Telegram's $1.2B ICO Ambition To Create A New Ethereum
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.
As reported previously, the pitch includes four key elements:
- A distributed file storage for services such as Drop coin
- Basing on the blockchain, a proxy service that creates decentralized VPN services and TOR-level secure browsing will be developed
- The system will support services used by decentralized apps and web experiences as well as smart contracts
- Peer-to-peer transactions and micro payments are also part of the program
By achieving the above, Telegram will become a platform that hosts Internet-based content which can be accessed, unlocked or subscribed by using crypto payments or alternatively become a giant payment hub.
TON has been selected to support the ambition as it will form the backbone for the new Internet services while also allowing the existing ones to join in.
The latest report released by Crunch shows that the ElliQ Robot has raised $22 Million.
An opportunity to continue developing
TON allows developers to build more based on the apps and services already on it which will allow blockchain based projects similar to how goggle play works for the centralized applications.
To achieve all the above, a lot of technology is required. All details explaining the developments in technology required are outlined in the 132- page whitepaper. All the ideas are based on ongoing efforts by other block chains.
For the blockchain developers, they were disappointed by the lack of inventiveness in the whitepaper as they claimed it was mostly dependent on theories supporting the existing projects.
Telegram - ICO