ith over 200 million active users monthly, Telegram, the popular, global messaging application is seeking the expansion of its footprint. Telegram will be offering a range of decentralized services on its blockchain platform, Telegram Open Network (TON).
An entirely new blockchain platform intended to compete with Ethereum
TON aims at dealing with the issue of scalability and have the ability to process millions of transactions per second. According to Russian media outlet Vedomosti on April 11, Telegram launched a private beta testing of TON.
Telegram has opened access to the beta version of TON Blockchain to a limited number of developers internationally, which also includes Russian development teams. No final results have been posted yet, but TON seems to be more viable than its main competitors in regard to transaction speeds.
Telegram Open Network is said, to become a serious rival to Ethereum for the launch and execution of smart contracts and decentralized applications.
With digital currencies gaining traction globally and prices of Bitcoin continuing to rise in April (learn here why) and a complete ban on mining from in China, Telegram is aiming at the expanding for the TON platform and its native currency, the GRAM token.
Crypto analyst Alex Sofpel from crypto platform, Monfex predicts that the GRAM token could generate 4 billion dollars (USD) in revenue for Telegram by 2022. However, Russian media outlet The Bell reported that experts have placed that figure as high at 29.5 billion by the end of 2019.
When Telegram issued a two-round initial coin offering (ICO) this year, the company made a total of 1.7 billion in fundraising surpassing their fundraising target by half a billion.
Continued speculation of the GRAM token says it could easily be in the top ten cryptocurrencies, already immediately in competition with Tron and potentially hitting the number 4 spot within the top in a short amount of time.
With all these positives, including the reported testing results it is worth noting that there are no official ways of measuring the transaction speed at this time and no information can be confirmed outside of the reports.
It is also worth noting that currently, founder of the Telegram app, Pavel Durov has not provided a solid release date for TON and has not made any comments about his team’s work regarding TON.
A report also stated that purchase agreements for Telegram token within the messaging service would be terminated if TON is not able to launch by its estimated date of October 31. This gives Durov and Telegram a little over six months to complete testing.
A competitor of note for Telegram is Facebook, while not entirely accurate based on the span of services, connections can be made quickly when comparing the messaging services of What’sApp and Facebook Messenger.
Telegram has made a name for itself as the secure choice for those concerned about privacy.
Telegram’s popularity was also increased this year with the outages experienced by Facebook’s services, including its messaging in March 2019. According to the team at Telegram, in March of the same year, 3 million new years had signed up within a 24-hour span.
Facebook seeks to create its own cryptocurrency, but this hasn’t been confirmed in its entirety just yet, but the social media giant already has its own blockchain division and the company is seeking to use the technology throughout its entire ecosystem.
International troubles have risen that may influence the start-up of TON
The record setting ICO mentioned above was seen as a threat to national security by the Iranian government, who cited the development of their cryptocurrency token was a threat to their national economy.
Home support has been no better for Telegram, the app was banned in Russia after a court ruling April 12. The ban was a result of the company refusing to share encryption data with Russia authorities. The court stated that the block was to be in effect until Telegram hands over the key to its encryption.
Despite this, the user base in still looking to grow, with this court ruling possibly catapulting Telegram into the top messaging app of the future. Sofpel made two assumptions regarding Telegrams future growth.
He believes Telegram will have 1 billion users by 2022 and assumes that Telegram will see a growth rate of 50 per cent annually. If Sofpel is right, Telegram may well surpass any financial predictions and speculations made to date.