Gram is a cryptocurrency based on the TON blockchain platform developed by Telegram. A feature of Gram is the high speed of transactions. For example, Bitcoin can provide only 7 transactions per second for all users, Ethereum- 15. The Gram blockchain platform is expected to be millions of transactions per second. According to the developers, Gram should become a crypto-analog of Visa and Mastercard.
Previously, Pavel Durov introduced the VK payment facility. However, the project had to be closed under pressure from financial regulators. To finance the development of the TON blockchain, on the basis of which the Gram cryptocurrency will be created, Telegram in 2018 conducted two rounds of the initial token offer (ICO). The total amount of attracted investments in both rounds could reach $2.55 billion.
Features of Gram
It is planned to ensure the work of “smart contracts”, the issue is based on the proof of ownership share, the speed of up to 10 million transactions per second is planned, the help of neighboring nodes is used.
To establish the truth of transactions provide “validator”, which receive a commission for their services (not mining). This makes Gram not so much Bitcoin as Ripple. In order for all TON nodes to recognize a valid operation with Gram, a consensus solution of the “Byzantine fault problem” (BFT) is used, which ensures the potential speed of the system.
TON Payments also has a micropayments speed mode, when small payments are not displayed on the blockchain immediately (off-chain). To ensure reliability, a system of “pledges” of validators is used, and each processing node makes a pledge in case of its own mistakes. Pledge validators provide “nominees”. The node can not do transactions more than the amount of collateral. In case of a processing error, the validator and the nominee lose their pledge, which is sent by other validators to cover the costs of the failed operation.
Gram Smart Contracts
Smart contracts allow not only to make payments but also to electronically draw up any contracts or conditions for transactions. For typical transactions, the parties do not need to involve programmers to formalize them – the algorithms for virtual machines are assembled into a tree-like repository. Receipt of payment by the seller may be tied to the fulfillment of specified conditions.
Organization of the Gram financial system
Pavel Durov refused mining and immediately formed all 5 billion units of his cryptocurrency for sale to investors. Of these, 50% went to the fund TON Reserve – a non-profit organization whose task is to stabilize the Gram rate against the dollar.
TON Reserve automatically starts buying Gram when its price falls and also ensures the release of new Gram at a price not less than 2% higher than a year earlier.
- 4% Gram will be rewarded by TON developers.
- 10% will go to the non-profit organization TON Foundation, which will maintain the TON infrastructure in working condition.
The rest of the Gram is reserved for gradual sale to investors. The first Gram tokens are sold only to wholesale investors from $ 20 million per package
TechCrunch reported that Mail.Ru Group might be interested in the project, but the holding denied any desire to participate in the ICO messenger. Representatives of investment funds participating in other ICOs declined to comment on whether they were interested in the placement of Telegram. According to the head of the TMT-center E & Y, Yuri Gedgafov, large investors will treat this placement with caution.
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