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Telegram, the encrypted messaging service, revealed in an internal note that Telegram Open Network (TON) will be launched in Q3 this year. The report was first published on the crypto news outlet, The Block. More and more companies are adopting blockchain technology and implementing their own solutions to take advantage of the new realm of possibilities opened by this revolutionary technology.
In an internal memo sent to investors, Telegram reportedly revealed that the network would be launched later on this year. Furthermore, the note also told investors that Telegram felt more confident than ever about the potential of TON after putting it through its paces in the latest test process. The note told the investors that the test “reaffirms our [Telegram’s] belief that the TON virtual machine and the TON … Byzantine consensus algorithm is capable of meeting the goals stated in the original white paper.”
What’s optimistic about TON for the crypto community is that it has the potential for extremely high-speed transactions according to independent testing done by third-party developers in April. Telegram opened access to a private testing version of TON to selected few developers. The developers who tested the network reported that it had an extremely high transaction speed.
Furthermore, the network will host decentralized applications similar to the Ethereum network. Telegram raised around $1.7 billion in two private initial coin offering (ICO) rounds for both Telegram and its TON platform in 2018.
Back in February, Telegram made a purchase agreement for the Telegram’s Gram tokens which are the native virtual currency for TON. The agreement included a clause that said that such contracts would be rendered null and void if the platform was not launched by October 31, 2019. This means that TON is already on a clock and the folks over at Telegram have little to say regarding the path that they have set themselves upon now.
In February, Telegram also reported an update to the investors in which it claimed that TON was already 90% complete. The firm is also said to list TON’s native tokens, Gram, on Asian exchanges such as Binance, Huobi, and OKEx. Overall, TON seems to be on the path to a timely launch.
Investments into blockchain technology by big firms like the Telegram, Samsung, Amazon Web Services, and Microsoft in recent times is a clear indication that the international IT market is headed for a blockchain filled future.