Telegram Open Network Now 90% Complete


The blockchain platform for Telegram Messenger is nearing its final stages, as witnessed from the newest leaked progress report aimed for the private circle of investors who participated in a two-step ICO back in 2018. Telegram development is headed by entrepreneur Pavel Durov and his brother, experienced coder Nikolay Durov - both are also the founding fathers of the large Russian social media called VK.

Quite interestingly, the new document tells that while the blockchain of TON is almost ready, the smart contract system of TON is only 50% complete. Proof-of-Stake enthusiasts would be pleased to hear that this particular PoS algorithm will comply with Byzantine Fault Tolerance standards. Telegram Virtual Machine (TVM) has been tested out and now it has to be connected with the validator software which is 60% ready. Validators is yet another name invented for stakers or PoS miners.

Meanwhile, an investment firm independent from Telegram developers (Xena Exchange) prepares to trade derivatives for the future TON cryptocurrency called GRAM, as seen from the recent report in the Russian business media. Another curious feature of TON noted by Telegram enthusiasts online is that one part of the system is called CATCHAIN - and it’s currently unclear why it was called like this.

On Staker.tech, you can read about an older progress report dating back to late autumn last year. Notably, the validator software was only 10% ready at that time, and the date of testnet launch was more optimistic. The document described in this article tells us that the testing network for TON will become public not until March 2019, with the mainnet launch at the end of the same month.

Image: Getty Images

13-02-2019

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