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In today's video:
Iāll present part 1 of my research into the rumoured ICO that is to be launched by the Telegram messenger app to bring cryptocurrency and blockchain usage to itās 200m mainstream users.
Todayās episode is brought you to byā¦ Binance
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The master key to success in this industry is without a doubt the task of gathering a critical mass of users.
This is why when already established organisations decide to adopt crypto make such huge waves.
With 200 million users around the world, and what I would deem a trusted brand, Telegram is the best positioned app so far to embrace cryptocurrency.
Assuming this actually happens the way it is intended, which weāll get to in a moment, this could truly be the point of no return, the point at which cryptocurrencies become certified unstoppable.
A couple of years ago there was this Telegram bot called Telebit that would allow you to have a Bitcoin wallet within Telegram.
You would type certain commands to the bot and it would do things like tell you your wallet balance, send transactions or generate a receiving address.
I donāt think that service is around anymore but if I was excited when I originally discovered that, you can imagine how excited I was when I heard this news.
https://www.coindesk.com/telegrams-1-2-billion-ico-ambitious-token-sale-yet/
Interestingly, CoinDesk claim to have obtained a 23 page document which outlines the project, although they donāt go as far as providing a link to view it for yourself.
Youāll start hearing this abbreviation āTONā which stands for Telegram Open Network.
So $1.2b when you add those two together.
Divide that by 200m users and you get a value of $6 per user.
The question is, where is the revenue going to come from? Telegram doesnāt actually have any sales revenue according to their FAQ...
https://telegram.org/faq#q-how-are-you-going-to-make-money-out-of-this
Anyway back to the ICOā¦
āThe gramsā is I assume what the tokens are going to be called, which I like. What I donāt like is to two tier funding system appearing again where a special class of accredited investors get the first crack and the best deal.
Although while I donāt like that, as we saw yesterday, amateaur investors are often a danger to themselves, which is what the regulators believe they are there to mitigate.
The question is, did I manage to get hold of this 23 page document that CoinDesk are talking about? But of courseā¦
Before we go there I also managed to find this supposedly leaked promo video for the the Telegram network.
Itās just under 2 minutes long so Iām going to play it for you now so I can highlight a few things that I noticed about what is said.
OK so a few things there
Millions of transactions per second thanks to itās unique multi blockchain architecture.
They will supposedly achieve this through a technique you may have heard of called sharding, where a blockchain is split into pieces and each is hosted by a different cluster of nodes on the network, so theoretically thatās possible.
Direct payment channels for instant transactions
Again this is lightning network type tech but weāll have to get more technical info on how they plan to do this to assess itās viability
If you are listening to the podcast version of this, when it says TON processing nodes only do useful work, it says on screen āEfficient Proof of Stakeā which makes sense given they already have such a broad network of users.
The trick here will be how they ensure a broad distribution of tokens. The concern for me is that they are raising half of the money from accredited investors, so how are they going to avoid those investors having a disproportionate amount of power in the network, given that itās proof of stake? Weāll have to see.
User friendly cryptocurrency and app platform
Referring back to what I said early, telegram already has a bot system in place so thereās somewhat of an infrastructure there for apps to be built on. That could get interesting.
This definitely needs some more investigation so Iāll analyse the draft whitepaper and then perhaps do a follow up to this tomorrow going into more detail on what I find.
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