Developments

Telegram pushes ahead with plans for “Gram” cryptocurrency

Telegram, which is one of the greatest social media platforms, will continue its plans to roll out a cryptocurrency, Gram, before the 31st of October, according to The New York Times. This comes amidst concerns of the platform’s security issues.

Unlike Facebook, which has hit the wall with policymakers, Telegram may succeed in its plans because of its disregard for government directives. Before releasing the coins into the market, Telegram has promised to release a test version in the coming few weeks.  

The Gram will operate like Bitcoin, through a decentralized system making it possible for it to avoid any government regulations. This also means that once the company releases the first tokens, they will have no control over the coins.

Apart from the currency, Telegram also has plans to make the gram wallet available to more than 200 million telegram users. In 2018, Telegram was able to raise $1.7 billion for their Gram project. It is important to note that, just like Facebook’s Libra, Telegram’s coin will also create a way for people to transfer money across the globe instantly.

One thing that the Gram has done differently, unlike Libra is to operate in secrecy before announcing their launch. Facebook made its plan known to the public long before they had even started to create their tokens. However, the secrecy employed by Telegram may make it even harder for Regulators to accept the project once the tokens are made available. This is because most policymakers believe that tokens such as the Gram and Libra pose a significant risk to the traditional financial systems and can also be used by terrorists and other individuals to perpetrate their heinous acts.

One of the factors that makes Telegram a favorite for most users is that it allows users to send encrypted messages which cannot be accessed by a third party. This makes the application a favorite for terrorists and even anti-government protesters like in Hong Kong.

Telegram also has ambitions to have an open network that will allow it to host other digital applications. However, before the company manages to roll out all its plans for the public, it has to face severe criticism and skeptical views from regulators.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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