By A recent investor update from September has put the completion of the Telegram Open Network which is the social media juggernaut’s long-awaited cryptocurrency project at 70%. The most notable information from the report which was leaked on Linkedin not made public was that their virtual machine which is similar to that of the Ethereum Virtual Machine, required to execute smart contracts on the Telegram Open Network is about ready to be deployed.
The Russian secure messaging service, Telegram, which sees usage around the globe, including within the crypto community raised $1.7 billion in their private ICO sale. The TON is intended to be a competitor to Ethereum for the launch and execution of smart contracts and decentralized applications. This could very mean that it will play host to even more tokens and the value of the token could very well be influenced by any future ICO’s that use it as a base platform.
Arthur Hayes, BitMEX CEO, recently stated that the Telegram ICO tokens had yet to be listed on any secondary exchange and that he sees a “reckoning” in the near future of ICOs especially un 2019.
The report also stated that some features of the network in addition to the TVM are complete for example Overlay networks. The features that are still slacking as of September 2018, some having less than 50% of their work completed, are the all-important block manipulation library as well as the validation software stack.
Also lacking were smart contracts and developer resources such as sample smart contracts where work has barely begun.
Also notable, was the fact that the update did not specify as to when the test version of the TON will be live but if one had to calculate their current work progress in that it took them 6 months to be at 70% then it would be a fair prediction to say that they’re a few months shy at tops from completion.
Earlier this year, the Telegram Open Network attracted some negative publicity when a fraudulent company name Telegram Open Network was formed in the UK with the intent of ripping off unsuspecting would-be investors as reported by crypto writer Conor Maloney at the time:
“Telegram Open Network seems to have been created in an effort to divert funds away from the genuine project, and likely would have succeeded if the scam hadn’t been exposed. Their legal registration as a company could have legitimized the project in the eyes of potential investors, but the project came to Telegram’s attention recently, and a tweet on April 6 revealed that it was totally unconnected to the official project.”
Do you, as a crypto enthusiast make use of the encrypted Telegram network? What are your thoughts on the Telegram Open Network? Would you invest? Let us know your thoughts.
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