We might be denied the opportunity to invest in TON, Russian news web portal RBK reports. Three media sources have confirmed that Mr Durov's company documentation has a section acknowledging a possible cancellation of its ICO. The sources reason that Durov will be able to raise the desired amount anyway, however a public ICO means he won't get to choose whom to let in. That may drastically undermine the confidence of TON's first-wave investors. If it goes that way, the fact that Durov is selling a hypothetical volume of the Telegram monetization market (quite a meagre one so far) - and not the company shares or even token growth against ICO - will become a particularly critical issue. Telegram itself hasn't shown any signs of being able to do anything in that direction.
A traditional venture makes assessments based either on service monetization and its revenues or the audience size. But both evaluations are rooted in the "shares-for-money" model. This case is however not about selling "growth for money" but, generally, about the fact of monetization itself. And, again, it will be hypothetical and not soon.
As for the new and interesting: presumably, Gram allocation is going to change. From now on 52-54% out of 5 billion grams will be distributed among first- and second-round investors. 4% more will go to TON developers, and 42-44% won't be sold out and will remain as a reserve. Earlier, the reserve was "at least 52%", which was mildly indicative of an authoritarian rule in place. Then again, a 44% reserve is still...quite big. Very big.
https://www.rbc.ru/technology_and_media/01/03/2018/5a96e19b9a79471dbab75fe0
A traditional venture makes assessments based either on service monetization and its revenues or the audience size. But both evaluations are rooted in the "shares-for-money" model. This case is however not about selling "growth for money" but, generally, about the fact of monetization itself. And, again, it will be hypothetical and not soon.
As for the new and interesting: presumably, Gram allocation is going to change. From now on 52-54% out of 5 billion grams will be distributed among first- and second-round investors. 4% more will go to TON developers, and 42-44% won't be sold out and will remain as a reserve. Earlier, the reserve was "at least 52%", which was mildly indicative of an authoritarian rule in place. Then again, a 44% reserve is still...quite big. Very big.
https://www.rbc.ru/technology_and_media/01/03/2018/5a96e19b9a79471dbab75fe0