In just a few months, Gram will become a publicly available cryptocurrency. This will be an extremely important event. Here Bilderlings explains why.
The crypto economy of cryptocurrencies has already obtained real value in the real world. Virtual currencies are already starting to push the dollar and the euro – whose position is becoming ever shakier with each month – from the market. The European Central Bank and the Federal Reserve are talking more frequently about the various threats to the world’s largest currencies. It’s no secret that more and more people are beginning to prefer cryptocurrencies which are, in a sense, more independent and free.
In the previous century, almost all national currencies were backed with gold. With the gold monetary standard of the early twentieth century, every real coin and printed banknote were “pieces” of this metal, and their value fluctuated depending on the price of gold.
The last gold standard in Russia was introduced in January 1897; after the financial reform, the ruble’s value was equal to 0.77 grams of pure gold. In September 1931, Great Britain untied its pound sterling to gold; in March 1935 Belgium did the same. After the abolition of the gold-backed dollar on August 15, 1971, when the US closed the so-called “golden window,” – the last country to do so
– world currencies are now, in fact, not backed by anything – except for securities, but this has quite a few conditions.
Two brothers who promise to change the financial world
More and more in the circle of the world financiers one hears the phrase: money is not backed with anything or anyone, apart from consumers. That is, apart from us and you. So, governments and unions of states can print unsecured money at their discretion? Is this really the case? Alas, it is. As long as we have this money in our bank accounts, we use it to pay our bills, save it, receive it and part with it – until the dollars, the euro, the rubles or yuan exist as an “objective reality.” And suddenly cryptocurrencies appear – and the value of money becomes quite different.
Soon, by the end of 2018 to mid-2019, an important event in the world of cryptocurrenies is expected. The Durov brothers are promising a sort of revolution in this realm. You’ve heard of them, of course?
Nikolay and Pavel Durov – two brothers from St. Petersburg – are the developers of the social network VKontakte and the company of the same name, the cross-platform messenger Telegram among other projects. Today the latter is already much more than a regular messenger. It has grown to more than 200 million active users. It is home to chats, blogs, groups (and supergroups!), versions in various languages for Windows, Android, iOS, Linux (and other OS), artificial intelligence bots and personalized interfaces for each user. In other words, it’s perhaps one of the most convenient messengers in the market. Telegram is a “full-fledged ecosystem,” and if you think more deeply about it, it all starts to make a great deal of sense.
The Durov brothers have for some time been considered two of the most promising innovators in Silicon Valley. Now they are going to launch their own cryptocurrency called Gram – based on the TON (Telegram Open Network) blockchain project – within a year. Thanks to the 200 million users of Telegram, the TON project promises to have “explosive growth.”
Instead of gold
In February 2018, Pavel Durov reported to the US Securities and Exchange Commission that he had raised $850 million from 81 investors for the purpose of developing the Gram project in the first round of the ICO. Among the investors are, for example, the founder of Qiwi, Sergey Solonin, co-founder of Wimm, Bill-Dann David Yakobashvili, and, reportedly, Roman Abramovich, as well as Benchmark, Sequoia Capital, Kleiner Perkins Caufield & Byers and other giants.
The creators of the cryptocurrency have already issued five billion tokens and are planning to hold 42% of those in reserve to protect Gram against speculation.
In spring 2018, a second round took place, and now, in total, Pavel Durov has raised 1.7 billion dollars for his cryptocurrency. So far Pavel Durov has refused to comment: he doesn’t disclose details of who exactly invested and how much. But the Telegram co-founder expects to raise 2.55 billion dollars from the three rounds of the ICO.
We’ll provide some more details. So, as we’ve mentioned, we have a blockchain platform named TON and cryptocurrency named Gram. It’s already being integrated with Telegram Messenger, and there are plans to offer each user an individual cryptowallet. TON Proxy technology is used to provide security for the cryptocurrency, and TON P2P network protocol is responsible for its distribution. It is clear that TON and the cryptowallet will be embedded in messengers that will allow instant payments between Telegram users, as well as to create smart contracts. As to the mentioned features, the new cryptocurrency will, it looks like, surpass even Bitcoin.
But what will this new project give investors and, of course, all of us – the common users? In the meantime, while the Durov brothers are looking for the former, the number of the latter is growing. So far Telegram remains “just” a messenger – stylish and youth-oriented. But it already has super groups with up to 100 thousand visitors. There is an opportunity to integrate into various payment services, which PayPal executives have already taken into consideration. Analysts are already saying that if internet banks are “thinking strategically,” they will definitely have to introduce Gram into their systems.
The “Memorandum of the Durov Brothers,” which is being sent to investors (the price of joining this exclusive club starts from one million dollars), indicates the following direction of the service’s development:
– Distributed file storage;
– Decentralized VPN based on Blockchain plus a reliable anonymizer;
– Micropayments and transfers between users;
– Support for applications within Telegram itself;
– Creating a domain name system that allows users to use common names and titles, rather than long character strings, within the network.
Waiting for big – and very big – money
In the documents for investors, TON is compared to Google Play and App Store, only using blockchain technology. It is supposed that, as a result, the new cryptocurrency will become truly widespread and accessible to ordinary users. And all of this is supposed to happen by the middle of 2019!
As Anton Rosenberg, ex-partner of the Durov brothers in the VKontakte and Telegram projects, has told the media, cryptocurrency can be mined, to a limited extent, for checking operations in blockchain. But no more than 1,000 people at a time will do the mining, and each month they will be replaced. According to Rosenberg, the difference between Gram and other cryptocurrencies will reside in the convenient options for instant money transfer.
Telegram’s creators are still exercising restraint in discussing the company’s big plans. There is no information about the project on the official website, Telegram.org. Perhaps Gram will become the first cryptocurrency to achieve total consumerization, where paying for bills, coffee and fuel at the gas station can be done as quickly as when performed from a card account.
Will it really happen? We will find out very soon.