Investors got some interesting news this month after leaked information claimed Telegram plans to move its Gram token release date up. According to the report, the messaging service provider plans to start releasing Gram tokens to the public as early as Oct 31.
The decision to push the release date forward gives non-accredited investors a chance at owning Gram tokens much sooner than originally scheduled. Telegram’s token caught the attention of the cryptocommunity after raising $1.7 billion in funds via one of the largest ICOs in history.
Telegram executives seek to employ the token as a decentralized cryptocurrency similar to Bitcoin. Users will be able to send and receive payments via the token. Like Bitcoin, Gram will allow for international money transfers in a near-instant manner.
In Libra’s Shadow
Despite its advantageous approach to the industry, Telegram managed to stay out of the crosshairs of regulators to date. Part of the reason for this lack of legislative blowback is the fact that the primary focus of regulators has been on Facebook’s Libra cryptocurrency.
Interestingly, Libra and the Gram token are meant to function in the same manner. Both cryptos will create a self-efficient digital ecosystem via a large social platform. The main difference between the two is less technical and more political. Facebook continues to take heat for intrusive data collection and alleged election influence.
Crypto Adoption Moves Forward
The Gram token would boost crypto adoption significantly as Telegram has over 200 million registered users globally. These users would gain access to a host of new benefits which, in turn, could result in Telegram developing new platforms to further its digital currencies functionality.
Telegram’s co-founder Dr. Nikolai Durov described the token as “an inherently scalable multi-blockchain architecture“. The company’s white paper cites both Bitcoin and Ethereum as inspiration for the project. The paper also points out the shortcomings of these early cryptocurrencies and how the Gram token alleviates these issues.
The gram token tackles three major chokepoints regarding large scale crypto adoption. First, developers sought to increase transaction speeds. Currently, Bitcoin is capable of only 4.6 transactions per second. Comparingly, VISA’s network can handle 1,700 transactions per second.
Next, developers wanted to increase the technical interoperability of cryptocurrencies. Users need to be able to spend their crypto across numerous platforms without the need for complicated processes.
Finally, Gram developers wanted to create a more conducive UX. The gram token will be an integral part of the Telegram platform. Using the token will be as easy as sending a message to any user on the network.
To accomplish this task, Telegram plans to add digital currency wallets to every user’s account. In this way, users don’t have to learn any new skills to use the gram token.
Gram Tokens for All
The Gram token project is one of the largest currently underway in the crypto sector. If successful, Telegram will become one of the biggest players in the market. As it stands now, the firm continues to seek regulatory approval for its game-changing cryptocurrency.