Telegram ICO: messenger’s rescue or utopia?
Telegram sees ICO as a chance to prevent the financial crisis in the company. Some investors are sure that this token sale would become a unique event in the industry but some take the Durov’s idea with a pinch of salt.
App with encrypted messages Telegram was launched in 2013 by brothers Pavel and Nikolai Durov. However, effective ideas on the service monetization didn’t dawn upon them over four years. In the meanwhile, the revenue was growing with the increasing number of users reaching $70 m in 2017. That is why the Durovs have planned ICO counting on the company’s $1.2 bn profit. The project’s ambition is to develop a blockchain-based structure Telegram Open Network with a home currency Gram (expected emission — 5 bn coins) allowing transactions within the network. If coins grow in price, Telegram will get a reliable fundraising resource: 2.6 bn tokens are expected to be withdrawn by the project. The reserve tokens will be under control of non-profit TON Foundation.
The experts are concerned by two nuances: firstly, there is no alpha version of the project yet; secondly, representatives of independent company Check Point have already pointed on the messenger vulnerabilities that might become alarmingly critical after the new network launch.
Telegram Open Network arise even more skepticism in the crypto community. In his interview with CoinDesk, professor at Massachusetts Institute of Technology Christian Catalini said: “Reserves are worth nothing until they are placed on the market.” He explained that for Telegram Open Network attaining the stated goal remains up in the air.