Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
The blockchain platform of popular messenger Telegram is 70% ready, while the test-version of TON is said to see the public in the upcoming months.
Telegram has won reputation of the most discreet messaging service currently available on the apps market. There is a reason for that. Telegram was launched and developed by the former CEO of Russian popular social network Vkontakte Pavel Durov who has frequently encountered the government requests to access user data.
Therefore Telegram was conceived as an immutable messaging facility that runs on encrypted protocols to ensure a secure and tamper-proof exchange of communication. No one was surprised when such an advanced messaging app proclaimed its involvement into the cryptocurrency world.
It has all started in spring 2017 when Telegram announced its ambitious plans for blockchain-based Telegram Open Network aka TON that was said to be empowered by native token Gram.
Numerous reports touching TON have been emerging since then. However, quite a number of investors have criticized the messaging giant for not maintaining some good transparency with regards to the proceeds of its blockchain project. The company got under the fire for creating a lot of euphoria without actual disclosure of any technical details pertaining to the awaited project.
Earlier this year, Christian Catalini, a professor and founder of MIT’s Cryptoeconomics Lab said:
“We actually document in our research paper that there has been a major transition from more technical white papers to the kind of white papers that look a lot more like sales pitches. There’s been less focus on technical details over time and, for some of these, much more on selling the vision. In the case of the Telegram one, there is a lot that is being promised and not a lot of clarity on how that would be delivered.”
Fortunately, some details starting to surface now.
Telegram Open Network Blockchain Platform (TON) is 70% ready, reports RBK citing Vedomosti. Launch of the platform’s test version is scheduled commence by the end of this Autumn.
The development of Telegram’s blockchain is divided in three components, TON Virtual Machine (TVM), TON Network protocols and TON block creation and validation. It’s noted that Virtual Machine – the first TON’s component responsible for smart contract work, has undergone testing phase and is 95% ready.
Development of the smart contracts’ toolset is half done. The second system’s component defines protocols, written for TON Network development. This Network will allow for transfer of transaction requests and new blocks. The software for new blocks confirmation is 10% ready.
The third component defines the status of block generating and validation mechanisms, however, reportedly this component of the new network is not ready at all.
Telegram believes its new network will be a “third-generation” blockchain. Moreover, TON is expected to become an entire ecosystem the size of which should exceed that of Ethereum hosting superior features much above that offered by the competitor. The system will use its own native cryptocurrency Gram tokens, enabling people to create their own decentralized apps on the TON platform.
As it was previously reported by Coinspeaker, Pavel Durov planned to conduct public ICO, but then he dropped the idea, as the project managed to raise as much as $1,7 billion during its extremely successful private pre-sale round.