Telegram, the messaging giant which took the cue from Facebook to veer into the cryptocurrency and blockchain world, is finally ready to make its mark. According to a press release, the encrypted messaging application will work with cryptocurrency platform Liquid for the public sale of Telegram Open Network [TON].
The TON Blockchain is a decentralized network curated specifically for the GRAM token issue, which will be offered to retail investors via a public sale hosted on Liquid’s platform. The designated date for the sale of GRAM is July 10.
It should be noted however, that the July offering will be on a limited basis, and only in October will the full public sale be organized. Countries which presumably, may not be privy to the sale of GRAM are the United States, Japan and South Korea.
GRAM can only be purchased via the US dollar [USD] or the Circle and Coinbase stablecoin USD Coin [USDC], according to the press release. In order to participate in the sale, interested parties are required to have a “verified and funded” Liquid account.
Liquid, the cryptocurrency platform, will operate wallets that are compatible with TON, allowing GRAM transfers. The token will be delivered following the launch of the TON public mainnet, which is scheduled for October 31, 2019. The token sale’s proceeds will be in the hands of the exchange and will be refunded if the TON mainnet does not launch, added the press release.
Telegram is building up excitement within the blockchain and cryptocurrency sector through TON, which is hailed as an “inherently scalable decentralized multi-blockchain architecture,” and a “mass-market cryptocurrency project.”
Private beta testing for the blockchain began in April, with reports pointing to the network displaying “extremely high transaction speed.”
Mike Kayamori, CEO of Liquid, stated,
“The TON Blockchain infrastructure can help enhance Telegram’s current capabilities as a peer to peer network of value, with the launch of their cryptocurrency light wallets for Telegram’s highly engaged user base.”
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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