The world cryptocurrency neighborhood has been abuzz with hypothesis within the wake of a leaked white paper related to the preferred, encryption-based messaging app Telegram.
News of Telegram’s plans to release a Blockchain platform at the beginning broke in December, even supposing it nonetheless stays unclear if the venture legitimately exists.
Cointelegraph has reviewed the leaked white paper, which lays out ongoing plans to release Blockchain services and products and its very personal cryptocurrency the use of Telegram as a springboard.
While the legitimacy of the white paper and its precise affiliation with Telegram has no longer been showed via the Durov brothers, who based Telegram, the white paper guarantees some attention-grabbing packages to customers of the messaging app and wider audiences.
What TON white paper proposes
With get admission to to 200 mln Telegram customers, the builders of the venture hope to succeed in a large target audience with what they’re calling the Telegram Open Network (TON).
TON is being touted as a scalable multi-Blockchain structure the use of a proof-of-stake protocol to deal with what the white paper describes as primary hurdles dealing with cryptocurrencies like Bitcoin and Ethereum.
The white paper cites an absence of capability to set up prime volumes of transactions, unfriendly consumer packages and a restricted marketplace to use cryptocurrencies for items, content material and services and products as obstacles TON will deal with.
By the use of Telegram’s large consumer base, the builders hope to succeed in the crucial mass required for mass adoption if its services and products.
According to the white paper, the TON Blockchain is “a scalable and flexible Blockchain architecture that consists of a master chain and up to 292 accompanying Blockchains.”
The more than a few protocols selected promise to be in a position to procedure tens of millions of transactions in keeping with 2nd.
This will likely be facilitated via the use of a limiteless ‘sharding’ paradigm which is able to permit the Blockchain to cut up and merge in reaction to other community so much. Instant hypercube routing will supposedly set up transaction throughout other Blockchains. Along with a proof-of-stake protocol, the use of 2-D allotted ledgers is alleged to permit TON to construct “new valid blocks on top of any blocks that were proven to be incorrect to avoid unnecessary forks.”
Grams – TON’s cryptocurrency
Once their Blockchain is up and working, TON will release a bunch of services and products with the Blockchain. This will come with a knowledge garage provider, a digital personal community provider, a DNS in addition to its very personal cost device.
The cost device will use TON’s very personal cryptocurrency, referred to as Grams.
Users will likely be in a position to use Grams to pay for content material and services and products that will likely be equipped via Telegram and different decentralized services and products.
Of direction, to make all of this a truth, TON will release a token sale someday within the first quarter of 2018. There will a complete provide of 5 bln Grams, of which 200 mln (4 %) will likely be held via the advance group in a four-year vesting length.
In what’s described as a bid to save you speculative buying and selling, 52 % of the full provide will likely be held within the TON reserve all over the preliminary construction and release. The different 44 % will likely be offered the use of a system making sure a incessantly emerging worth in keeping with token.
Is it reliable?
Now that we’ve were given throughout the nitty gritty of the proposed TON ICO, we will be able to speak about the legitimacy of the venture and its purported hyperlink to Telegram, its founders and builders.
Both Nikolai and Pavel Durov, in addition to a bunch of Telegram’s senior builders, are indexed within the white paper. However, there was no reputable remark from both of the Durov brothers.
Nevertheless, there turns out to be combined sentiment on social media.
Some customers are thinking about the promise of a combination of decentralized, encrypted information services and products related to TON.
You can already to find within the web leaked Telegram ICO white paper, however probably the most excited phase for me that there are TON Storage(aka decentralized Dropbox), TON DNS(pleasant account names), TON Proxy(anonymizer) #Telegram #TON #TelegramICO
— Alex Barashkov (@alex_barashkov) January 11, 2018
Another consumer expressed considerations on the preliminary keeping construction of Grams via the advance group:
@durov Does your group have any clue of how POS works? I am certain your ICO will do really well, however to be quiet truthful for your white paper proposal you might be already a risk to “Ton”. Coins/Tokens in POS aren’t to be allotted like an organization and keeping 52%. What on the planet %.twitter.com/YdgE96fcjp
— Joel A. Bosh (@wizrig) January 11, 2018
Conversations with a pair of Blockchain and cryptocurrency mavens convey to mild a bunch of issues to imagine.
