Telegram’s (TON) TestNet 70% Complete Shows Leaked Document
According to the report which leaked on LinkedIn, Telegram Open Network (TON) is 70% complete. TON is the cryptocurrency project from the makers of the popular Telegram messaging application.
The news was first published by the local Russian news outlet on October 16, 2018, but until now the official document wasn’t available for review.
TON’s main pillars on the verge of being complete
The most notable feature of Telegram’s blockchain system, Telegram Virtual Machine (TVM), which is said to be similar to Ethereum’s, is described as almost ready to be used as smart contracts were already deployed and thoroughly tested.
Furthermore, the other component which is almost fully developed is a part of the system needed for requesting transactions, dubbed TON Network, which makes the core of the blockchain almost entirely operational.
However, there are some parts of the TON platform which are still far from being finished, namely, validator software used for block generation and validation is said to be only 10% developed. Once it will be at 100%, a little more work will be required on TVM to pair the two components.
It is also reported that the lock manipulation library also needs much more work to function properly as it is said to be less than 50% prepared.
Considering the fact that the TON development started approximately six months ago, the prediction published by some experts that it could take another “few months” until the launch doesn’t feel to be far off.
Fast development fueled by the gigantic ICO
This is probably considered to be a great piece of news by the early investors in TON, who had backed the project with a stunning amount of $1.7 billion, which is still a top three highest earning ICO after EOS and Petro.
It is noteworthy that such amount was raised only during the private round of Telegram’s ICO as the public round was canceled after reaching such a great result.
Telegram hit the nail on the head by timing the crowdfunding campaign to start on October 15th, 2017, right before the ICO madness was reaching its climax. During the campaign, 44% of the 5 billion total supply of their Gram tokens were sold at the price of $0.1.
However, the ICO didn’t pass without incidents.
The company named Telegram Open Network was registered in Britain during the course of the ICO, defrauding investors to send money to the wrong account, but the scam was detected by the Telegram team, and all investors were warned not to fall victim to fraudsters’ scheme.
A highly anticipated project
Since the crowdfunding campaign was so fruitful, the crypto community can hardly wait for TON to see the light of day. Moreover, because it will be a direct competitor of Ethereum as it will offer similar features to its users.
Yes, through smart contracts, TON users will be able to issue their own tokens on the network and base their startups and businesses on the TON ecosystem.
The whole story looks just fantastic from the beginning, but it remains to be seen if the end product will resemble what was written in the whitepaper or it will come out as a semi-functional Frankenstein’s monster like we’ve seen many times with many projects before.
You can see the leaked document here
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.