Telegram is a unique messaging app which is known for its encryption. The company has been readying for their initial coin offering (ICO) campaign which will take place during the course of 2018. However, a leaked version of their ICO whitepaper recently emerged which confirmed that the app will be launching their very own blockchain network, the Telegram Open Network (TON). The blockchain network has been created in such a way that it will be integrated with the current messaging app. During the ICO, the messaging service will issue their very own tokens, called the 'gram'. Users will be able to spend their tokens on the Telegram app.
Telegram’s blockchain seems dedicated to addressing a host of problems currently experienced on most blockchain networks. The Telegram team seems to be mainly dedicated to creating a network that is able to scale using TON. The network will have several unique features that will enhance its ability to scale, including implementing support for hypercube and sharding routing, as well as using proof-of-stake consensus mechanism instead of the commonly used proof-of-work systems. The unique features will allow TON to process millions of transactions per second. At the moment, the Bitcoin network can process a maximum of seven transactions per second.
In addition, the TON team hopes to make any future forks unnecessary by developing a network that incorporates a multi-layer approach. The blockchain will be accompanied by five new services: TON Payment, TON Storage, TON DNS, TON Proxy, and TON Services.
TON Payment will allow users to conduct instant transactions and payments via Telegram. This service is likely to be popular among users in Telegram’s international community, as it will allow them to conduct transactions from anywhere in the world using a quick and secure system. TON Storage will operate as a decentralized storage solution, similar to Dropbox. However, in addition to the many features offered by decentralized storage platforms, Telegram will add features to make storing files secure and anonymous.
TON DNS will be used to process complex machine language for details such as services, account names, and smart contracts, as well as convert the information into an easy-to-read format. TON Proxy has been implemented to ensure and enhance anonymity of all users on the TON blockchain. TON Services has been created as a platform for all third-party services and applications.
Telegram’s blockchain seems dedicated to addressing a host of problems currently experienced on most blockchain networks. The Telegram team seems to be mainly dedicated to creating a network that is able to scale using TON. The network will have several unique features that will enhance its ability to scale, including implementing support for hypercube and sharding routing, as well as using proof-of-stake consensus mechanism instead of the commonly used proof-of-work systems. The unique features will allow TON to process millions of transactions per second. At the moment, the Bitcoin network can process a maximum of seven transactions per second.
In addition, the TON team hopes to make any future forks unnecessary by developing a network that incorporates a multi-layer approach. The blockchain will be accompanied by five new services: TON Payment, TON Storage, TON DNS, TON Proxy, and TON Services.
TON Payment will allow users to conduct instant transactions and payments via Telegram. This service is likely to be popular among users in Telegram’s international community, as it will allow them to conduct transactions from anywhere in the world using a quick and secure system. TON Storage will operate as a decentralized storage solution, similar to Dropbox. However, in addition to the many features offered by decentralized storage platforms, Telegram will add features to make storing files secure and anonymous.
TON DNS will be used to process complex machine language for details such as services, account names, and smart contracts, as well as convert the information into an easy-to-read format. TON Proxy has been implemented to ensure and enhance anonymity of all users on the TON blockchain. TON Services has been created as a platform for all third-party services and applications.