Telegram anticipates Facebook and launches its own cryptocurrency

Telegram is ready to launch Gram, a virtual currency that will allow users to make purchases on the messaging app. How it works

The new challenge that instant messaging apps are fighting is not on new features to make life easier and easier for users, but on the world of cryptocurrencies.

Facebook has recently announced the birth of Libra, a digital currency that should make its debut by 2020, but that is already causing a lot of controversy and is not well liked by central banks. Facebook's currency, however, may not be the first to debut on the market. An article published by the New York Times states that Telegram is ready to launch its cryptocurrency by October 31, 2019. A hypothesis that has been in the field for a few months already and that would now finally find concretization. The Russian company would be far ahead in the creation of its digital currency, for which it has already received funding from private entities for almost 2 billion euros. Private entities to which it has promised that Gram, this is the name of the cryptocurrency, will make its debut by the end of the year. The challenge to Facebook is launched.

What is Gram

Gram is the virtual currency that Telegram will launch on the market by October 31, 2019. It won't have any connection with the messaging app, but it can be used on Telegram to exchange money and buy goods within the channels and chats. The currency will be managed by a decentralized computer network and through the blockchain. The system that will control the currency is called TON, an acronym for Telegram Open Network.

Compared to Facebook's Libra, not much news is available about the true nature of Gram. The Russian company wanted to keep all the documents it produced secret so as not to have problems with regulators and central banks.

Who will be able to use Gram

The virtual currency will be open to about 200-300 million users worldwide. It will be able to be used on Telegram or through a digital wallet made by the Russian company itself. With Gram it will be possible to make purchases on all platforms that will support the virtual currency.

When will Gram be available

According to the documents sent by Telegram to investors, the first Gram tokens (the first coins) will be available by October 31. If the deadline is missed, the Russian company will be forced to return the money to investors.