Catnip? One of the biggest developments at the start of the year was the news that Telegram was holding an ICO token sale to a select few institutional investors.
The widely used messaging platform planned on launching the Telegram Open Network (TON), where these tokens would eventually be used. Known as Grams, these would be bought and sold on the open market.
Since then, it has been reported that the company had raised $850 million — dwarfing the previous record set that Tezos set last year.
However, it appears that Pavel Durov, the Telegram CEO, is not content with holding the largest ICO in history. In a recent email sent to potential investors, the company is pushing for another presale, with this round estimated to raise the same amount as the prior one.
In other words, by the time things eventually go public, the ICO would have raised $1.6 billion or more.
Naturally, concerns are being raised on this.
TON has been under intense scrutiny from both investors and cryptocurrency experts in recent months. It may have a designed similar to Ethereum, and offer features like apps, services, and the ability to store digital and physical goods, but there are a few red flags.
For starters, the whitepaper for the network is extremely short on details, particular technical ones.
Telegram has remained spuriously secretive here, with the whitepaper basically made up of a wishlist of features instead of providing information on how it will accomplish what it promises. It is essentially taking the claims from other projects, and suggesting that it can better them.
In addition, some cryptocurrency investors like Pantera Capital have apprehensions over this presale, and are suggesting that the funds could possible be used to run everyday operations at the company.
With social media company under fire these days, and regulators targeting ICOs, it remains to be seen just how successful a project like this could be in the future.
Any thoughts here, folks?