cryptocurrency

Telegram’s ambitious new cryptocurrency – All the details

Telegram recently announced[1] it would launch an ICO for its blockchain platform. The blockchain- Telegram Open Network (TON) – will feature a cryptocurrency called Grams. TON aims to deliver a fast, scalable blockchain with support for decentralised applications, distributed file storage, and micropayments.

Telegram aims to raise £1.2 billion from its ICO, where it will distribute Grams to investors following the launch of its wallet.

TON blockchain

TON is an ambitious project which is more than a cryptocurrency integrating within the Telegram app. In its whitepaper for TON, Telegram outlined the focusses of the blockchain’s development and showed that it plans for TON to be a powerful and versatile platform. The blockchain will focus on decentralised applications, micropayments, and anonymity – taking on cryptocurrencies like Ethereum, Bitcoin, and Monero – and will deliver the following:

  • Storage – Distributed file-storage (similar to IPFS) will allow for torrent-like peer-to-peer file transfers.
  • Proxy – TON Proxy hides the identity and IP addresses of TON nodes and will be used to create decentralised VPN services.
  • Third-party apps – TON will include support for third-party decentralised applications built on smart contracts, as well as a web browsing experience.
  • DNS – TON’s DNS will allow users to assign human-readable names to addresses, similar to Ethereum’s ENS project.
  • Payments – Telegram will implement micropayment channels and off-chain scaling solutions.

To support these features, TON uses a dynamic sharding scaling model, consisting of a master chain with primary consensus and up to 292 side-chains.

These side-chains can split and merge dynamically to spread the transaction load evenly over the network. The blockchain will eventually be fully decentralised, with validator nodes maintaining consensus through a proof-of-stake mechanism and earning Grams for their contribution to the network. A major advantage for the adoption of TON is the integration of the blockchain into Telegram’s Messenger app.

TON light wallets will be built into Telegram mobile applications, allowing users to store their funds on the blockchain with minimal hassle. The platform will also allow Telegram users to transfer and spend cryptocurrency.

Grams

The Gram cryptocurrency will be the central medium of exchange on the TON blockchain. Grams will be used for the following transfers on TON:

  • Commission paid to TON validator nodes.
  • Stakes deposited by validators to be eligible to validate transactions.
  • Capital lent to validators in exchange for a share of their reward.
  • Voting power required to support or oppose changes in the parameters of the TON protocol.
  • Payment for services provided by apps built on the platform.
  • Payment for storing data securely in a decentralized way.
  • Payment for registering blockchain-based domain names.
  • Payment for using the TON-based proxy.
  • Payment for bypassing censorship imposed by local ISPs.

If application owners opt to adopt a freemium or advertisement-based model, these services could be made free to users.

Telegram will distribute Grams following the launch of its TON main network in Q4 2018, and the implementation of its light wallet client. The development roadmap for the TON blockchain is outlined below. Telegram’s ambitious new cryptocurrency – All the details

ICO

Telegram’s ICO will take place in Q1 2018, and the company aims to raise £1.2 billion from the endeavour.

If it succeeds, the ICO will be the biggest ever by a factor of five. During the first stage of the platform’s development, Telegram will hold the majority of the Gram tokens to prevent speculative trading and manipulation. Telegram will the release Grams to network participants at a later stage.

The ICO will see 2.2 billion tokens distributed among investors, with the price of a token starting at £0.1.

The funds raised by the token sale will be used for the development of TON, said the company.

By 2021, Telegram aims to make the project truly decentralised and lose the Telegram element in its name, eventually becoming “The Open Network”.

Now read: Big debt problems for South African cryptocurrency investors[2]

References

  1. ^ recently announced (mybroadband.co.za)
  2. ^ Big debt problems for South African cryptocurrency investors (mybroadband.co.za)

What to expect from KODAKCoin

Wenn Digital and Kodak recently unveiled KODAKOne[1], a rights management platform aimed at photographers. The platform will run on a blockchain and will use its own cryptocurrency, called KODAKCoin[2]. Once its cryptocurrency for photographers is up and running, Wenn Digital would like to add value to its image rights platform through revenue sharing and rewards systems, the company told MyBroadand.

Photographers will be able to register their ownership of images in KODAKOne’s encrypted ledger, then license their work through the platform. Shortly after the announcement, however, reports emerged linking Wenn Digital to another photography-based cryptocurrency startup called RYDE coin. RYDE was intended to expand the licensing business of paparazzi photo company Wenn Media, a subsidiary of Wenn Digital, Ars Technica reported[3].

RYDE’s page on the crowdfunding site Start Engine[4] was removed around the time of the Kodak announcement, though, as the company aims to cater to a wider range of photographers.

Intellectual property management

In addition to offering a platform for photographers to monetise their work, KODAKOne will also act as an intellectual property monitoring service. KODAKOne will continually crawl the web to monitor whether images used online and registered in its database are licensed properly. “We have that photographer in mind who doesn’t know how their images are being used,” said Wenn Digital.

“They gave the rights to their agency, and their agency distributes the rights around the world.” KODAKOne aims to make rights distribution more traceable for agencies, and offer creators an extra layer of security. “So that you know that art you have created is protected and that you are being rewarded for it,” it said.

Revenue share

Wenn said it will also look at adding further value to KODAKCoin by offering revenue share and other services on KODAKOne.

This includes enabling commerce using its cryptocurrency and allowing photographers to make purchases with KODAKCoin, such as buying equipment or booking a venue that participates on the platform. Wenn will use the Ethereum blockchain or a variant thereof for its platform, so that it can use the smart contracting functionality it offers. It declined to provide information on how many coins it will issue or how they will be distributed, saying those details will be disclosed in a forthcoming white paper.

It did state that its initial coin offering will be used to develop and fund the KODAKOne platform.

Regulated ICO

The initial coin offering for KODAKCoin will open on 31 January, and is open to accredited investors from the US, UK, Canada, and several other countries. It will use tZERO’s security platform and follow its roadmap to offer a security token in accordance with US federal securities law requirements. Following the launch, KODAKCoin will be available for trade on the tZERO trading platform.

The parties expect to launch the token during Q1 2018.

Now read: The top 10 cryptocurrencies explained[5]

References

  1. ^ recently unveiled KODAKOne (mybroadband.co.za)
  2. ^ KODAKCoin (kodakcoin.com)
  3. ^ Ars Technica reported (arstechnica.com)
  4. ^ Start Engine (www.startengine.com)
  5. ^ The top 10 cryptocurrencies explained (mybroadband.co.za)

ICE and Blockstream launch Cryptocurrency Data Feed

The Intercontinental Exchange (ICE) has partnered with Blockstream to launch its new Cryptocurrency Data Feed[1]. The feed offers real-time market information, consolidating data from over 15 cryptocurrency exchanges around the world. Cryptocurrencies tracked by the feed include Bitcoin, Ethereum, Dash, Ripple, Litecoin, and Bitcoin Cash.

“With the broad array of cryptocurrencies and exchanges, and given the price variances between exchanges, it’s critical that investors have a comprehensive source of pricing information,” said ICE.

The feed will be delivered through ICE’s Data Service Consolidated Feed, which provides access to over 450 real-time market data feeds.

Now read: Coinbase hires Memo.AI engineering team[2]

References

  1. ^ Cryptocurrency Data Feed (ir.theice.com)
  2. ^ Coinbase hires Memo.AI engineering team (mybroadband.co.za)