GRAM, the native Token for Telegram messaging platform, has been on the media for a while. There has been speculation of whether or not the project would deliver a one of a kind Cryptocurrency especially with the controversies surrounding the deployment of Facebook’s Libra.
However, according to the New York Times, the speculation is over as the Russia-made platform has announced a launch date. The given timeline is by the end of October.
The Platform Is Set For An Upgrade
Consequently, the Telegram Open Network [TON] will undergo an upgrade to integrate a Crypto wallet for GRAM to allow peers to hodl and transfer Tokens. Some of the key features of the wallet include security, privacy, as well as scalability to protect private keys that will be allowing hodlers to access GRAM.
GRAM Is Rivaling Libra
Telegram and Facebook are two competitors that jostle to control the social media market. Despite Facebook having an upper hand because of its large user base, Telegram is differentiating its Coin by assuring prospective adopters of the convenience of GRAM.
The GRAM ecosystem is designed to be available for 75 percent of the 300 million Telegram users around the globe. The peers will be able to transfer the Crypto universally instantly, affordably, and on various devices.
Additionally, learning from the concerns over Libra in regards to money laundering, tax, evasion, terrorism financing, among other issues, the roll-out of GRAM is tactical. The quiet roll out will reduce the regulatory concerns and allow Telegram ample space to build a compliant payment ecosystem.
GRAM Is Modeled After Bitcoin
Although both GRAM and Libra Tokens are designed to operate on already exiting social media platforms, the underlying infrastructures are different.
Firstly, Libra Token is a centralized Digital Currency with a weak resemblance to XRP. On the other hand, GRAM is set to operate on the Telegram Open Network [TON] ecosystem. Like Bitcoin, TON is a Distributed platform and GRAM will hence be a fully Decentralized Crypto. Therefore, for people who disapprove centralized financial systems like Telegram Founder Pavel Durov, GRAM would be the Crypto to adopt.
Secondly, as a consequence of operating in a Decentralized network of computers, GRAM supply will not be controlled by Telegram. This aspect will, therefore, allow the price to be determined purely by forces of supply and demand driven by peers’ activities.
Thirdly, on security matters, Telegram has been marketing its messaging services as encrypted and secure and this legacy could enhance trust among adopters.
Lastly, the NYT report shows that GRAM market pairs will feature on Crypto trading platforms for easy adoption. At a later date, shoppers will also be able to shop on Telegram just like the proposed Libra shopping marketplace on Instagram.
The Project Dates Back To 2018
Telegram commenced its Crypto project in 2018. Key contributors in the crowdfunding process include Russian investors, Benchmark, Lightspeed Capital, among others who have offered $1.7 billion. These investors, as per the investment agreement have to get their share of Tokens before October 31, 2019, or Telegram will be required to return the funds.