Telegram, an encrypted, cloud-based instant messaging service, plans to launch the Telegram Open Network (TON) and its native cryptocurrency, the GRAM, a Proof of Stake cryptocurrency. The Telegram Open Network is being designed to host a new generation of cryptocurrencies and decentralized applications. It is a fast, flexible and inherently scalable multi-blockchain architecture that consists of a masterchain and accompanying blockchains (workchains). Broadly speaking, TON can be regarded as a new decentralized supercomputer and value transfer system.
By combining minimum transaction time with security and scalability, TON aims to become a VISA/Mastercard alternative for the decentralized economy, with an already established a massive user base to help kickstart the project. TON features innovative features such as their Infinite Sharding Paradigm and Instant Hypercube Routing.
"The world’s largest ever cryptocurrency fundraising effort has been put on hold after the popular messaging app Telegram scrapped plans to broaden its initial coin offering (ICO). The reason for shutting down the public ICO — the process of selling units of a cryptocurrency ahead of its launch — is unclear, though it may be a result of increasingly tight regulations in the space."