Telegram’s $1.7B Blockchain Project 70% Complete
Messaging app Telegram has reported that its long-anticipated blockchain project is 70% complete and only a few more steps are required before launch.
Telegram is building its own blockchain network called the Telegram Open Network (TON) with tokens built-in, enabling much faster transaction speeds than rival blockchain networks. The platform is designed to be used for launching and executing smart contracts and decentralized apps. TON incorporates the following blockchain-based products: TON Storage, a storage service similar to a Dropbox, TON Proxy, a decentralized VPN service based on blockchain, TON Services & DNS, a platform for third-party services of any kind with smartphone-like friendly interfaces, and TON Payments, a platform for micropayments and peer-to-peer (P2P) transactions.
Mike Dudas, Co-Founder and CRO at Button, shared an update on LinkedIn revealing that TON’s overall progress towards the test version was 70% as of September 5. It also states that TON’s virtual machine (TVM) is almost ready for the deployment of smart contracts on the platform.
“TVM is fully implemented and internally tested,” the update said. “Minor modifications are likely to be necessary during the process of binding TVM with the TON Blockchain block generation and validation software. In addition to TVM itself, a database required for storing on disk and accessing large amounts of TVM data without loading all of it into memory has been developed.”
Other features of the network, such as the overlay networks and their broadcast protocols, have also already been completed. However, the development of block manipulation libraries, validation software, and smart contracts are lagging behind, having less than 50 percent of the work completed.
Originally, Telegram planned to launch its public initial coin offering (ICO) for the Gram coin in order to fund TON, but after raising almost $2 billion in two rounds of private funding the ICO has been scrapped. It raised a reported $850 million in its first round of private investment in February of this year and then matched that number in another private round in March.
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