Telegram releases code for its blockchain-based payment network, TON

Telegram, the encrypted messaging app that has more than 365 million users, released a code for running the blockchain node of its TON project. The code was released last week. The release came a few days later as according to earlier reports, it should have happened on September 1.  

The launch of the code, done on the test network portal, is seen as the last stage before Telegram finally releases TON. According to reports, TON is scheduled to be released next month. 

Block explorer included

The code allows developers to download versions of the TON blockchain software. The blockchain software includes, amongst others, support for nodes and validators. The support is a system of computers that help run the network to detect bugs and other problems. Block explorer too is in the software. Block explorer is for observing the network.

While talking about the release of the code and others in the pipeline, the Chief Technology Officer of TON Labs, Mitja Goroshevsky, said:

“Source code for a full node that can access testnet, create and validate blocks has been released. Lite client was released several months ago. TON labs will release Public Beta of its developer tools suite on Monday.”

With the launch of TON (Telegram Open Network) expected to happen by October 31, questions abound on what it will offer. According to reports, TON will give developers a chance to use the Fift programming language. Fift is designed to help in creating and managing smart contracts on the TON blockchain.

TON is also programmed to be a proof of stake blockchain platform. The network will integrate payments into the messaging App. The payments system works similarly to China’s WeChat. As such, it will enable instant and secure transactions. 

Telegram Vs Facebook

The scheduled release of TON is one year ahead of Libra’s release. Notably, Libra and TON are likely to be big business rivals since their intended services involve mobile money payments. Further, Telegram managed to raise $ 1.7 billion in token sale meant explicitly for the development and launch of TON. The token raised makes Telegram’s TON more than a worthy competitor to Facebook’s Libra.