The Telegram Open Network (TON), a blockchain developed by the popular privacy-centric messaging app Telegram, is reportedly set to launch in the third quarter of this year, according to an internal note sent to the firm’s investors.
According to TheBlock, Telegram has reported a successful testing process for its blockchain and consensus algorithm, as it “met the goal of its original TON white paper.” The network reportedly entered its private beta in April of this year to Russian developers.
Citing an unnamed source, the news outlet reports Telegram claimed the testing period “reaffirms” its belief that “the TON virtual machine and the TON … Byzantine consensus algorithm are capable of meeting the goals stated in the original white paper.”
— CryptoGlobe (@CryptoGlobeInfo) March 2, 2019
In February of this year, Telegram revealed through an investor update that TON was 90% complete. Sources revealed that during its beta testing phase developers were able to set up TON blockchain nodes and test transactions. According to some, Telegram’s Open Network will have to launch by the end of October for token purchase agreements to remain valid.
The network is said to have shown “extremely high transacting speeds.” The blockchain will let users create decentralized applications (dApps) powered by its native GRAM token, and will see the messaging leverage its 200 million user base to help cryptocurrency adoption grow.
While TON’s beta testing version was set to be released late last year, progress is being made. The company initially raised $1.7 billion through an initial coin offering (ICO) that wasn’t open to the public to develop the network. The ICO is said to have attracted investors like Sequoia Capital, Benchmark, and more.
The messaging app’s record-setting ICO was notably seen as a threat to national security by Iran, and the app itself has been banned in Russia in response to a refusal to cooperate with a request that could see it assist in decrypting users’ conversations.