Popular messenger Telegram’s blockchain platform is 90% ready, while the test-version of TON is said to be open to the public in March 2019 as reported by sources close to Pavel Durov, Telegram’s Founder on the 23rd of January.
First, the “Telegram Open Network” is purportedly a new type of blockchain with more powerful capabilities. And, perhaps as importantly, the ICO which will launch the platform, and the currency aims to be one of the biggest yet. TON will aim to function as “new way of exchanging data,” and will be powered by the platform’s native cryptocurrency, “Gram.”
According to the developers, TON will conduct operations more efficiently than Bitcoin or Ethereum blockchains and will be rivals to Visa and Mastercard payment systems. Telegram messenger users will have access to a wallet which is to become the most popular in the crypto field.
The development of Telegram’s blockchain is divided into three components, TON Virtual Machine (TVM), TON Network protocols and TON block creation and validation. It’s noted that
- TON Virtual Machine: Responsible for smart contract work.
- TON Network Protocols: This component defines protocols written for TON Network development. This Network will allow for the transfer of transaction requests and new blocks.
- TON Block Creation and Validation: This defines the status of block generation and validation mechanisms.
One major reason why Telegram may be interested in getting into the cryptocurrency space could do with its payment system. Converting to an in-house cryptocurrency would offer Telegram exceptional levels of independence from outside regulators. This feature would potentially allow users to circumvent remittance fees for international payments and transactions. It would also allow users to move potentially large amounts of money privately and via encryption.
Telegram – which reportedly counts 200+ million active users per month, placing it among the top ten most popular messaging applications worldwide – raised around $1,700,000,000 in two private initial coin offering (ICO) rounds last year.
Image Courtesy: Wikimedia
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