Telegram Open Network - GRAM New Coming Cryptocurrency

[Igorvat]

Hello there!

This is my first post here on the Forum. I hope that it will be intersting or useful for somebody.

I have to start from something and I decided to make several notes about coming new cryptocurrency GRAM – from one of the most famous sensational (in some countries) Telegram messenger.

The first speciality which should be highlighted and very important one – a personal wallet will be connected to you telegram’s exsisting account, i.e. you won’t need to create one more new account on a third-party resource.

And since Telegram already has 200 000 000+ active users that means it will appear the same qauntity potential users of this innovative cryptocurrency.

Why this is innovative cryptocurrency? The first I can think – promised speed of transaction conducting which is based on new technology that will be able to be competetive with such world centralized paying systems like Visa/Master Card, wherein staying decentralized and good encrypted.

But over encryption it is not clear all. It is written that for full use they will have to pass ID verification ( passport demonstration ) But they write: “All private data (such as passport scans) will eventually be stored end-to-end encrypted with a key known only to the owners. Telegram’s distributed servers (and later the TON Blockchain) will have no access to this information, but will instead store a hash of the value to be able to confirm that the data was verified when the user obtained their secure ID. Third parties will be able to add further verifications to these virtual passports”.

Now something about techology itself. What makes this speed?

TON Blockchain consists of the main chain and up to 292 accompanying blockchains. Such a design allows making millions operations per second. New blocks will be creating very fast that eliminate queues. We will be able to exchange money instantly.

GRAM will not nave mining. Unlike miners processing nodes will be providing transactions (validators).

A bit about the validator system. I am not sure that GRAM will be using the same system, but I think that it will be similar.

The key role on creating consensus algoritm for token transfering will play the validators – network members who maintain its work efficiency, participate in voting and form new blocks in the blockchain. They will being awarded for new block creation. Unlike of PoW mining, where the right to create new block depends on computing power of the node, validators choose new block which will be added into the blockchane during multi-stage voting. The right to add a block gained by validator will belong to one whose block has been voted for by certain number of other validators.
 
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How to become the validator I will try to tell in my next post.

[beerlover]

This sounds as a great way to make funds for themselves as well without having to worry about how to make money or even getting bought by some bigger company like whatsapp did with facebook. The problem with free apps and so forth is that they are literally free so if they want to make money they have to either sell your data but how do you sell data on a whatsapp chat type thing ?

Facebook at least has a lot of info about you and instagram has all kinds of info like where you usually go from tags and your hashtags and twitter has the same with who you follow and who follows you and tags. In the end chat places either end up with no money and get an exit or this is a new better method so they will get funding from users directly to keep going.

Telegram being the highest owner of the gram currency when it worths something it will be beneficial for them.

[Buttermellow]

Well could you update us on this new project? I am also interested for to apply this if there are bounties in this project. Just keep an eye on this thread for some details of the project.

I bet telegram would make a better place for cyrptocurrency. In fact it did but still it has continuing the progress to be the center of cryptocurrency talks of groups and PM's.

[Piggy]

This sounds as a great way to make funds for themselves as well without having to worry about how to make money or even getting bought by some bigger company like whatsapp did with facebook. The problem with free apps and so forth is that they are literally free so if they want to make money they have to either sell your data but how do you sell data on a whatsapp chat type thing ?

I agree they could have simply added support for using the major cryptos, which could have been a interesting feature to offer. But offcourse you can make much more money creating your own currency.

On whatsapp and similar i figure they sell some sort of service (or directly the data) where you can run your search for particular keyword. It could be used to see how many people talk or mention your product, quite a valuable information