There are some reports that show that Telegram’s blockchain project is 70% done. According to several documents reported by Russian media and The Block, many aspects of the Telegram Open Network (TON) are 90% complete. Taking into account the overall project, it registers a completion rate of 70%.
Telegram Open Network 70% Complete
Telegram informed at the end of the last year that it was going to be working on a Blockchain platform and cryptocurrency. As we reported at that time, the main intention behind this platform is to build a cryptocurrency for the 80 million active users managed by the messaging app.
The report, that was leaked on Linkedin, shows that the virtual machine required to execute smart contracts on TON is ready to be deployed. In order to start the project, the company was able to raise $1.7 billion dollars in a private ICO sale.
Apparently, this Telegram Open Network could be a competitor to Ethereum for launching and executing smart contracts and other dApps. At the same time, it will be playing a key role in the market with other platforms such as EOS or Tron (TRX). Perhaps, this shows that the network is prepared to host more tokens and projects.
The report reads as follows:
“TON Network is the component required for deliver requests (e.g., pro-posted transactions) and propagating newly-generated TON Blockchain blocks through the network.”
Some things such as Overlay networks over ADNL or Broadcast protocols for overlay networks over ADNL are already 100% completed. It seems that the TON Blockchain Block Generation and Validation is the part with the slowest progress. The Validator software is 10% complete and the Fundamental and sample smart contracts are 10% complete.
Nevertheless, the report does not provide any information related to when the network will be already live. It is possible to see a new update or a beta version of the network before the end of the second quarter in 2019.
Earlier this year, a company called Telegram Open Network Limited was registered in Britain. It called the attention of investors because it was registered under the name Pavel Durov, the founder of the messaging application.
The intention behind this fake registration was to divert funds away from the original Initial Coin Offering. Later on Twitter, the official Telegram Messenger account warned that Pavel Durov did not register any company. At that time, Telegram called this registration a ‘prank or scam.’