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Telegram Cryptocurrency: Libra’s rival, compatible with Ethereum, What more?

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

According to a New York Times report, Telegram is all set to launch its token Gram on 31st October. Last year the encrypted messaging app got everybody’s attention after it raised over $1.7 billion in an ICO for its coin. Crypto community since then is anticipating the launch of the coin. Unlike Facebook’s Libra, Gram will be a decentralized coin.

TON Labs CEO and managing partner Alexander Filatov announced that Telegram’s blockchain network would be compatible with Etherum blockchain. Telegram’s blockchain network TON will be releasing the code needed to run a TON node on 1st September. Filatov also said that they had built a tool that would allow decentralized apps built on Etherum to run on Telegram’s blockchain network. According to Times’ report, if Telegram does not launch till 31st October, it might have to forfeit its funds that were raised during the ICO.

Can Gram compete with Facebook’s Libra?

Telegram CEO Pavel Durov
Telegram CEO Pavel Durov

A few months ago, Facebook announced to launch its cryptocurrency Libra, and since then regulators all over the world are criticizing the social media platform’s decision. Libra would be backed by a traditional currency to keep its price stable, and on the other hand, Gram would be a decentralized coin.

Telegram has also gotten its fair share of criticism, but it mostly has managed to remain under the radar, unlike Facebook. Washinton based research institution released a report earlier saying that Telegram’s digital currency would make it very challenging to fight terror financing and money laundering. Because of Gram followers of terror organization would be able to donate funds without leaving the app, making terror financing more anonymous. Telegram is known for its privacy feature, and CEO Pavel Durov stands firm on not compromising with the privacy of users.

It is speculated that there will be more than 600 millions of token in circulation following the launch of miannet. Telegram’s coin might successfully compete with Facebook’s Libra, which is currently in a lot of turmoil due to regulations. Libra is supposed to launch next year after complying with all regulators.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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