If you have not heard about GRAM before, we don’t blame you. It was a great project that never made it to the light - and this is the story about the failure that could have been a massive triumph.
This story is also proof that before you decide to buy any altcoin instead of opting to purchase Bitcoin, you need to analyze all about the project before going ahead with your decision because you might end up with nothing in your wallet. Let’s start.
What Is GRAM?
As you can guess, GRAM was expected to be a cryptocurrency open to trading, built on the TON blockchain. Likewise, the TON stands for Telegram Open Network, a blockchain platform that could do similar things like the networks of ETH, ICX, POLKADOT, etc.
On top of handling transactions much faster than Bitcoin, since it was projected to handle up to 10 million transactions per second versus the 7 transactions per second that BTC can handle.
This alone was an important feature because it would make it possible to send payments real fast. What’s even more impressive, the team stated that GRAM could become the crypto-analog of Visa and MasterCard - nothing short of impressing.
Furthermore, the development team also stated that GRAM would make it possible to set up smart contracts, which would make it more similar to platforms like ETH. However, in theory, GRAM would have been a lot more efficient since it would have been capable of handling up to 10 million transactions per second. It could have even surpassed the Ethereum price… but it never happened. Just pure theory.
The company behind its development was Telegram, one of the biggest messaging platforms in the world. Therefore, it was expected to be a success, but on the contrary, it never launched. It was expected to integrate a crypto wallet in its messaging app, but due to problems with the SEC, it never happened.
Imagine if WhatsApp decided to launch a cryptocurrency. Only based on the hype, it’d be worth plenty of money. The same scenario was likely to happen with GRAM since it had a major platform behind it, especially since they wanted to integrate GRAM in their app and platform, which would have brought it to mass adoption.
Now, the SEC problem is what really stopped the GRAM project from launching, on top of vague promises and unclear plans. It was a big project in theory, but it never went beyond that. Let’s talk more about this obstacle.
The SEC Obstacle and How it Delayed the GRAM Project
Even though the GRAM and TON project never made it, they managed to raise over $1.7B in a pre-sale in 2018, since they only allowed wholesale investors to participate if they bought a minimum of $20M per package.
The SEC states that the GRAM and TON project intended to flood the U.S markets with millions of unregistered securities. An act that according to the SEC, is a criminal act. However, as the project states, they never developed the GRAM cryptocurrency as an investment product.
Similar to other cryptocurrencies, the GRAM coin would have been used for other purposes such as payments, app development, dAPP development, etc. By themselves, they are not investment products, and the team behind GRAM never publicized their coin as such.
As it seems, they fell prey to hidden interests that didn’t want to see the GRAM cryptocurrency to launch. This is only a theory, but given the evidence, it’s easy to see that there’s a certain bias that had led the SEC to be against the GRAM project.
Despite the SEC lawsuit, the GRAM team has gone ahead and has launched their own app. It’s still in beta, but seeing how it’s developing, we might end up having another solid crypto wallet.
Therefore, the dreams of seeing the GRAM on the market are not over yet, they are just delayed. However, as you can see, those who invested in the project during the pre-sale will end up waiting a fair amount of time before they see any substantial returns because the cryptocurrency is still nowhere near launching officially.
We say this because the app was launched in 2019, and 2 years later, we still don’t have the GRAM cryptocurrency nor the TON blockchain network. And we believe that they could have benefited great way from the current bullish market.
Even though the GRAM project is not over yet, it has met great resistance. We sincerely hope that the Telegram team can go through this and finally launch their coin, because it would help cryptocurrency and blockchain tech to enjoy of mass adoption and more acceptance.
Do you know more about the GRAM project? If so, let us know in the comments.