The start of 2018 has already been extremely eventful, with an unprecedented number of announcements about upcoming plans for high-tech companies to run initial coin offerings, or ICOs. On January 8th, TechCrunch reported to multiple sources that Telegram is going to develop its own blockchain platform and cryptocurrency by the end of February 2018. As outlined in the publication, the blockchain platform will be called the “Telegram Open Network” (TON), and its cryptocurrency is to be named “Gram.” The launch will be financed by the ICO. Telegram is planning to raise at least half a billion dollars through the pre-sale allocation.
Another new development is that ZoomFar, a well-known social network for national communities in the post-Soviet states, announced that it is going to fund the development of its project through an ICO.
The project owner, Mr Rostislav Eliseev, gave an exclusive interview to our edition: “We purchased the ZoomFar project last year, and we are very pleased with the dynamics of its development and market penetration. This spring, we’re planning to hold an ICO to raise additional capital for further development. We have already found the experts to provide coin supply, so now we are selecting the right platform. Our plan is to raise 30-40 million dollars.”
The ZoomFar project is currently developing a blockchain-based money transfer technology that will allow the social network to enter the multi-billion-dollar market of remittances and microloans. It’s worth remembering that the GDP of many countries of the former Soviet Union is augmented by the remittances of citizens working abroad. ICO is aimed at implementing and marketing this technology.
We believe that there will be high demand for ZoomFar coins during the ICO campaign, since the ZoomFar project is very diverse, it also functions as a platform to purchase goods and services, and a crowdfunding platform. The project has a wide client-base and a huge potential for development.
Reference: the ZoomFar project is a complex of 15 mobile applications for iOS and Android in 15 national languages for migrants from post-Soviet states, as well as a web service supporting the required languages. The application allows migrants of different ethnic groups to submit /view ads on a variety of topics and communicate using the built-in instant messenger. Also, ZoomFar functionality features the opportunity to raise funds for a project (similar to crowdfunding or microcredit) and transfer funds between users directly in the messenger. The total number of active users currently accounts for 1.5 to 2 million.
Analyst Chen Ji from the Fund for strategic analysis of the cryptocurrency market in Singapore: “We share the general opinion on the potential success of ZoomFar’s ICO. This project has everything: a growing market, successful constantly expanding technology stack, and an excellent team of analysts and developers.”
The project has been rapidly developing for over 5 years now. Initially launched as a start-up by Ukrainian developers, then purchased by a private investor from Russia, and then by an investment fund, which dramatically increased the size of the potential market of the project. The service has been technologically optimized and modernized. And now the new owner is planning to attract investment through the ICO campaign. Our editors will keep you up-to-date on the situation concerning the preparation of the project for pre-sale allocation.