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GRAM Token To Launch Soon

by Pragati Shrivastava
, GRAM Token To Launch Soon

Another social media platform is entering the digital token realm. Telegram is getting ready to launch its own digital currency, GRAM within a month, even as social media giant, Facebook is facing challenges from legislators for their digital currency, Libra.

There have been rumors about GRAM, suggesting that the currency will operate on a decentralized structure similar to Bitcoin. GRAM tokens will be stored in a digital wallet that Telegram will offer to its 200 million users worldwide. Telegram has announced that GRAM will become a new online currency and a way to move money anywhere in the world. The project has been under development since 2018.

Telegram’s project is a result of 2018’s ICO craze. The company raised nearly $1.7 billion in investment for the project. The New York Times has reported that Telegram promises to deliver GRAM by October 31, 2019 or investors will receive a refund of their investment. This indicates that the company is working on a strict deadline and the project will be launched on time.

Akin to Facebook, Telegram is not popular with government authorities owing to its encryption and complexity. The platform is currently used for sending encrypted messages between users and it lacks transparency. GRAM is likely to come under intense scrutiny if the launch deadline is missed. Unlike Facebook, which released public plans for launching Libra long before the first token was ready, Telegram’s project has largely proceeded in secrecy. Regulators have grown increasingly concerned that coins like GRAM and Libra could be used for money laundering and funding terrorist activities. The authorities in the United States have already moved to shut down smaller cryptocurrency projects, citing them for violations of securities law. There are rumors that the project is a scam and the excitement around its launch may be short lived.

Telegram’s app will offer cryptocurrency trading via a Bitcoin and cryptocurrency wallet called Button Wallet. It is a non-custodial and multi-currency wallet which is launching a free testing service on the Telegram Open Network (TON).

Critics like trader and analyst Tone Vays have been critical of Telegram’s token and labelled their launch as a way of “inventing money”, further arguing that the right way to monetize a giant like Telegram is to use traditional methods such as equity sale. He’s even gone as far as saying GRAM is scammy and he is not a fan of it.

It will be an interesting development to see how this situation unfolds and GRAM sees adoption in the community of Telegram users.

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