What at the moment is known of the largest ICO in 2018
Now primary placement of a token (ICO) of the Telegram messenger shrouded in rumours is in centre of attention of all cryptocurrency world.
It is very remarkable, principals of the international service for message exchange did not confirm officially yet that the company actually attracts investments through the sale of tokens of Gram.
The sensation around this story is warmed up not only by the silence of the owner of Telegram Pavel Durov but also messages that his command plans to collect billions of dollars in case of sale of tokens.
Despite all efforts of the company and strict nondisclosure agreements which do not allow news about the largest ICO in the history to filter into masses then, new messages float there.
We collected the facts known to us at the moment.
Looking back, it becomes clear what was actually meant by Pavel Durov when he said in an interview to Bloomberg that in the new year for Telegram he prepares “something grandiose”.
Perhaps, it has still some development, but it is difficult to provide something else more significant for a messenger this year than it is ICO.
At the end of December, investors reported that Telegram is going to carry out something like ICO.
Then there was the first message in media about these plans describing incredibly wide technical ambitions of the open network of Telegram (English Telegram Open Network − TON). They included the services which are already launched by many large companies in the cryptocurrency sphere, such as Orchid, Blockstack and Filecoin.
In addition, it was planned to launch super-fast payments and micropayments with the minimum commissions for mobile devices.
After that information on the large amount which the company can collect leaked out into mass media. At that time investors said that it is possible to expect the closed sale for $600 one million in the beginning, and then opened — on the same amount.
The company planned to create 500 billion tokens of Gram for use as payment service provider in TON.
On a wave of such announcements, there was a set of the fake websites suggesting to buy Gram. The tweet of one of the confidants to Durov of persons with a denial of the authenticity of one website became some kind of official confirmation of schedulable ICO.
Having got access to technical documentation, we could count economic details of a campaign. In application to the document the unusual formula specifying the minimum price for all 500 billion tokens was described, and the price of each subsequent token raised by a share of the price of the last sold.
Having carried out some calculations, we came to a conclusion that if each separate Gram is on sale on this formula, then TON would collect $14.7 one billion.
In the middle of the month, there was an assumption from Bloomberg that Telegram can collect even a large sum during attraction of investments.
At this time the early investor Alok Vasudev posted an informative tweet about Telegram, having described a sentence as “etching away” of traditional investors (which, apparently, likes ICO) with influential figures of the cryptocurrency world (which, by the way, did not participate in it).
First half of February
On St. Valentine’s Day, we learned that investors in Gram are non-constant in the addictions — they sell the acquisitions at the double price.
All Gram were sold under the simple agreement for future tokens. Tokens after distribution will be for a long time disabled, and periods distribution depend on when Telegram finishes the creation of a draft blockchain (one main network with millions of additional blockchains, as they say in technical documentation).
Tokens will be unblocked after four latent periods, the longest of which lasts 18 months.
Two days later, found TechCrunch the Form D Telegram in which it was said that the company collected 25% more than initially planned volume for the closed sale of $600 one million. Thus, $850 one million were succeeded to attract the companies.
As so far all news is born on the basis of rumours and anonymous sources, and the Telegram command did not respond to one request from journalists yet, rumours only amplify (that, however, does not mean that they are groundless).
End of February
Despite all attention to Telegram, meanwhile, the Form D submitted to the U.S. Securities and Exchange Commission (SEC) became the only thing the document which is officially issued by the company.
It did not prevent media to continue to savour this subject, and the end of the month was marked by the real squall of messages.
First, we learned that Telegram carried out confidential pre-ICO which allegedly collected as much, how many the round registered in SEC as reports Verge.
In the message it was claimed that all $1.6 one billion will be collected — it means that the purpose of the second round is the amount of $750 one million. Open is a question of final digit.
Then Quartz reported that the company has an accurate purpose in the second round — $1.15 one billion. Thus, the total amount will be already $2 one billion. The message focused attention on the token price in $1:45 — much more last round in which the price was about $0:30. Then it grew to $0:38 because of increase in an initial round.
At last, Telegram, apparently, offered investors something like a compensating warranty if the TON platform is not developed until the end of October 2019 as reported Business Insider.
The same source reports about the possible total amount of ICO in $2:55 one billion.