So now ICOs too have become a commonplace thing; everyday we hear of a new ICO that is going to do blah blah. Don’t get this wrong, there are very legitimate ones like the Agro Tech Farm ICO, which you can read more about here. But then with every original that comes there almost always follows some sort of fake or knock off or scam. Well we are faced with a “similar” one. Not saying it is at all cost a sham, but…it just sounds too unrealistic to be honest. It is the Telegram ICO which aims at raising $2 bln ( 2 billion US dollars).
Because of the hype surrounding cryptocurrencies and the haste with which almost every one wants to own some, with the ambition of quick wealth, almost anything crypto would get them excited. And apparently this news of a Telegram ICO has got many so excited you could even say over excited in this case.
Telegram’s Popularity Makes This “Insanity” Even More
Telegram as an app is definitely no new thing to anyone using a smartphone. It has managed to secure for itself a spot in the list of most critics most secure messaging apps out there. One CEO states that his Telegram app is the very first thing he opens to check in the morning and the last thing he checks is the same app before he goes to bed.
Telegram is first of all a non profit kind of app which seems to ensure maximum security than the other lot of secure messaging applications that are out there. The app’s developers had in mind an app that could ensure topmost privacy, and be used at almost no fees at all. One of the creators/ developers Pavel Durov told the public that “secure messaging should be free for everyone. Displaying ads alongside your private communication seems out of place, even immoral,…We’re aiming to set a higher standard for messaging technologies, to raise the bar of communication in terms of speed, security and versatility.”
This privacy ensuring by Telegram has been criticised by many that it could also be used by terrorists to have chats that will not be seen.
Now To What Is Seen To Be Unrealistic: The Telegram ICO White Paper
Every ICO, or even new business usually has an outline of the things it would do or what it seeks to achieve – more like its vision. Now when people find the idea or plan convincing enough, them thy chose to invest in it (usually a start up). In the case of ICOs they invest in the ICO by buying tokens. Telegram also made its white paper known.
Unfortunately, the paper has been criticised by many to be too shallow and unfuturistic. It boasts many of the features of what are called game changers. The people who are most of the time captivated by these things are mostly desperate. It’s sad but the truth is just one, and that is that Telegram’s ICO is just a dream and not something the developers have given complete thorough thought. Here are some thoughts shared by most experts on the matter
“The teams that will win are teams with deep historical context who have been tinkering with consensus mechanisms and scalability for several years. It’s more like science than entrepreneurship,…In my mind, [Telegram doesn’t] have the talent to do that.” Nick Tomaino
“You could see how people would say this one checks all the boxes — amazing team, a market set up for them and a good product, …[But] the numbers are totally out of whack.” Scher, DCG.
Let us know what you think about the feasibility of this Telegram ICO via our Telegram page conversation.
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