New Cryptocurrency, Blockchain Platform Coming From Telegram Messaging App: Report

There may soon be a new kid on the cryptocurrency block, this one launched by the popular messaging app Telegram. The messaging service, known for its encryption, could also release its own blockchain platform, according to reports Thursday.

A former employee of Telegraph, Telegram’s publishing division, Anton Rosenberg posted a video on Facebook which he said was a promotion for TON, the new platform. TON could be an abbreviation for either The Open Network or for Telegram Open Network. The cryptocurrency on TON would be called Gram and the platform will be integrated with not just Telegram, but also another popular messaging app, Cointelegraph reported. The website also said it wasn’t clear which apps those were.

The news seems to have appeared first on a Russian language website which also said the information could not be taken on face value, but that early 2018 should bring more clarity on the subject. This timeline is based on an interview that Telegram’s founder Pavel Durov gave to Bloomberg on Dec. 12, in which he said he would announce “something big” in the new year.

According to other details posted on the website, the integration of a cryptocurrency within the Telegram app will allow users to transfer money bypassing government regulations, an attractive feature in countries with authoritarian regimes. Further, the messaging app has not been monetized at all till now, and Pavel has said he sees the app as charity. But he told Bloomberg he will start a monetization route in 2018, only enough to allow for expansion. That route may be an initial coin offering (ICO).

Rosenberg suggested as much, in a commentary posted on the Russian website. He cited the facts that Durov has promised to never sell Telegram (because that would compromise its users’ privacy) and that there would never be any advertisements on the messenger either. Effectively, if he doesn’t start asking for donations, an ICO seems like a logical step.