There is no doubt that the cryptocurrency market is moving at breakneck speed. In fact, if you looking to make a killing in this highly volatile market, Bitcoin (the top cryptocurrency) is pretty much passé at the moment. Just think about it, you will be hard pressed not to find an ICO launch or in progress in the crypto space. For some crypto enthusiasts, there are just too many of them that are scams, while others have lauded the ICO model, which has made several millionaires.
Telegram Soon to Be the Biggest ICO
Well, one ICO that has recently grabbed the attention of speculators, tech and cryptocurrency enthusiasts is the Telegram ICO, that is projected to raise billions in funding for the charting platform. Telegram is a social media company founded by Russian entrepreneurs Nikolai and Pavel Durov. The platform boasts of being a secure messaging app whose biggest competitor is WhatsApp.
Concerns About Telegram’s Revenue Plans
Although concerns run high about Telegram’s lack of a revenue plan, with some calling it a scam, there has also been an equal measure of excitement, with investors ready to invest in the ICO. After all, the company successfully sought confirmation from the US Securities and Exchange Commission for its private venture to raise over $800 million. The company has also been running on a $300 million investment from Pavel Durov, who shares in the overall vision of the company. In addition, the company has also announced plans to seek a second round of private funding before the public launch of the ICO, on a to-be-determined date.
Telegram’s ICO Details
With over 200 million existing users on its platform, Telegram definitely has an edge going into its ICO launch. It proposes to create a dApp ecosystem that will allow file storage for products and services set to be developed on its platform. The cryptocurrency on its platform will be called GRAM crypto tokens and there have already been earlier phases of the ICO where investors raised about $850 million for the first phase, with a token price of $0.38.
In the planned second phase, Telegram plans to raise $1.15 billion with a token price of $1.45 per GRAM. The second round, which is soon to be launched, will require participating investors to purchase a minimum of $1 million worth of GRAM tokens as an “indicator of Interest.”
The tokens for the first and second round will be released to investors in quarterly increments right after the launch of Telegram Open Network (TON). TON is the Blockchain that will run the GRAM token and will be developed from the ICO funding. The total supply of the GRAM token is capped at 5 million tokens
The TON Platform
The TON Blockchain is touted as the solution for secure storage of data for products and services in the crypto space. The verdict, however, is yet to be determined as to whether TON will achieve a massive ICO, the likes of which have never before been seen in the crypto space.
Would you invest in the Telegram ICO? Do you think the Telegram team will achieve the billion-dollar mark in funding from the ICO? Let us know what you think in the comments section.