According to an investment update, the Telegram Open Network which has been in progress for a while now is near completion. The development team says the project is 70% complete and only a few more steps are required before launch. The report was leaked on LinkedIn. It stated that the Telegram network virtual machine is almost ready for the deployment of smart contracts. This virtual machine is similar to the Ethereum Virtual Machine. The Block was the first to report this News.
Telegram, the secure messaging service with Russian roots, that has a global market, was able to raise $1.7 billion through initial coin offering for the project. The TON project is going to be a competition for Ethereum because it will be used to launch and execute decentralized applications and smart contracts. This means that it will also be used to host tokens and their values will be influenced by initial coin offerings on the base platform.
Arthur Hayes, the CEO of BitMex in a recent comment, said that these Telegram initial coin offering tokens have not yet been listed on secondary exchanges. He said that he believes in 2019, ICO tokens will be reckoning.
The report also states that apart from the virtual machine, some other parts of the network like the Overlay networks are complete. As of September, the parts that were yet to be complete made up of less than 50% of the entire network – the validation software stack and block manipulation library. Developer resources and smart contracts were also lagging behind at the time. The update didn’t say when a test versions of the virtual machine will go life but considering the current state, it should not be in more than six months time.
Controversy Surrounding The Project
In Britain, a fraudulent company named Telegram Open Network was established a while ago. This led to some controversy during the initial coin offering for the TON project. At the time, the goal of that company was to rip up investors using the name Telegram for credibility. A CCN reported who carried the news at the time had this to say about it:
“The Telegram Open Network was created solely with the purpose of ripping investors off. The ultimate goal of the company is to divert funds from legitimate projects. If they were not exposed in time, they would have succeeded in ripping unsuspecting investors. Because they were a legally registered company, potential investors would have been satisfied with their whitepaper. As soon as the issue came to the attention of Telegram, the social media giant quickly announced that it had no affiliation to the Telegram Open Network.”