We all know about Bitcoin, Ripple and Ethereum, the cryptocurrencies that have introduced digital money payment, transfer, and usage techniques in the world.
Now as the reports and rumors go the famous messaging application, Telegram is ready to introduce its own cryptocurrency. The funding of the cryptocurrency will be given by Initial Coin Offering (ICO).
The name of the cryptocurrency will be ‘Gram’. The aims of this cryptocurrency will be to improve the inadequacies present in other cryptocurrencies especially Bitcoin. It is possible that Telegram’s cryptocurrency will consume less energy in comparison to its competitors.
Many other companies are working to develop their own digital currency but Telegram has an advantage over them. Telegram already have more than 180 million users that use the platform to exchange information on the rise of cryptocurrencies like NEO. Many people from different nations use Telegram and so the app introducing its own cryptocurrency will already have the huge number of followers.
Now recently Telegram is raising almost $500 million in the pre-ICO sale. Also, it is anticipated that Telegram will introduce the cryptocurrency to its in-house messaging client. It will be used from their by users to transfer money to each other.
Currently, the topmost digital currency around the world is Bitcoin. It is the most recognized, accepted and used virtual currency globally. Ethereum is another cryptocurrency that offers a decentralized virtual machine to run applications exactly as programmed. The currency launched in 2015. No fraud or censorship, or third-party interference can be done in this cryptocurrency. Litecoin called as ‘silver to Bitcoin’s gold’, is another recognized cryptocurrency. Litecoin is not controlled by any dominant central authority, it is based on an open source global payment network. Proof of work is done with the use of “scrypt”. Moreover, Dash is a more secretive cryptocurrency in comparison to Bitcoin. More anonymity is maintained and decentralized master code network is used to make transactions impossible to trace.
Interesting: Top 5 cryptocurrencies in the world
Now, lets wait and see how Telegram cryptocurrency will be similar and different in comparison to these known digital currencies.
Media coordinator and junior editor at Research Snipers RS-NEWS, I studied mass communication and interested technology business, I have 3 years experience in the media industry.