Telegram is Also Launching Its Own Cryptocurrency Called ‘Gram’

Image: Coindesk

Many of you might have heard about the app Telegram. It is a popular messaging platform, known for its unique features and stickers.

And if you think we here at Goody Feed are too old to use it, you’re wrong. You can find us here.

But anyways, back to Telegram: do you know that they, too, are releasing their own cryptocurrency called “Gram”?

That’s after Facebook officially released their own cryptocurrency, because why not?

Now, before that…

What is a cryptocurrency? 

A cryptocurrency is a digital/virtual currency designed to work as a medium of exchange. In layman terms, it is a new form of digital money. They rely on a technology called blockchain which is decentralised.

This means that no one owns it, not even the Government.

A popular cryptocurrency out there that you might have heard of would be Bitcoin.

When is it going to happen? 

According to The New York Times, Telegram aims to deliver the first few batches of the coin in the next two months.

However, this was after The Verge previously reported that Telegram was going to cancel the launch of their digital coins. The cancellation was a big blow to public investors as they believed that this would have been one of the largest cryptocurrency investment opportunities in history.

An estimated $1.7 billion was already raised through the initial coin offering.

Thus, the news that Telegram was going to continue through with the Gram came as a surprise.

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However, Telegram has to make it happen by 31 October, if not the $1.7 billion raised would be legally forfeited.

Wah, stress. 

How it’s going to work 

The coins would be made available to over 200 million Telegram users around the world.

If users choose to purchase the coins, they would be able to store them in a Gram digital wallet.

Jumping on the bandwagon

Telegram is not the only media platform developing their own set of cryptocurrency.

Kin, the cryptocurrency for chat app, Kit, was launched in 2017. However, they are currently crowd-sourcing funds to fund their legal battle between US regulators after raising $98 million in with a potentially illegal ICO.

And of course, in 2020, Facebook is set to launch its own cryptocurrency, called “Libra”. They are offering $10,000 to anyone who can hack Libra.

So, would you invest in the Gram?