The renowned messaging platform, Telegram, has announced it’ll be launching its digital currency, “GRAM” before the end of October.
The New York Times reported Telegram’s launch of GRAM. They revealed that the messaging platform plans to make a digital wallet dedicated to GRAM. The news was gotten from three anonymous investors.
Information about the digital currency
The digital wallets will reportedly be made available to two-thirds of the world’s Telegram users, about 200 million. Telegram plans to make the token available to all Telegram users in the future.
The GRAM is expected to rival Facebook’s Libra. It will serve as a digital currency that can be moved around the globe using the application. However, the cryptocurrency is closer to Bitcoin in terms of structure. The sales pitch of GRAM will operate via a decentralized structure similar to that of Bitcoin and not any other centralized digital currency.
The digital currency will reportedly operate without intervention from Telegram. The messaging service stated that the tokens will be governed through a decentralized network of computers. Therefore, Telegram will have no control over the movement of the coins.
The GRAM tokens can and will be listed on cryptocurrency exchanges, which contrasts Libra. The first set of investors can also trade after a specified holding period. The digital currency can also be used to purchase goods on Telegram, which is similar to Libra on Instagram shopping.
Reports further revealed that GRAM will be based on the Telegram Open Network (TON). Therefore, Telegram plans to expand the network in terms of its used-case. The network is expected to encounter various applications that mimic the larger cryptocurrency and blockchain ethos, with decentralized applications, and tipping features amongst others.
There has been little or no information on how GRAM plans to get regulatory approval. The regulatory scrutiny Libra has faced from Swiss and other authorities is possibly the reason Telegram has taken the quiet approach with GRAM.