Telegram Plans to Launch a Cryptocurrency and Go Blockchain

The well-known open-source and encrypted messaging application Telegram plans to launch their own blockchain platform and cryptocurrency, as indicated by sources familiar with the matter. The new platform will be named either “The Open Network” or “Telegram Open Network” (TON) and is assumed to be based on an enhanced form of blockchain technology.

Primary reports about this platform surfaced today from Anton Rozenberg, an ex-employee of the company’s publishing segment named Telegraph. Rozenberg posted on Facebook what he states to be a promotional video for the proposed platform. He also called attention to the fact that Telegram Open Network would help the public under severe governments, since it would be possible for them to transfer money through the messaging application. This concept would break the nation’s control over the financial assets of the residents, stated Rozenberg.

As per news sources, the currency of TON would be known as “Gram” and it will be integrated with various well-known messaging applications. TON would the using lightweight wallets which would be easier for the users to download and handle.

The TON platform also will not have to go through a large development and implementation period like some of the new applications, as the Telegram app already boasts 180 million users, according to Bloomberg.

The co-founder of the company stated that,

“Like right now, the entire Blockchain and cryptocurrency community just switched to Telegram. ”

He also affirmed that Telegram is not for sale and the company really values the privacy of the users which they do not want to put on stake.

“Even for $20 billion, it’s not for sale. That’s a lifetime guarantee.”

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