Categories: Ethereum

Telegram’s TON Crypto Project is Now 90% Complete

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The Telegram Open Network (TON) project might go down in crypto history as being the most secretive yet well funded project to date. Last year, the Telegram ‘ICO’ raised a whopping $1.7 Billion by selling Gram tokens to an exclusive list of investors that included Benchmark, Sequoia Capital, and Kleiner Perkins Caufield & Byers.

News reaching Ethereum World News from The Block indicate that the Telegram Open Network (TON) is now 90% complete. The team at Telegram have released their latest investor update that shows they are making considerable progress and could launch a testnet as early as March this year. The initial launch of the testnet had been scheduled for January,2019.

The report goes on to inform that the Telegram team is working together with popular Asian exchanges to list the GRAM token as soon as the testnet goes live. Some of the exchanges mentioned are Huobi, Binance and OKEx. There is also news of Telegram negotiating potential partnerships with e-commerce, retail and other online service providers.

According to a leaked unofficial whitepaper, TON project’s vision is to create a cryptocurrency and ecosystem that meets the needs of the more than 200 Million Telegram users by integrating the blockchain network to the messaging app. The TON network will be scalable through sharding and capable of smart contracts for Decentralized applications.

TON will also employ a Proof-of-Stake approach with consensus mechanisms through a variant of the Byzantine Fault Tolerant Protocol. With time, the transactions load on the TON network has been projected to match or eclipse that of VISA/Mastercard.

Additionally, there will be an avenue for micropayments on the TON network and the possibility of a TON peer-to-peer storage network with torrent like access.

What are your thoughts on the Telegram Open Network (TON)? Will it pose a threat to other known networks such as Ethereum, TRON and even BitTorrent? Please let us know in the comment section below.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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