Telegram Open Network’s (TON) value is expected to surpass $20 billion over five years, according to new research by New York-based blockchain venture and digital assets fund Decentral Park Capital.

“A sleeping giant awakens”

The 59-page document — entitled The Current State of Telegram Open Network: A Sleeping Giant Awakens — claims TON’s native cryptocurrency Gram (GRM) has the potential to become one of the top 10 protocol assets in five years.

The research points out TON’s high potential, stressing that it can serve as a gateway for crypto assets and related apps to “bank the unbanked” as well as become the first discovery platform for Web 3.0 applications — “akin to the App Store for Web 2.0.”

Three major challenges

However, TON is yet to address a number of internal and external issues in order to introduce its highly promising technologies, the report notes.

As such, Decentral Park outlined three major challenges for TON, including lack of openness to developers, the unfriendly attitude of local governments, as well as an expected imbalance between demand and selling pressure.

According to the research, TON appears to be less open to developers than its competitors, which is considered to be a disadvantage “in a world where talent is scarce.” Skepticism from governments can dampen adoption of tokens by slowing the value flow from fiat to Grams, the research explains.

Finally, low interest from crypto-native investors, few avenues for Telegram users to buy Grams, delays in delivery and other issues will allegedly lead to selling pressure to outweigh the demand for the asset in the short-to-medium term.

As Cointelegraph reported recently, TON is scheduled to launch in late October.

On Oct. 10, major American crypto exchange and wallet provider Coinbase announced that it will provide custodial support for Grams, while previously another American firm claimed to be the first entity to enable institutional investors to hold Grams.