The world’s crypto community has been tracking the progress of blockchain ecosystem project Telegram Open Network for more than a year already and now, finally, there has appeared more or less precise information on its launch. According to the internal note sent to the company’s investors, Telegram is planning to launch TON in Q3 2019.
Though initially there were some doubts whether this messaging service would manage to realize such a serious crypto project, the company is continuously showing that it is moving in the right direction.
As Coinspeaker has already reported, in April, Telegram launched private testing of its Telegram Open Network. In the framework of this testing, the company made its new blockchain available to several development teams.
Later, despite all the doubts voiced by skeptics, Telegram confirmed successful results of its testing process which can be viewed as proof of the fact that the company’s blockchain and consensus algorithm meet the goal announced in its original TON white paper.
According to the team, this testing reaffirms their belief in the capacities of the TON virtual machine and the TON.
Some developers who took part in the private testing and whose names shouldn’t be revealed noted the blockchain built by Telegram demonstrated “extremely high transaction speed.”
It is expected that the TON network will have much in common with the Ethereum network and will host decentralized applications.
In February, experts estimated that the total capitalization for Telegram’s Gram tokens, the TON network’s native digital currency, could be worth $29.5 billion by the end of 2019. Nevertheless, all purchase contracts will be rendered null unless the network is launched by October 31, 2019.
Let us also remind that last year, Telegram, that can boast over 200 million users, managed to raise $1.7 bln in two private rounds of ICO from more than 100 investors for the development of its own blockchain. And last month, TON’s development team has entered in a partnership with Wirecard, a Germany-based financial services provider to develop digital financial products.
Facebook’s Global Coin
While Telegram is getting ready for the launch of its blockchain, Facebook is going to start testing its GlobalCoin by the end of this year. The company has announced its plans to set up a digital payments system, which is expected to be open for users in 12 countries, by the first quarter of 2020.
The company has already held talks with the representatives of Bank of England, the U.S. Treasury and money transfer firms including Western Union about its Libra payment project. Moreover, the social media giant has also tried to reach an agreement with at least two cryptocurrency exchanges, Coinbase and Gemini, but there is no official information on whether these platforms will offer the services for GlobalCoin holders.
Though it is believed that Facebook token will primary compete with credit cards and payment systems like PayPal but not cryptocurrenies, there are huge chances that Facebook, as well as Telegram, will manage to bring digital assets closer to a wide audience and will promote the idea of mass adoption thanks to their extremely high number of active users.