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New details have emerged about Telegram Open Network (TON), a hotly anticipated blockchain created by Telegram. Telegram (Telegram Messenger LLP) is a London Based company who run a messenger app much like Whatsapp or Facebook Messenger. What distinguishes its app from the other messaging apps is that it’s highly secure, and because of this feature, it became the service of choice for terrorists.
Telegram raised more than a billion US dollars to build its own blockchain platform, called TON. The Block reports that multiple parts of the project are already over 90% complete. The project as a whole is 70% complete.
What is TON:
- TON’s aim is to be a fast, scalable and user-friendly cryptocurrency and blockchain platform
- All telegram users will receive a TON wallet. This will automatically make it the world’s most adopted cryptocurrency, since Telegram has a high user base.
- It will be able to transfer value in milliseconds, making it much faster than traditional payment methods such as MasterCard and Visa.
- The multi blockchain architecture will allow it securely handle millions of transactions per second.
- It will be designed to be highly flexible; each block within the TON blockchain can become its own distinct blockchain.
- Smart routing systems will be created to allow for fast data exchange
- TON is based in Russia.
What has been revealed about TON in the new report:
- The component that executes smart contracts is “fully implemented and internally tested.”
- The software for block generation and validation is the least complete element of the project, with only 10% of the work complete.
- The component responsible for making transaction requests is nearly complete.
Telegram doesn’t expect to have its cryptocurrency listed on any major exchanges until 2019.
TON has huge potential to transform the amount of blockchain and cryptocurrency users worldwide. Telegram already has a large user base that trusts in the company and is technology minded. These users will be encouraged, especially with the wallet, to try their hand at the crypto world.
One major concern that needs to be overcome to bring crypto and blockchain to the mainstream, is the trust of the public. Many people just aren’t sure about the technology and are too cautious to give it a try. Telegram is in a better position than most companies to bridge this gap because they are already very privacy and security focused, which will likely help the public put their trust in them.