As time passes, people is getting anxious about Telegram and its plans to launch a cryptocurrency for its platform. At UseTheBitcoin we have written an article about the company’s plans and how it was developing this idea. Just to start, ‘Telegram Open Network’ or ‘TON’ is the name that the Durov brothers have chosen for this network. The cryptocurrency used will be named TON and at the moment, its ICO is expected to be the biggest ever.
What About TON’s White Paper?
The cryptocurrency that will be launched the next year, will be based on a multi-Blockchain proof-of-stake system that will host a new generation of cryptocurrencies and decentralized applications. The intention is to create a truly decentralized cryptocurrency for a massive daily use. According to the white paper, Bitcoin or Ethereum are not able to offer a standard cryptocurrency for the daily lives of ordinary people, even when they are both good cryptocurrencies.
In addition to it, they can’t handle the number of transactions per second needed to be truly massive. Even VISA performs better than the two most famous cryptocurrencies in the market. The technology is promising, but it is only supported by enthusiasts and a few individuals.
According to Cointelegraph, there is a leaked document regarding Telegram’s ICO :
What is TON Able to Do?
That’s why TON must take the lead and change the defects of the present system. The ecosystem is planned to handle millions of transactions, users and applications per second. Furthermore, the interface must be clear, user friendly and allow an average person to store or transfer value.
The white paper reads as follows:
“Telegram will use its expertise in encrypted distributed data storage to create TON, a fast and inherently scalable multi-blockchain architecture. TON can be regarded as a decentralized supercomputer and value transfer system. By combining minimum transaction time with maximum security, TON can become a VISA/MasterCard alternative for the new decentralized economy.”
According to TON’s creators, integrated into Telegram applications the TON wallet will be the world’s most adopted cryptocurrency wallet on earth.
The white paper explores the different characteristics of the new ecosystem that is being built. Besides that, it goes explaining why the TON ecosystem will be one of the most innovative ICOs in the market and why it will disrupt the currency cryptocurrency market.
The future will tell whether this cryptocurrency and platform will perform as it is expected. At the moment, we need to wait until 2019 to see the finished ecosystem working as a whole.