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Telegram is Working on a Blockchain Platform and Cryptocurrency

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The messaging application, Telegram, will launch a blockchain platform and its own cryptocurrency. The information was revealed by different sources that are familiar with the matter. There are two possible names for this network: ‘The Open Network’ or ‘Telegram Open Network’ (TON).

TON, the Telegram Blockchain Platform

Many ICOs have been spreading this year. More than $3 billion dollars were risen via this crowdfunding method. The intention is to build a cryptocurrency for the 80 million active users that the messaging app manages. According to the enterprise, this cryptocurrency, as well as the blockchain will be fast, scalable and user friendly. In this way, it would become the world most adopted cryptocurrency and blockchain on earth.

Anton Rozenberg, a former Telegram’s employee, has posted on Facebook a video explaining what TON is and how it works. He has also commented that the currency would be used to aid users that live under oppressive governments. They would be able to send money through Telegram and create other smart contracts.

Furthermore, the company would use Light wallets in order not to download a large blockchain. The platform could be supported not only by Telegram, but also by many other messaging applications, but at the moment it is not confirmed which ones.

Pavel Durov, Telegram’s co-foudner, has commented that messaging application is being used by the blockchain community as a whole, and it is really famous between cryptocurrency owners. According to Bloomberg, Durov was thinking to monetize the platform in the coming year in order to go on with the expansion plans.

Durov Difficult Situation

Mr Durov has had difficult situations due to its creations. He did not only created Telegram, but also VK one of the most popular platforms in Russia that works in a similar way as Facebook. The Russian authorities had pushed him to sell his part of the company (VK). Besides that, in Iran he has been charged of terrorism by the government. Telegram allows its users to send encrypted messages and avoid governments controls in countries like Iran, North Korea or other oppressive countries.



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