In recent times, messenger applications have proved that they can act as payment platforms as seen in China with WeChat.
It remains to be seen if the sample method can be achieved with cryptocurrencies. The founders of Telegram messenger are trying to achieve that and if it works out well, they’ll be able to translate into a digital equivalent of autonomous economy.
For now, all efforts to make bitcoin and the likes generally accepted as a method of payment has failed due to their long processing times and high transaction fees. Even if these issues are solved, the minimum number of people transacting with crypto currencies makes attracting major retail outlets and business daunting.
Pavel and Durov’s idea which is set to be tested with their initial public offering (IPO) the biggest in the world worth about $1.2 billion-is to create a digital currency for an ecosystem that already has more than 200 million subscribers. According to their estimation, it will improve by 100 million in the first half of the year.
For sure, if you need to watch out for an ICO, its definitely the Durovs brothers. Their plan is to turn Telegram into an Open Network Network derived from the Telegram data base with Pavel Durov, the brain behind Russian social media site Vknotakte has promised to deliver on a scalable version of the blockchain.
With this piece, I am not selling their investment ideas but you can imagine a messaging app that can open you to an autonomous economy. To use their platform, you will need to prove your identity by submitting your government issued identification which would be stored and accessible only by you.
Their intention is to deliver more than Wechat by becoming more attractive to the out side world who prefer their payments be secret and avoiding the taxman. This is expected to come with the risk of regulation clampdown.
It will be naïve to presume that Telegraph subscribers will embrace this initiative which is expected to collide with a number of technical, legal and psychological obstacles.
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