Ever used Telegram, the messenger app from Russia? It is the preferred chatting app for people in the cryptocurrency world, chosen over apps like WhatsApp, WeChat and LINE.
There are many advantages Telegram has over the other apps. Here are some of the more popular reasons.
Telegram can be used independently on a wide variety of platforms: web browsers, windows, xbox, android, linux etc without the main phone app having to be connected to the internet. A user can also be signed in at multiple platforms at the same time without bring automatically signed out of the previous opened window.
Telegram allows file sharing of any type, of size up to 1.5GB
Telegram has a feature called bots, that allows anybody to create features with the Telegram Bot API, to be used within the Telegram App
Telegram has Groups in which up to 100,000 members can join and chat in. Each group has a description and username so that people can share the Group and invite people in easily. It also has a feature called a Channel, similar to a Group, except that it is a broadcast and the members can only read but not chat.
Users don't see other users' mobile numbers if they don't already have their contact number saved. They can only see usernames and search them using it. However, usernames can be changed anytime, so if somebody wants to do a disappearing act, it is very easy.
Anyway, the point is that Telegram is launching its own Initial Coin Offering (ICO) called the Telegram Open Network (TON) blockchain to raise USD 1.2 billion in private sales, and then even more in public sales, which will make it the world's largest ICO in history. Private investors will have their tokens locked for 2 years. In 2018, Telegram has 170 million active users of which all will automatically have a TON wallet, instantly making TON the world's most adopted cryptocurrency. The TON blockchain will have blockchains within blockchains, and work by proof of stake. It will be immensely flexible and fast.
Another project selling a dream. If there isn't already a working product, better stay clear, especially if the pitched project's horizon is more than 3 months to materialize into alpha. The world of technology moves so fast that these idea rapidly get obsolete by new projects touting even loftier dreams.
Speaking of USD 1 billion, guess which other messenger app had managed to raise funds recently? Kakao raised USD 1b in Global Depository Receipt on the Singapore Stock Exchange in Feb 2018.
Now, Kakao is getting more ambitious and also wants a slice of the blockchain pie.
Reuters reports that Kakao's plans for its blockchain unit include a reverse ICO, in which an established firm heads the ICO instead of the usual practice of a newly formed team embarking on a new project. Nothing is official yet, so we'll just wait for further news.
Meanwhile I'm also waiting eagerly for news on Facebook's and Google's ICO. It's just a matter of time.
Today I was manning a roadshow booth just outside the canteen of my office block and I already came across 3 people working on ICO launches for their companies. To put things into perspective, I work in an industrial area. Not some technology hub.