Telegram Open Network

Telegram Open Network or TON is a blockchain network and platform of the fifth generation developed by Telegram with support for decentralised applications and smart contracts, distributed file-storage service, micropayments, a proxy service and DNS. TON will be built on blockchain's distributed ledger technology, and will allow app developers, publishers and content creators to earn Grams and use them to transact. Unlike Bitcoin’s proof-of-work mining mechanism, TON blockchain platform is based on the proof-of-stake algorithm. TON blockchain aims to enable the fastest transaction speeds.

TON blockchain

The TON Blockchain is the platform’s underlying technology and includes a master chain and up to 2⁹² side chains. It is planned to be integrated within Telegram messaging app.

TON cryptocurrency

Before launching its own cryptocurrency called Gram, Telegram in order to attract investments to develop TON held two rounds of ICO. Tokens sold to investors will later be exchanged for Grams in a ratio of 1 to 1. In February 2018, Telegram raised $850 million during the first round of the ICO, 2.25 billion tokens (45% of the total number of future Grams) were sold at a price of $0.38 per token. The minimum amount of investment to participate in this round was $20 million. Then the second round of token offering began. During the first part of this offering, the price of one token was $1.33. The minimum investment amount for participation in this round was $1 million, taking into account the volume of placement, it can be calculated that 640 million tokens were sold during this placement. That is, during the last two placements 2.89 billion tokens were sold (58% of the total number of future Grams). Next will be the final part of the second token offering. Thus, Telegram intends to attract in the near future another $850 million, and in total Telegram expects to gain $2.55 billion from ICO.