Telegram has appeared back into the scene with their announcement of their own wallet named Grams. This wallet would use Telegram Open Network (TON) as a medium of operation.
The announcement was made in their terms and conditions section of their Grams Wallet. According to them, Grams Wallet can be used either as a standalone application or can be integrated into the Telegram Messenger application. Confirming the link with TON blockchain, subsection 4.3 “Transactions” under section 4 “Use of the Services” states that each Gram transaction would be validated and recorded on TON blockchain ledger, and as this ledger would not be in control of Telegram, they wouldn’t be responsible for any delays in the transactions or if the transactions are not completed. They have attempted to educate people on how a blockchain is decentralized and isn’t controlled by any authority. According to the website:
We have no control over the TON Blockchain and do not have the ability to facilitate any cancellation or modification requests to transactions you have submitted. A fee may be imposed on your transaction by the TON Blockchain. We have no control over the amount or type of such fees.
The TON blockchain uses the Proof-of-Stake consensus algorithm where validators would be chosen based on the amount of currency they would’ve staked to confirm the blocks and claim rewards.
Telegram has come into light with the link with TON after a long period of silence, where no representatives of the company commented on the project’s proceedings. The community was picking up signs on their own when last month, a code for a running blockchain node was released on their test network portal. Telegram previously raised a hefty amount of $1.7 billion in an ICO last year in an attempt to create their own cryptocurrency. Telegram has been calling this native token as Gram. This ICO was termed to be the second-largest ICO after EOS who raised over $4 billion. The investments have also been termed as safe as in multiple reports, it has been forecasted that the returns might be more than double.
Telegram is used worldwide as an official way to communicate. With their integration of blockchain into their network and offering a wallet, they attempt to spread knowledge related to blockchain and crypto in masses. Such projects, like TON, Libra, etc. which aim to bring crypto and blockchain in everyday lives and make the new currency digital show bright futures for decentralized financial ecosystems. As reported by AFP, the aim of Telegram is to create a “standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people”.
This isn’t the first time a chat application has been involved with blockchain, with the booming blockchain craze, such applications have started to find a home in blockchain services. Timski, for instance, is a decentralized group chat application for iOS that uses Blockstack’s framework. The founder of the application explained:
Timski is one of the first in the new breed of dApps where all of the user data is stored in a user’s own storage, whereas, the app is just a thin client pulling messages from each user’s storage and showing them in a synchronized way. In more simpler terms, in Timski’s case, my messages and channel meta information is stored over my storage and similarly, all of your chat data is stored over yours!
With major names of the industry like Facebook and Libra pushing towards a future full of blockchain and decentralization combined with the innovative application ideas like Timski, the grounds are set for mass adoption and a better financial ecosystem in the future.