For those in the cryptocurrency sphere, you’ll definitely remember the huge spectacle around Telegram becoming involved with cryptocurrency. In 2017, Telegram announced they were working on a Telegram-based blockchain what they were initially calling the Telegram Network and a potentially subsequent-issued “coin”. The encrypted messaging service giant also started an ICO amongst private investors only mainly, where they were rumored to have raised an estimated $1.7B+ before going silent on the fundraising matters, mainly in accordance to changing and shifting laws that were in place in order to abide by a more private equity-like structure. Now, the company has finally announced they are finishing up the final touches on the project, and that it is only a few “minor changes” away from being brought to the public.
Telegram’s Investor Update
In a recent update for investors, Telegram announced that it was now 90% complete with its crypto-related project. This is in comparison to the last investor announcement where a grey area was defined through the project being defined as being only 70% complete; it seems as if Telegram has made very good timing. The project has been long awaited for quite a long time, and investors have been on edge about knowing what comes next for the messaging company.
The Telegram Virtual Machine and GRAM Tokens
Telegram announced that the main project and product that was behind the entirety of the offering, the “Telegram Virtual Machine”, was now complete. This is, as it sounds, parallel to Ethereum’s Virtual Machine (EVM), and intends to function in a similar turing complete process. Telegram has announced it has plans to offer some sorts of development interaction with the new platform as well; those who are interested in providing development services for the Telegram blockchain and are eager to get their hands on new development kits can be at ease knowing that there are further improvements right around the corner.
Additionally, Telegram has announced its plans to incorporate what they are calling “GRAM” tokens, dubbed from Telegram, which will serve in some ways as not only fuel for the Telegram Virtual Machine but also a few other processes as well; it’s a bit secretive on what exactly the Gram tokens will function, however, it can be assumed that a similar virtual economy within Telegram’s platform is being instantiated, which is a very interesting concept, to say the least.
Regardless, it is very relieving and calming for not only investors but prospective users to know that development is finally coming to a close. It is safe to assume that very great things are coming from Telegram within the next couple of weeks, and the announcements and reports that will be released along with them should definitely be looked out for and not disregarded.