This article is a summary of Token Metrics Fundamental Review of Telegram TON a fast, scalable and user-friendly cryptocurrency and blockchain platform. All 180 million Telegram users will get a TON wallet instantly, making it the most adopted cryptocurrency in the world.

The pros:

  • One hundred eighty million Telegram users will have access to the platform.
  • Pavel Durov, a successful entrepreneur is the founder of Telegram.
  • The grand plan is to handle millions of transactions per second.
  • This project is getting a lot of media attention.

The cons:

  • The token sale could be a money grab to fund Telegrams development. Telegram is self-funded by Pavel Durov up until now.
  • The blockchain trilemma is security, scalability, and decentralization. If Telegram TON is trying to accomplish millions of TPS, we have to know how it will be secure and decentralized. The word security only appears once in the whitepaper and the word threat not at all. So we do not know how it will secure itself against a well-funded attacker.
  • Many reputable investors and funds did not invest.
  • There is not much information about the token or the team.
  • The whitepaper is light on explanation of technical details or how it will accomplish millions of transactions per second.
  • There are many regulatory concerns similar to the concerns with Facebook Libra regarding regulation.
  • If they do not release the token by October 31st, 2019, the money will be refunded back to investors.
  • They raised a whopping $1.7B.

Now we will look at some critical fundamental data points that we believe showcase the project's fundamental strengths.

Is there someone on the team that can drive developmental progress?

  • Yes, Pavel Durov, 33 years old, is the face of Telegram. He created VKontakte, a Facebook-like social-media website known as VK, which today is the 17th-most-trafficked website in the world.

Does the token create a market, or creates value for network participants?

  • Yes, Telegram TON is going to be valuable because Telegram is the preferred crypto messaging service. There will not be much of a learning curve as crypto users already love Telegram and use it for their crypto messaging. If Telegram TON provides them with an easy to use interface and wallet then using its cryptocurrency GRAM will be a seamless transition.

Does the project have reputable early investors?

  • Yes, Sequoia Capital, Lightspeed Investors, and Benchmark invested.

Do they have customers and users?

  • Telegram has 180 million users.

Here are some additional fundamental data points that show the project's fundamental weaknesses.

Is the company website aesthetically pleasing, has team bios and a privacy policy?

  • No, the website is not great at all. It looked like Telegram barely spent any time developing it at all. There is also no team bios or privacy policy.

How many all-stars are working on the project?

  • They do not list anywhere who is working on this project full-time.

Was the company/key member involved in a scandal?

  • Telegram has been involved with scandals like when Apple had to pull it off the app store because people were using it for child pornography.
  • In regards to the Telegram ICO, numerous websites have collected Bitcoin and Ether, only to disappear. One called Gramtoken raised more than $5M before going dark.

Overall Opinion

Telegram TON is a fascinating project in theory for many reasons. It scored 52.58% for its fundamentals. GRAM token has the potential to be a widely used currency due to its positioning in the market. However, the whitepaper does not properly back up its grandiose ideas. We do not know how they will achieve the scalability trilemma of decentralization, scalability, and security. With the information that we have currently, it would be far fetched to invest in the project.

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