Telegram is known around the world as a messaging app that has had its ups and downs but has maintained popularity among users in countries most troubled by anonymity issues. The app is famed for its anonymity and reliability. But Telegram is also well-known among the crypto community for having its own blockchain and ICO directly linked to the GRAM coin.
How It All Started
Back in 2017, Pavel Durov, the founder and creator of the popular social network VKontakte and the Telegram messaging app, introduced the VKontakte payment service. However, the project had to be closed due to pressure from financial regulators. Therefore, Durov began to think through a plan independent of the state regulator system and came up with the Telegram Open Network.
Telegram was banned in the Russian Federation in 2018, and the Telegram ICO was instantly placed under threat. Since TON was conceived primarily as a means of payment, it was assumed that transaction processing would be quick and the use of the cryptocurrency would attract many users.
Given that there are strict recommendations from international authorities on limiting the use of Bitcoin and other cryptocurrencies in connection with the risks of money laundering and terrorist financing, Pavel Durov tried his best to create a legal project. The ICO was approved by the US Securities and Exchange Commission, but that did not stop the authorities from banning it in the territory of the Russian Federation due to its connection to the Telegram messaging app.
What Is the Telegram Coin?
The GRAM coin is a cryptocurrency based on the TON blockchain platform developed by Telegram. A feature of the GRAM blockchain platform is the high transaction speeds, and the GRAM blockchain platform is expected to allow millions of transactions per second. According to the developers, GRAM is to become a crypto-analogue of Visa and MasterCard.
In GRAM, instead of mining, the “validators” provide a consensus on the validity of transactions and receive a commission for their services. This makes GRAM less like Bitcoin and more like Ripple. In order for all TON nodes to recognize a valid operation with GRAM, a consensus solution of the Byzantine Fault Tolerance–type (BFT) is used, which ensures the speed of the system.
TON Payments also has a micropayment speed mode, where small payments are not displayed on the blockchain immediately (off-chain). To ensure reliability, a system of “pledges” is used, and each processing node makes a pledge in case it commits mistakes.
The entire TON ecosystem operates on the GRAM token, thus making it a key component of the system. The Telegram coin is the sole means of payment on TON and was designed to be an exclusive tool for both use on the Bot platform and for trading. Given its prospects, many in the crypto community are expecting the GRAM token to have immense value once TON itself is launched in 2019.
Buying the GRAM Coin
To finance the development of the TON blockchain, on the basis of which the GRAM cryptocurrency was to be created, Telegram conducted two rounds of its initial token offer (ICO) in 2018. The total amount of attracted investments in both rounds reached $2.55 billion. The ICO was held for private investors, and the public ICO was abandoned. The list of investors was never fully disclosed, but it’s known that it included some of the most prominent names from a variety of industries.
During the first round of the ICO in February 2018, 2.25 billion tokens (45% of the total emissions) were sold at $0.38 per token. The minimum amount of investment required for participation in the round was $20 million. The price of the token for the second round rose to $1.33, with $1 million as the minimum investment amount. Based on available data, it’s assumed that 640 million tokens were sold during the second round. A total of 2.89 billion tokens were sold (58% of the total emissions).
The TON project also has a roadmap that involves the development of a number of modules that would service the network. They include everything from an MVP to the launch of a Telegram Wallet, along with TON Storage, TON Proxy, and TON economy services in 2019.
How to Buy the GRAM Coin
Many are wondering how to buy GRAM, but there is no opportunity to do so yet, since the token is not yet available on any exchange.
Buying Telegram coins with PayPal is not possible either for one main reason: No public sale was held. And even when GRAM becomes available to the public, it’s unlikely that PayPal will be used on the vast majority of exchanges for conducting transfers, considering the inherent risks, such the impossibility of verifying transfers.
Traders are eager to buy the GRAM coin in the United States as well, considering that the TON ICO was fully sanctioned by the SEC. There are certainly some limitations for sanctioned individuals, but the opportunity to buy the GRAM coin with USD will be made available to US citizens on exchanges operating within the US.
Many traders are also wondering how to buy the GRAM coin using Bitcoin. In fact, cryptocurrencies and the US dollar are the preferred means of buying GRAM. The details of the TON private sales were never fully disclosed, but it’s safe to assume that many GRAM coins were purchased using Bitcoin.
Where to Buy the GRAM Coin
Many people are also asking where to buy the GRAM coin and how much it will cost. Still, the Telegram coin is not available to the average investor, as the public part of the ICO was canceled in favor of the private rounds. Even if the public had had access to the open trading, it’s more than likely that GRAM would have been inaccessible in terms of price to the vast majority of enthusiasts.
Naturally, the two main reasons traders are interested in GRAM is so they can sell the Telegram coin on exchanges. The opportunity to trade the GRAM coin is what many traders would relish. But they will have to wait until it is released and listed on exchanges.
However, Xena Exchange is offering something just as good – the opportunity to buy derivatives contracts on GRAM via its exchange terminal. After GRAM is listed on exchanges, the contract’s price will correlate with that of the token, with the price discovery happening on the market directly. After being released, the GRAM contract price grew x4 in a couple of weeks, thus showing the growing demand for this asset on the cryptocurrency market. Sign up on the platform and discover all the advantages for yourself.
GRAM Contracts Trading Starts
February 2019 saw the launch of the first-ever leveraged derivatives contract on the GRAM token, the XGRAM. The GRAM contract is a leveraged instrument that mirrors the price of the underlying asset. As the token is not yet listed on spot exchanges, the price for the contract will be determined according to the price discovery process. Xena Exchange was the first exchange to launch GRAM derivatives contracts. XGRAM is currently trading at $2 and has already achieved the level of $8 per unit, thus becoming a highly attractive asset for traders.
Xena Exchange provides a full range of services related to buying the GRAM coin and grants traders all the necessary material on how and where to buy the GRAM coin. Buying the GRAM coin is a recommended investment, considering its proposed value. However, given that the coins are not yet available for circulation, the derivatives contract on GRAM is being proposed as an alternative.
The derivatives contracts can be used for hedging risks by those who have already invested in GRAM. It can also be used as an entry point during listing for those who have not yet had the opportunity to buy Pavel Durov’s latest brainchild.
The Media on Derivatives Contracts on GRAM
The launch of GRAM derivatives contracts on Xena Exchange caught the media’s attention, as many prominent channels have expressed their views on the development.
All in All
Despite its turbulent history, Pavel Durov’s cryptocurrency is gaining popularity even before its official release. Given its highly anticipated status and the prominence of the investors standing behind the project, it’s safe to assume that any instrument related to GRAM, including the derivatives contracts on it, will be a huge success.