The new challenge that instant messaging applications are fighting is not on new features to make life easier for users, but on world of cryptocurrencies.
Facebook has recently announced the birth of Libra, a digital currency that is expected to make its debut by 2020, but which is already causing a lot of controversy and is not well seen by central banks. Facebook's coin, however, may not be the first to debut on the market. An article published by the New York Times states that Telegram is ready to launch its cryptocurrency by October 31, 2019. A hypothesis that has already been in the field for a few months and that would now finally find its concrete form. The Russian company would be well ahead in the creation of its digital currency, for which it has already received funding from private entities for almost 2 billion euros. Private entities to which he has promised that Gram, this is the name of the cryptocurrency, will make its debut later this year. The challenge to Facebook is launched.
Meaning of Gram
Gram is the virtual currency that Telegram will launch on the market by October 31 2019. It will not have any connection with the messaging application, but it can be used on Telegram to exchange money and to buy goods within the channels and chats. The coin will be managed by a decentralized computer network and via the blockchain. The system that will control the coin is called TONE, acronym for Telegram Open Network.
Compared to Facebook's Libra, there are not many news available on the true nature of Gram. The Russian company wanted to secret all the documents produced so as not to have problems with the control bodies and central banks.
Who will be able to use Gram
The virtual currency will be open at approx 200-300 million users worldwide. It can be used on Telegram or through a digital wallet made by the same Russian company. With Gram it will be possible to make purchases on all platforms that will support virtual currency.
When will Gram
According to the documents sent by Telegram to investors, i first tokens of Gram (the first coins) will be available by October 31st. If the deadline is not met, the Russian company will be forced to return the money to investors.
Telegram anticipates Facebook and launches its cryptocurrency
