Toncoin (TON-USD), the cryptocurrency native to The Open Network developed by the creators of Telegram, recently hit a new all-time high of $7.11 yesterday. This surge in value coincides with discussions around Telegram potentially pursuing an initial public offering (IPO), sparking interest and speculation within the crypto community and beyond.
From Concept to Crypto Success Story
Originally envisioned in 2018 as Gram, Toncoin was created to serve as the backbone for Telegram’s ambitious blockchain project, TON. Due to technological constraints at the time, no existing Layer-1 blockchain could accommodate the project’s needs, leading to the development of TON. The network, designed to power the widely-used messaging platform, boasts the capability for extensive scaling through Hypercube routing, a feature that enables the potential expansion to millions of individual chains.
As Telegram nears the monumental milestone of one billion active monthly users, the Durov brothers, co-founders of Telegram, have begun to explore the option of an IPO.
A Community-Driven Approach to Growth
To further bolster the TON ecosystem, the TON Society, a collective of developers and contributors, announced a distribution of 1 million TON to participants in a voluntary Proof of Personhood (PoP) program. This initiative seeks to establish a digital identity verification system within the next five years, emphasizing Telegram’s commitment to innovation and user empowerment.
The launch of this fund and the anticipation surrounding a potential IPO show the Durov brothers’ dedication to maintaining Telegram’s independence and pioneering spirit in the tech world. However, there is concern that the move to an IPO may not be an entirely altruistic move as TON’s ownership is very centralized.
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