in over 60% of community communications among its ICO projects.
The Telegram company thus believes that its ICO should be used to develop a decentralized Internet to power decentralized apps (DApps in short), censorship-proof websites and smart contacts and other programs rather than monetizing it.