Revival Of Telegram Crypto Project Might Be A Possibility

By Kevin • January 23, 2022 2:54 pm • Comments

Telegram is a popular instant messaging service provider that hosts chat services for a variety of different online communities.

In the past, the company had announced that it was working on a crypto project that would essentially incorporate cryptocurrency into its core operations.

Back when this was announced in the past, it had gathered a lot of attention as many were hopeful that this would help encourage further growth of mass crypto adoption, but unfortunately the project was cancelled.

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However, according to recent reports from Forbes, it was revealed that there were some developers that were working on another version of the project which could possibly be integrated with the core Telegram platform.

Yahoo reports:

According to Forbes, some developers working with Telegram’s Open Network (TON) could be set to launch their own version of the project which could be integrated with the platform.

The report noted that the revived project now enjoys the support of some of the key associates of the founder of Telegram, Pavel Durov.

And asides from that, it is enjoying the support of “third-party developers and product creators.”

Speaking on the new grand design for the project, Oleg Andreev, a developer working on it said that the design is being made in such a way that would allow its integration with Telegram.

Apart from that, it is also being designed to be interoperable with crypto exchanges. The developer did not rule out the possibility of using the payment option in the gaming world.

The recent news of the continued development of the project that was once paused had also received support from the founder of Telegram.

This means that the founder is aware of the ongoing developments and that there may be a chance that the project goes live sometime in the future.

Back when the original project was still in development, it had raised over $1.5 billion from notable investors in two series funding events.

However, the events were cancelled when regulators claimed that the company may be selling unregistered securities to residents which the company eventually decided to stop the project due to the legal pressure.

To give more details on the actual project and what it’s potential was, the project was named the Telegram Open Network.

The concept of the project was to provide anonymity and secure communication between users of the messaging platform.

Bitcoin.wiki explains:

The Telegram project was created by the brothers Durov in 2013.

Nikolay Durov invented the MTProto encryption scheme, which formed the basis of the project.

The main concept of the messenger was the anonymity and secure communication of users. The messenger existed on the personal funds of Pavel Durov until 2017.

The project Telegram Open Network is mainly associated with the work of the Telegram messenger, in which it is planned to integrate the cryptocurrency Gram.

In early 2018, during the closed ICO Telegram, it raised $ 1.7 billion dollars to develop a blockchain platform.

The entire amount was received from private investors who bought GRAM tokens.

If this project ends up getting revived and released in the near future, it would be able to once again gather mass awareness of the applications of crypto in messaging providers given Telegram’s large audience.

 

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