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Telegram, one of the most popular messaging apps in the world, has probably had not one but two (!) of the most successful private initial coin offerings (ICO) in the history of crypto, raising around $850 million in each ICO. In fact, Telegram’s ICOs were so successful that the company decided to cancel its planned public ICO.
With the mountains of cash that Telegram raised by selling its own cryptocurrency, Gram, the company set the ambitious goal of creating a third-generation blockchain network – Telegram Open Network (TON) – that would compete with all the major crypto players in the field. And according to new reports, now we have a date (well, sort of) for a launch of a test-mode version of TON.
The Russian news outlet, Vedomosti, reports that Telegram will release an initial test version of TON this autumn. Apparently, it was Telegram itself that spread the announcement to its investors (Gram token holders) in a recent newsletter that had been obtained by Vedomosti and later confirmed by two of the investors. The report further indicates that at this stage TON is about 70% ready. Pavel Durov, Telegram CEO, refused to confirm nor deny the report.
TON is probably one of the most aspirational projects in the crypto space today. It is planned to include among other things, decentralized features of storage, payment, app store, web applications and more on a scale that would enable millions of transactions per second (in comparison, Bitcoin can only process 3-7 transactions per second, and Ethereum can currently process 15).
Telegram is certainly aiming high with extremely lofyt objectives; but with $1.7 billion in the bank, perhaps those are exactly the goals that one would expect the company to set.