Hash Crypto Investment Bank carried out an analysis of the TON project and calculated the so-called Rational Network Value (RNV), i.e. the net rational value of the GRAM token that should be the main feature of the well-known Telegram messaging network.

According to Hash CIB’s calculations, the estimated value of Gram will be $5.9 at the end of 2019.

The token value calculation model is based on a synthesis of two different components. The first is the evaluation of Gram as an ordinary fiat currency, according to the general rule dictated by the quantitative theory of currency which is indicated as M*V=P*Q, where M is the number of tokens issued, V the speed of circulation, P the prices of goods that can be purchased and Q the quantity of goods/services that can be purchased. In this case, we have to define P, the price, as the value of the currency itself.

Another method of valuation could derive from the definition of the discounted net value of cash flows (DCF) but, given that the TON network has not yet been launched, the analysts of Hash Crypto Investment Bank had to settle for discounted cash flows of utility, which are estimated on the basis of a discount coefficient g.

On the basis of these methods, HASH CIB was able to carry out an assessment of the future value of the token which, of course, can not be considered a “Fair Value”, because it is based on future applications of a blockchain not yet implemented and that therefore may vary depending on the changes in the project.

However, the resulting value was $5.9 per token, 15.6 times the value of the first-round price and 4.4 times of the second-round price paid by the investors.

The evaluation was carried out by a body that claims to have no connection with TON or with the Telegram board, thus presenting itself as completely external. However, only the implementation of the project can reveal the true value of GRAM.

The token was supposed to be issued through a large ICO during 2018, but later the board preferred to continue with two private sales waiting for the entire network to be operational, which should be completed by 2019 and will involve the more than 200 million Telegram users who will be able to use it to pay for services or transfer money.