It has been a month since the US technology firm and social media giant, Facebook announced its new cryptocurrency, Libra. It came as a shock as even last year, the prospects of an iconic US company launching its own digital currency seemed a very farfetched idea. Even more shocking is the fact that the sitting president of the United States tweeted about the cryptocurrency.
The announcement of Libra by Facebook astounded everyone including politicians who were sent scrambling. After the news hit the mainstream media and news outlets, many analysts and crypto enthusiasts were left to ponder whether Facebook just closed up Altcoin’s shop by about 90%. It came as no surprise, as to what tiny crypto project with a handful of staff and programmers could match the giant along with major players such as MasterCard, PayPal and even Uber.
However, there is another company on the globe that can face up to the combined might of Facebook and MasterCard. The company actually stands a chance at winning the turf from the social media giant and it is none other than Telegram.
The numbers never lie. While Facebook boasts 1.8 billion users, Telegram on the other hand managed to raise a record $1.7 billion. Equally important, whereas Facebook has the tyranny of numbers, Telegram constitutes a consolidated force of Altcoin believers and strongmen. If mark Zuckerberg is the protégé for the internet as a surveillance tool and economy, Telegram’s founder, Pavel Durov, is the fight-the-system kind of person with the hallmark of his whole career being digital privacy.
Many people including traders and cryptocurrency investors underestimated with scorn Telegram’s fundraiser. Notably, the fundraiser beat the initial coin offering regulatory backlash and managed to raise all of its funds from privately accredited investors. This is as opposed to crowdsourcing it from the masses. As a crypto pioneer and enthusiast, you might have probably had the chance to read Telegram’s short whitepaper. It basically looks and follows like sugar dipped marketing than a detailed descriptio
With a closer look it at the short telegram whitepaper, it emerges that there is a lot to rally behind for especially if you are seeking a legitimate and capable competitor to take on Facebook’s Libra. Durov is not alone in his case. The white paper reveals that he has the backing of math geniuses and proficient programmers that boast careers in programming backed by a bucketful of medals to that end. Among them is Durov’s brother, Nikolai Durov who is the chief technology officer of Telegram. From the white paper on TON, Telegram’s proposed cryptocurrency to contend with Libra, it is evident that should Telegram pull off a mere quarter of what is proposed therein, it could as well be revolutionary.
If TON is workable and becomes a reality, it could offer a lasting solution to several issues. These issues include but are not limited to scaling, storage, decentralized identity as well as protection of the platform from hostile assaults. While Facebook’s Libra appears to appeal to blockchain and blockchain enthusiasts, (it mentions it about 40 times in its 26-paged whitepaper) the TON team appear nonchalant about blockchain. Instead, they focus on the delivery of a massively sharded and scalable system that offers not only the services of sending and receiving money but also encrypted messages and an amazing sticker bandwagon that downtrends and makes WhatsApp’s emoji collection look like a big joke.
Telegram by far may not be the expected hero but it is indeed necessary. If there is to be at least a shred of hope against a dystopian terror of panopticoins, then Telegram is the best shot there can be against Facebook’s Libra.