With rumors circulating about Telegram launching its blockchain project this March, find out the key details about the talked-about Telegram Open Network.
Telegram’s blockchain platform will launch soon.
This rumor about the messaging giant launching its own Telegram Open Network (TON) this March has sparked excitement across online crypto communities. However, not everyone was fully aware of what TON is or how large of an influence this hyped blockchain project could be.
Those out of the loop could catch up with the current events by going through these 10 essential details about the Telegram Open Network:
#1 TON will be a Home for Cryptos and DApps
As a platform that can execute smart contracts like Ethereum, the Telegram Open Network will be able to host decentralized applications (dApps). In addition, developers can launch their own digital tokens on the fast and user-friendly TON.
#2 Gram Tokens Can Be Staked for Profit.
Validation of and earning new crypto coins on TON require holders to stake their Gram tokens (Gram), thanks to the network’s Proof-of-Stake algorithm. Through staking, coin holders will “be eligible to validate transactions and generate new blocks and coins.” Not only that, but Grams would serve as the gas fee required to execute smart contracts and process transactions on TON.
#3 TON Pre-Sale Broke Records
In a private sale of tokens that ended in 2018, Telegram reportedly raised around US$1.7 billion worth in investments. The amount was at one point the highest-ever raised by a crypto project—until it was surpassed by a 4.1 billion initial coin offering (ICO) by yet another smart contracts platform, EOS.
#4 TON was “70% Ready” in September
Leaked documents in September 2018 revealed that TON was already 70 percent complete that month. The development report stated that most parts of the TON Network and the TON Virtual Machines were close to completion, while elements of the TON Blockchain Block Generation and Validation were far away from being done.
#5 Now, TON is Almost Ready
According to Russian media outlet The Bell, updated investor newsletter described TON as 90 percent complete. In addition, the TON development team reportedly plans to launch the blockchain project in March, or anytime in early 2019. However, as a disclaimer, the team allegedly said that the innovative nature of blockchains could delay the schedule by a couple of months.
#6 Telegram is Huge in Mainstream
Telegram, while a newcomer in the crypto industry, is one of the established and most successful messaging applications online. The company claimed earlier that at least 500,000 new users join the cloud-based messaging app daily.
#7 Telegram’s Founder is “Russian Mark Zuckerberg”
Many dubbed Pavel Durov as Russia’s Zuckerberg, having once owned a Facebook copycat called VKontakte. Stripped of his own popular FB clone, Durov spent his effort on improving his privacy-centric Telegram, which then made him a billionaire and landed him the 25th place in Fortune’s 40 under 40.
#8 Illustrious Names Support TON
Many reports suggest that there are a number of wealthy investors—mostly Russians—backing Telegram’s TON. However, many of these are still unconfirmed. Rumored investors were billionaire Roman Abramovich, QIWI CEO Sergei Solonin, and Wimm-Bill-Dann Co-Founder David Yakobashvili.
Until there is a confirmation from Telegram, or Durov himself, about the exact launch date of TON, crypto investors should remain vigilant. Nevertheless, if the rumor comes true, many analysts predict that TON would bring positive effects to the crypto market.