If you have not been paying attention to ICOs (Initial Coin Offerings) until now, this one will alter your perception for good. This is easily the largest raise and the most ambitious project yet.
The virtual currency network that Telegram is building, known as the Telegram Open Network, or TON, would allow users of the Telegram app to send each other payments when they are not in the same country. It would be a Bitcoin equivalent to the popular payment systems that messaging programs like WeChat have built.
“TON can become a VISA/Mastercard alternative for the new decentralized economy,” said a TON primer that was sent to investors. “We believe that a whole new economy saturated with goods and services sold for cryptocurrency will be born.”
The Telegram Open Network will use the idea of the blockchain, first introduced by Bitcoin, to maintain all the records of Telegram’s currency, known as the Gram, on computers around the world, without any central authority. But Telegram is promising that its blockchains will do much more than Bitcoin: serve as the basis for a global super computer, somewhat like the popular Ethereum network.