Cryptocurrency Gram by Pavel Durov: at What Stage is the Project Development?

New digital coins appear on the cryptocurrency market almost every day. Vast majority of them remain unnoticed by wide audience. There are still some rare coins, which become very popular even before their official release. One of these projects will be discussed in our today’s article. So, as you may have guessed from the title, this is a review of the cryptocurrency Gram.

Content:
(please, click the topic to scroll down to it)

  1. The history of creation and basic information
  2. What is known for today?
  3. Mining of the cryptocurrency Gram
  4. Advantages and disadvantages
  5. Conclusion

1. The history of creation and basic information

To begin with, Gram is the coin that will be started on basis of the TON (Telegram Open Network) platform. The creator and main ideological inspirer of this project is Pavel Durov. If someone does not know, Durov created the Russian social network “VKontakte”. After he sold his stake in VK, he switched to the new project Telegram messenger. By March 2018, the users base of this project amounted to more than 200 million people (there is no more recent official data).

From 2013 to 2017, performance and functioning of the messenger was carried out exclusively by the personal funds of Pavel Durov (about $ 1 million per month) and the issue of monetization of the project was still open. But after the appearance of information about Durov’s desire to create a decentralized platform on its basis, everything fell into place. Firstly, this became known not from official sources, but after a short period of time this information was confirmed. Durov`s team laid out the white paper project in open access. This document has 140 pages of detailed descriptions of the upcoming project.

Durov calls Gram the third generation cryptocurrency. The blockchain platform TON will be able to process hundreds of thousands transactions per second. This mark is several times more than that of VISA or Mastercard, not talking about other cryptocurrencies.

The project has become so popular that its creators did not even have organize a public ICO. As a result, two closed pre-ICO tours were held, during which the project managed to raise more than $1.7 billion. It is worth to note, that Durov had to refuse many willing investors, since the demand for tokens was huge.

2. What is known for today?

At the moment, there is not much information about this project. New official statements from the development team have not been received for a long time. To have a rough idea of what is happening inside the project now, it is possible to see its roadmap.

We want to remind you, that in mid-April 2018, the Telegram messenger was blocked throughout Russia. Of course, many users will be able to get round the blocking of Roskomnadzor without any problems, but such a policy of the Russian Federation will still adversely affect the users base expansion of the messenger.

By the end of 2018, all Telegram users should receive a Gram cryptocurrency wallet. But it is very important to understand, that this coin cannot be bought anywhere yet. There are many scammers in the Internet, who offer to purchase Gram cryptocurrency. This is absolutely wrong to trust. Its output and, accordingly, listing on major exchanges will happen not earlier than 2019.

3. Mining of the Cryptocurrency Gram

The blockchain Gram will work on the protocol of consensus Proof of Stake. It is possible to mine this cryptocurrency, but the developers have come up with a number of rules which have never been encountered before. Let’s take a closer look at the main features of the Gram coin mining process:

  • Multitasking. The miners will be responsible for not only mining new coins, but also checking transactions, supervising the emergence of new blocks, etc.
  • Random 1,000 miners per month. Each month there will be a new selection of miners, in which all users of the Telegram messenger can take part.
  • The system of bonuses and fines. In case of the conscionable fulfillment of their duties, the miners will be rewarded with an additional amount of coins. This pattern will work in both directions, and in case of disregard for their duties, the miners will be fined.

4. Advantages and disadvantages

The project of Pavel Durov has aroused heightened interest among the entire cryptocurrency community. Since more than a half year passed after the ICO, let`s objectively evaluate all the pros and cons of the TON platform. Let’s start with the benefits:

  • Cosmic transaction processing speed. For comparison: the Bitcoin blockchain can process 7 transactions per second, Ethereum – 17, Visa declares support for 24 thousand (but in fact processes about 1,700), Gram`s indicator is hundreds of thousands, and in theory even millions of transactions per second.
  • Convenience and usability. The whole platform will be implemented on the famous Telegram messenger basis. All operations with cryptocurrency Gram can be carried out directly from Telegram account application. Against the background of modern cryptocurrency wallets with their inconvenient and not always logical interface, the Telegram will look much more attractive.
  • Wide functionality. According to plans of Pavel Durov, it will be possible to pay by cryptocurrency Gram not only in digital, but also in real world. The VPN function (for getting round blocking), which is built in the messenger, is a good answer to Roskomnadzor. To understand the whole functionality of the future TON platform, it is needed to read the white paper of the project. It consists of 140 pages of text.
  • Investment tool. Just in the near future, cryptocurrency Gram will be able to show a crazy growth. It was not for nothing that many rich people invested in this project, the Google company even sent a blank check to Durov, saying that he could enter the required amount on his own.

But like any company on the planet, the TON project has its disadvantages, which we will discuss now:

  • This is just a concept. Many experts and skeptics believe that the existence of the TON project is possible only on paper. Durov and his development team have put almost impossible task (too wide functionality), the implementation of which can cause a number of difficulties.
  • The lack of official statements throughout the 2018 is alarming. The lack of news still does not mean anything bad, but indirectly, this may confirm existence of difficulties with the implementation of the platform.

5. Conclusion

The cryptocurrency Gram is one of the most high-profile events in the industry throughout 2018. In theory, the successful implementation of the project will be able to bring the cryptocurrency market to a qualitatively new level. Cryptocurrency Gram is predicted a great future. The investors of this project are group of the richest people on the planet. But the development team has not yet represented a really working product to a wide audience, so it’s too early to talk about the future of the TON platform. We can only wish good luck to Durov and his team, as well as intently follow the development of events.

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