CryptoComes Original Article
“Buy cryptos”, has been the clarion call from industry influencers for some time now. Traders have heeded the call through trading platforms such as Monfex.com and bought various cryptos. This has been in the face of uncertain financial times and failing stock prices. Cryptocurrencies have been sold as a hedge for the past several months that will safeguard investments from market shocks and regulatory whirlwinds. Cryptos are not looking like a great hedge right now in the court of public opinion because of the prices that have been seen in recent times.
A quick glance at the Monfex.com homepage will fill you in on how various cryptos are currently performing. Bitcoin prices have staggered for weeks and are now plunging steadily. The price has been hovering below the $8,500 mark before crashing right through the $8,300 and $8,200 support levels. A new weekly low has been formed around the $7,770 mark with the immediate resistance level being $7,850. This fall from grace has led to market watchers and commentators hinting at possible bear market cycles, which has led to a lot of sell offs.
While a lot of market watchers are looking at the current crypto price action with a cringe, some other traders see it as an opportunity to buy the discounted prices. While others are fearful, some see the current drawdowns as the market correcting itself from an overly aggressive early start to the crypto bull market. While others sell off in large numbers, some see it as an opportunity to buy prime assets at insanely low prices.
The rise of TON blockchain
When it comes to digital assets, investors like the ones that trade on Monfex.com are looking at more than just Bitcoin, digital currencies like the GRAM wallet from Telegram, are causing quite a stir as well. The GRAM will use Telegram Open Network (TON) as a medium of operation.
Digital currencies like the GRAM and Libra are the industry’s answer to crypto cynics who have been going about the volatility problem. Facebook’s Libra, a stablecoin with the ability to reach millions of unbanked people has faced biting opposition. The proposed stablecoin has faced opposition from the US congress, which sees it as a threat to the dollar. It has also faced international scrutiny from European power houses like France and Germany who see it as a possible parallel currency, which could undermine their respective financial systems.
This TON offering is all the work of the Telegram messaging service, which plans to beat Facebook’s Libra in launching the digital asset. A New York Times report indicates that the first gram units could be in circulation within October, 2019 which will see Telegram beat Facebook’s 2020 Libra launch plans.
Telegram has had a successful funding campaign that has seen them raise $1.7 billion over two rounds of funding according to the Securities and Exchange Commission (SEC).
Telegram’s gram offering is attractive because it pulls in a certain demographic of investors. At present, there are more than 300 million active Telegram users and more than 50% of them either use or hold cryptocurrency. For this reason, users have been eagerly waiting for the launch of GRAM. The good news is the code for TON was released in September, 2019 and we are hopeful that it will go live by the end of October.
“The TON blockchain is scheduled to launch on October 31st and BUTTON Wallet is proud to be one of the first GRAM wallets where TON investors can take advantage of holding, sending, and storing their digital assets. With the success of our testnet GRAMs, which allowed users to become acclimated to TON and BUTTON Wallet, we expect the momentum behind GRAMs to further mass adoption of cryptocurrency,” Rachael McCrary, COO at BUTTON Wallet, told in a press conference.
GRAM token is the perfect hedge
In these tough financial times, everyone is looking to store their value in the safest and most sustainable way. People are beginning to have less and less trust in the old financial order and cryptos are increasingly being looked at as safe havens for the storage of value. GRAM is the perfect hedge if you are looking for one. It is a digital asset that grows in value and will reward those who will hold and transact with it with generous transaction fees. The token is designed to grow in value with every transaction, making it a very powerful asset to have in your portfolio.
Ecofriendly and independent from Bitcoin
GRAM token’s developers were very cognizant of the environment and strived to make it as ecofriendly as possible in its mining and operability. This is why they made use of the Proof of Stake (PoS) Blockchain technology as opposed to using the Proof of Work (PoW) Blockchain technology, which consumes ten times more energy. It is also very fast, with transactions taking only a few seconds to complete. One of the most notable and remarkable things about the token is its independence from Bitcoin. Telegram’s GRAM is the first of its kind that does not rely on Bitcoin to assess its value. It is also the only digital token besides BTC that offers real world transactions.
Monfex users will be excited to learn that the tech giant according to Russian media outlet Vedomosti, vouched to distribute the tokens to investors by October 31 or give money back to investors. According to Manuel Valente, the director of French crypto currency exchange Coinhouse; "Facebook and Telegram see a space to fill.” According to him, tech giants are looking to give users the ability to exchange “small amounts online” without going through tedious banking or applications.
Tech digital currencies could boost adoption
Digital currencies like Telegram’s GRAM and Facebook’s Libra have people talking because they have existing messenger eco systems. According to a report by Russian investment fund Aton, “the new cryptocurrencies that will be successful are those that are an integrated part of an existing social network's messenger ecosystem."
If GRAM can deliver the high speeds & decentralization as promised, it will be the largest blockchain launch in history. The success of GRAM will be interesting to watch but let’s be optimistic.
