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The Messaging Application Telegram Is Soon Going to Create Its Own Cryptocurrency

By Manmeet
Published almost 3 years ago

This year, there is absolutely no doubt about the fact, that cryptocurrency is on the rise. Inspired by the growing popularity of the cryptocurrencies and the potential which these currencies possess, many major companies have decided to either experiment or fully implement the technology of blockchain into their provisions and services. 

Even popular messenger applications are going to integrate blockchain and cryptocurrency with them. A very popular example of this is the “Kin ICO” by Kik Messenger which raised about $97 million. As of now, according to many sources, even Telegram messenger application is looking to jump on to the bandwagon of cryptocurrencies and blockchain by launching their own blockchain network.

According to news featured by International Business Times, it is confirmed that Telegram is planning to be a part of the blockchain events going across the globe. 

A former employee of Telegraph, which is the publishing division of Telegram, “Anton Rozenberg”, has put up the description of Telegram’s new blockchain platform in the form of a video. The new blockchain network of Telegram will be called as Telegram Open Network.

Telegram Open Network primary focus is on enabling the users of Telegram to put into use cryptocurrency in an instant and cheap way all over the world. This is based on the understanding that people, who are living in areas where governments have imposed certain harsh sanctions and regulations and possess an oppressive outlook towards its citizens, can pay for the usage of services and particular goods through cryptocurrency as it is a global currency and is not under the control of any government. 

Telegram will be announcing an Initial Coin Offering (ICO) soon so as to gather funds enabling it to develop the new blockchain platform. It is widely believed that through the development of its very own blockchain technology Telegram will desperately look for a way to make money through this service. 

As per reports the development of a very own blockchain network can prove to be a very good way through which Telegram can easily raise money for its maintenance. As most companies are looking to buy Telegram, raising funds for its maintenance through an ICO and later using the desired amount for successful development and implementation of blockchain technology seems to be quite logical and a method through which Telegram can declare that it is self-sufficient in nature and not available for sale at any cost. 

Telegram will release and include its very own cryptocurrency in the messenger application itself. The new cryptocurrency will be embedded in the messenger application. As Telegram is being widely used worldwide for the messenger services it provides, many interested users are keen to know about the introduction of embedded cryptocurrency. With certain amendments, all the users of Telegram will be able to use the new cryptocurrency by default. In short, it is also right to say that there is not much marketing or advertising strategy required for Telegram for its dream launch as it will bank upon its already large user or customer base. This way it might make Ethereum go completely out of the system itself. 

However, till now there is no official word from Telegram regarding its very own blockchain network and neither there is any word regarding the development of its own cryptocurrency.