Numerous reports touching TON have been emerging since 2017. However, quite a number of investors have criticized the messaging giant for not maintaining some good transparency with regards to the proceeds of its blockchain project. The company has also been criticized for creating a lot of euphoria without actually putting out the technical details of the awaited project.

Earlier this year, Christian Catalini, a professor and founder of MIT’s Cryptoeconomics Lab said:

“We actually document in our research paper that there has been a major transition from more technical white papers to the kind of white papers that look a lot more like sales pitches. There’s been less focus on technical details over time and, for some of these, much more on selling the vision. In the case of the Telegram one, there is a lot that is being promised and not a lot of clarity on how that would be delivered.”

Fortunately, some details starting to surface now.

Project Developments

Telegram Open Network Blockchain Platform (TON) is 70% ready, reports RBK citing Vedomosti. Launch of the platform’s test version is scheduled commence by the end of this Autumn.

It’s noted that Virtual Machine – the first TON’s component responsible for smart contract work, has undergone testing phase and is 95% ready.

Development of the smart contracts’ toolset is half done. The second system’s component defines protocols, written for TON Network development. This Network will allow for transfer of transaction requests and new blocks. The software for new blocks confirmation is 10% ready.

The third component defines the status of block generating and validation mechanisms, however, at it’s reported, this component of the new network is not ready at all.

Bright Expectations

Telegram believes its new network will be a “third-generation” blockchain. Moreover, TON is expected to become an entire ecosystem the size of which should exceed that of Ethereum hosting superior features much above that offered by the competitor. The system will use its own native cryptocurrency Gram tokens, enabling people to create their own decentralized apps on the TON platform.

As it was previously reported by Coinspeaker, Pavel Durov planned to conduct public ICO, but then he dropped the idea, as the project managed to raise as much as $1,7 billion during its extremely successful private pre-sale round.

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