The easiest means to describe this white paper is ‘fun fiction,’ in accordance to ICObench.com guide Vasily Sumanov.
With a large consumer base, it’s no longer exhausting to see why lovers of Telegram would wish to see it metamorphosize into one thing a ways larger. A state loose neighborhood with its very personal cryptocurrency and related services and products – a crypto-utopia of varieties.
If this piece of paintings in reality is a laugh fiction, the authors have produced a compelling white paper that guarantees many stuff. The sharding generation will not be to be had in present tasks, however additionally it is no longer transparent if there’s a want for a Blockchain that may retailer that a lot data. How a lot house would a node want to retailer a Blockchain that has 292facet chains?
The writers have extensively utilized good-practice mechanisms within the restriction of to be had tokens all over the preliminary degree of construction, which might thrust back speculative buyers in want of long-term capitalists that see genuine price within the generation.
If this ‘leaked’ white paper has accomplished the rest, it has proven that there’s nice hobby in an ICO this is related to established packages that supply a very powerful real-world answers.
Telegram and its creators will definitely have favored the eye, however whether or not they’re in fact busy concocting their very own reliable ICO in line with Blockchain generation stays to be noticed.
Sumanov, who additionally doubles up as an educational researcher, believes the Durov brothers would no longer go away the rest to conjecture, with a guns-blazing announcement in the event that they have been really launching an ICO.
“Really, it is too simple and too ‘good.’ I think, that if Durov plans to make an ICO, he will make a public announcement with a really original white paper. Taking into account that Mr. Durov is a libertarian, I believe he will somehow make the integration of his own cryptocurrency and services into Telegram. Will be this done using an ICO or not? Only time will tell,” Sumanov informed Cointelegraph.
The genuine deal?
Conversely, ICOBox founder Mike Raitsyn is way more constructive concerning the authenticity of the white paper. Given that the Durov brothers have up to now spoken concerning the risk of an ICO, Raitsyn says the paperwork glance reliable.
Furthermore, he insists that the luck of Telegram and the community it has constructed may well be the catalyst for a really common cryptocurrency.
“Despite their revolutionary potential, existing cryptocurrencies Bitcoin and Ethereum lack the qualities required to attract the mass consumer. The current state of Blockchain technology is very promising, but it is obvious that the market is experiencing an acute need in a mainstream user-friendly cryptocurrency that would attract mass users and employ the full potential of the new technology,” Raitsyn mentioned.
The generation that can energy TON could also be a primary in accordance to Raitsyn, offering distinctive options like sharding generation which guarantees to greater pace and scalability to its Blockchain to toughen a large consumer base.
The knowledgeable isn’t involved concerning the grand scale of the venture, pronouncing the vast scale of choices is a herbal development of Blockchain generation.
“TON will be a third generation Blockchain project which would offer vastly superior capabilities to users. TON has been designed as a multi-Blockchain platform, which would meet the growing demand for a platform offering a broad range of services. It will provide speed and scalability, intuitive user interfaces and an engaged use base to exchange value.”
If Raitsyn is proper, the Durov brothers will make bulletins later this yr to both ascertain or deny the legitimacy of this venture.
Polynom Crypto Capital founder Alexey Ivanov informed Cointelegraph that probably the most a very powerful phase of TON’s plans is the huge Telegram consumer base. If they make nice on their guarantees, handiest social media giants may rival them.
“They have almost a 200 mln audience to reach and give them the payment platform. They can only be outdone by Facebook or Google,” Ivanov mentioned.
Meanwhile, advertisements selling the presale of Gram tokens had been noticed on Facebook.
On Tuesday, Jan. 16 Pavel Durov despatched out a tweet caution other folks of possible scams across the TON ICO.
This is rip-off. Be cautious.
— Pavel Durov (@durov) January 15, 2018
However neither one of the Durov brothers have pop out with a public observation in regards to the TON ICO.