03:15 GMT +319 October 2019
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    A computer screen displays a site featuring cryptocurrency token sales and ICO (Initial Coin Offering) lists in Berlin on November 26, 2017

    In For a Penny, In For a Gram: Telegram Poised to Launch Native Cryptocurrency

    © AFP 2019 / John MACDOUGALL
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    A prominent encrypted messaging app, established by the founder of Russia’s largest social network, apparently intends to launch its own cryptocurrency, backed by a massive initial coin offering.

    Cloud-based messaging service Telegram is poised to introduce Gram — its own brand of cryptocurrency, backed by an upcoming major initial coin offering which is expected to take place by March.

    According to Techcrunch, an online magazine, a native cryptocurrency may afford Telegram’s payment system “enormous independence from any government or bank”, not to mention that “the potential for a cryptocurrency inside a widely adopted messaging app is enormous.”

    READ MORE: It Has Begun! Venezuela Launches National Oil-Backed Cryptocurrency

    "Telegram is already the de facto communication channel for the global cryptocurrency community, making a natural home to its own coin and Blockchain," Techcrunch contributors remark.

    A white paper released by Telegram and cited by the magazine outlines a four-stage plan for the so called Telegram Open Network, which includes a platform for third-party services, a platform for micropayments and a micropayment channel network, as well as a blockchain consisting of a master chain and 2-to-the-power-of-92 accompanying blockchains.

    The Telegram team intends to retain at least 52 percent of the new cryptocurrency’s entire supply in order to safeguard it from speculative trading.

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    Tags:
    payments, messaging app, launch, cryptocurrency, Telegram
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