Realising the charisma provided by Telegram for the ICOs.
Social media and cryptocurrencies
As the cryptocurrency market is still in its natal stages, it is highly volatile and hence very responsive towards the news and updates by some of the most prominent figures in the Crypto industry. Hence it can be proclaimed that the cryptocurrency market, to an extent, is driven by the social media especially Telegram, as it is an effective tool connecting people all around the world in order to share their ideas and beliefs. It is no wonder that social media plays a key role in one’s personal life. It is evident from the statistics that almost 70% of the world population uses social media almost on a daily basis. Therefore the entrepreneurs can target the social media in order to propagate their business model, to reach almost all the investors around the world so that the project raises optimum amounts of funds required for the project.
There are numerous social media websites like Facebook, Twitter, Instagram, Whatsapp and many other but Telegram stands apart from all these others due to its ethical principles. The social media tool is proven to be one of the fastest and is a privacy-focused one. Hence, it completely goes hand in hand with cryptocurrencies which is privacy-focused as well.
The private chat feature has attracted crypto projects
It is well known that some of the most popular social media websites like Facebook and Twitter are open to the public. Hence if one needs to express his distaste in a particular project then using such open platforms might not be the right place. This is where Telegram’s private chats come into the picture where the data is hidden from the external community. It is also well known that on a number of open discussion forums, people use pseudonyms to hide their identity.
ICOs taking advantage of Telegram
Initial Coin Offerings of numerous projects have been taking complete advantage of Telegram, by specifically targeting the creation of cryptocurrency chat groups where one can openly discuss and put forth their opinion. Some of the prominent advantages that both the project members as well as investors attain, in using Telegram are.
- Direct as well as spontaneous responses from the developers is possible through this. The developers, as well as crypto followers, can be more on point. All the issues related to the project can be discussed with the developer which in turn helps in improvising the project.
- The secrecy of the conversations is maintained by the end to end encryption where even Telegram itself is not aware of the messages.
- On a number of other prominent open discussion forums, the spotlight of discussion might tend to deviate from the topic. But in the case of Telegram, the moderators can effectively control the conversation by bringing back the subjects on the topic.
Telegram ICO controversy
It’s such an irony that Telegram’s public ICO itself was truncated due to the fact that it was already able to raise enough funds to sustain its project through the private investors. It was estimated that the project had predicted to raise only $1.2 billion ( half of which from the public investors). But According to the reports from the Securities and Exchange Commission, they were able to raise almost $1.7 billion only through two of its private investments only. Some of the professionals in the field even suggest that this was a noble move by the Telegram project members, as initiating a public Initial Coin Offering is a very cumbersome process and requires intense verification procedures. This restricted the middle-class citizens to participate in the Telegram’s public ICO. However, the provision was made available to them through Whales, as they opened up investments for the public, through them.
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One of the earliest platforms which were used for cryptocurrency discussions was Bitcointalk and is popular even today. Then we even have other discussion forums such as Reddit which was embraced by a number of developers and cryptocurrency enthusiasts. Followed by Twitter, which became the source of information for all the cryptocurrency updates in the field. More recently, Telegram has joined the bandwagon with large cryptocurrency groups on it.