Telegram’s TON Is 90% Complete According To Latest Investor Update
Telegram’s native crypto platform TON is reportedly 90 percent complete, an investor update cited in The Block shows.
TON progress up 20 percent
Social messaging app Telegram burst onto the crypto scene in 2018 with its billion-dollar initial coin offering (ICO) for the development of its Telegram Open Network (TON) platform.
For much of last year, the project was under steady development with earlier updates claiming that the platform was 70 percent complete. Now, the latest investor update reportedly indicates that the network’s overall build is up to 90 percent complete.
According to the updated figures, work on the Telegram Virtual Machine is practically done, with “only minor changes” being deemed necessary before it launches.
TON’s virtual machine will deploy smart contracts, processing computations much like what the Ethereum Virtual Machine does. It will thus have to compete with Ethereum and a host of other platforms like EOS and Tron.
Besides the Telegram VM, the update also shows that TON’s overlay networks over ADNL and broadcast protocols are complete.
Development for the BFT consensus protocols and full node software is almost done, with smart contracts and other developer resources in progress.
TON testnet pushed to March
Telegram expected to launch its TON testnet in January 2019, but with that window behind us, the investor update indicates that that the testnet will now launch in March this year.
TON is a massive cryptocurrency project, and anticipation is high within the crypto community due to the fact that the messaging app has over 200 million users around the world. Telegram could introduce these users to the network via its GRAM token.
The release of its testnet also gives third-party developers the chance to explore the platform, gauging its potential.
Exchanges to list GRAM
Sources close to the Telegram team have reportedly told The Block that the team is actively engaging exchanges to have the token listed.
According to these sources, the Telegram team is eyeing listings on several top Asian exchanges, including Binance, Huobi, and OKEx.
In 2018, Telegram’s private sale that raised $1.7 billion last March saw a total of 2.2 billion GRAM tokens sold to investors, including Sequoia Capital and Benchmark among others.
The firm’s ICO ranks as one of the largest in cryptocurrency, though GRAM has not been listed on any secondary market to date.
However, hitting the market at an opening price just shy of $1 would see it make entry with a market capitalization that would easily put it among the top 10 cryptocurrencies.
Meanwhile, Telegram’s update about the development of the TON network comes as the crypto industry keenly watches the moves of another social media platform Facebook.
Recent reports indicate that the social networking giant expanded its blockchain team by hiring four new crypto talents, and is looking to develop a cryptocurrency that will be used on its messaging platform Whatsapp.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.