In the second round of the ICO closed the Telegram project was able to raise over $1.7 billion investment. At a given level of demand, the organizers may well abandon the public stage and to attract the necessary funds in a closed round of placement of tokens Gram. What services within the ecosystem will use Telegram Gram and how it will operate, the cryptocurrency’s most ambitious project in 2018.
According to the white paper, the idea of launching the project belongs to Nikolai and Pavel Durov, the purpose of which is to provide bulk to the holders of the cryptocurrency easy, scalable and fast platform to work with their assets. To do this, the project will be launched ecosystem Telegram that integrates with the messenger and consists of the blockchain, cryptocurrencies internal Gram, crypto-wallet and a list of available services.
The basis of the ecosystem is a multi-blockchain Telegram Open Network (TON), the architecture of which provides PoS (Proof-of-Stake) of the consensus algorithm, as well as mastercan and related blockchain networks. This approach avoids problems of scalability: blackany TON can automatically split up and come together to ease the load on the entire network. The lack of long queues of transactions into the block will contribute to the low fees. Moreover, any block of the blockchain may be an independent network, and a clever routing system ensure instant information exchange between all blockchains TON. This decision will allow the network to handle up to a million transactions per second.
In addition, the ecosystem Telegram users will have such services as:
TON DNS — domain name system;
TON Storage — decentralized file storage
TON Services is a platform for third-party services, which provides an intuitive interface for decentralized applications and smart contracts.
TON Payments — micropayments platform and a network of micropayment channels.
Internal cryptocurrency ecosystem Telegram was the token Gram. The overall weight is 5 Gram of billions of tokens. Platform users can use tokens Gram for payment or use any physical or digital assets provided by individual sellers in the ecosystem Telegram. Also Gram tokens can be used for:
Fees for the work TON gcd (validators) upon confirmation of the transactions and smart contracts.
In the form of steaks validators network TON, which will approve the transaction and create new units;
Transfer debt validators in exchange for a share of the Commission;
The right to vote to support, or, conversely, to speak out against the innovations in the Protocol of the network;
Payment services provided by the application platform (THANK Services).
Payment data storage (TON of Storage);
Payment domain name registration (DNS TON) and hosting TON (TON WWW);
Pay for the anonymity and shelter IP addresses (TON Proxy);
Payment for bypass the censorship of local Internet service providers (TON Proxy).
For the startup ecosystem Telegram in mid-February, project organizers held their first indoor round of licensee Gram, who brought the project $850 million. The investors were offered a «simple agreement for future tokens» (SAFT), in which the tokens themselves will be presented only after the launch of the blockchain TON, scheduled for the fourth quarter of 2018. Each agreement will be converted into tokens Gram in 1:1 ratio.
After starting TON the annual rate of inflation, provided the fundamental network parameters TON, will be 2%. This inflation will be secured by payments that make all members of the community in the form of a payment validators that support the performance of the network TON.
For developers provides 4% (200 million Gram) of all issued tokens with the period of use restrictions in 4 years. 52% of all tokens will freeze within TON Reserve to avoid speculative trading, and to maintain a certain level of flexibility in the early stages of the startup ecosystem. The remaining 44% of the tokens (2.2 billion Gram) will go on sale, and their price will be formed according to the following formula:
pn: = 0.1 × (1 + 10 − 9)n USD
Assuming that the first token was sold at a price of $0.1, each additional token will cost one billion more than the previous one. As a result, extra tokens listed from TON Reserve, there will always be more expensive than those that were already bought by the participants tocancel events. This structure makes it easy to determine the fair value of the trade tokens.
To work with the token to the platform users will be given a «light wallet» that will allow you to store cryptocurrency without having to download the whole blockchain TON. These wallets will be integrated into the ecosystem Telegram, which will allow holders to Gram to work with all applications and services. Also will include desktop and mobile versions of the lightweight wallet.
Given the popularity of the project and have already raised funds, many experts believe that the project may waive holding a public round of investment.
So, in the February report of the Commission on securities and exchange Commission (SEC), the organizers of licensee indicated that the project drew $850 million from 81 major investor. According to different sources, the minimum amount for participation in the presales were $10 million, and even before the fundraiser, the order book was full. In the second round, the report of which came in SEC on March 29, attracted another $850 million from 94 investors, after which the total investment in the project amounted to $1.7 billion.
The General partner of Morgan Creek Capital Blockchain Anthony Pompliano said:
«The goal of each event to raise funds to obtain sufficient funds to run the project or company. Obviously, Telegram this purpose has already achieved, it makes no sense to hold public round.»