TON Network: Telegram’s blockchain project coming this October

Developed by Telegram’s team, TON Network is a blockchain project that aims to enable decentralized applications and messaging. This messaging service with over 200 million active users, raised at least $1.7B  in 2018 for its highly anticipated blockchain, TON. The app has become extremely popular in the global community as well as in jurisdictions with extensive internet censorship.

The more extensive crypto community similarly has remained interested in the blockchain project, expected to launch by Oct. 31, failure to which, Telegram will have to refund investors in its token sale according to its user agreement. The funds, therefore, is used to develop the ambitious blockchain meant to decentralize multiple aspects of digital communication, ranging from file sharing to browsing to transactions.

TON Network already past the deadline

TON was previously expected to launch last December, before being significantly delayed, leading many investors to sell the rights to their future tokens as a result forming an unofficial secondary market for GRAM, the token associated with the network. The token sale, which was based on the Simple Agreement for Future Tokens (SAFT) framework, possibly isn’t over yet.

South Korea’s Gram Asia offered to sell the rights to the Grams it holds at $4 apiece in a sale that began July 10, according to Japanese crypto-exchange Liquid. 

Ethereum compatible

TON Labs, a tech startup helmed by investors in Telegram’s token sale, is building a number of tools for developers to help them build on the new network. One of these tools will be a Solidity compiler, which will allow decentralized applications built for the Ethereum platform to also run on TON, said TON Labs CEO and managing partner Alexander Filatov.

The development team behind TON recently partnered with German financial services provider Wirecard, the latter revealed in a press release on April 17. The team will also function as a knowledge base for decentralized project development, working with Wirecard to develop the new digital financial product.

This comprehensive provides the first measure to the scope across cryptocurrencies and suggest that this phenomenon is widespread and often quite profitable.