A previous report made it known that Telegram’s blockchain project, the Telegram Open Network (TON) is almost completed. The report stated that the TON was 70 percent completed. A recent report has however surfaced. The report has indicated that the previously anticipated date of completion is not a feasible one.
Telegram Open Network (TON) is Far From Completion
According to the new report, “the virtual machine (similar in nature to the Ethereum Virtual Machine) required to execute smart contracts on the TON is all but ready to deploy.”
However, some aspects of the network, in addition to the TVM are complete.
Going by this, it is clear that the part which was reported to have been completed is the not so important portion of the project. As a result of this, the yet to be completed portion are the defining aspects of the network. According to the report, these uncompleted portion includes “important block manipulation library and validation software stack.” The report also made it known that “Smart contracts and developer resources like sample smart contracts were also just barely begun”.
With these latest update, and based on expert opinion, the project is expected to take not less than six months before reaching full completion.
Telegram Private ICO Sale
Based on a previous report, Telegram raised $1.7 billion in its private ICO sale. The ICO was only opened to a few selected investors. Since it was a private ICO, this means the network is likely to conduct a public ICO and raise more capital in the process.
Based on a comment from BitMEX CEO Arthur Hayes:
” the Telegram ICO tokens had yet to be listed on any secondary exchange and that he sees in the near-future of ICO tokens a “reckoning” — specifically in 2019.”
According to the Telegram Open Network white paper, the platform is going to be a direct competitor to Ethereum for the launch and execution of smart contracts and decentralized applications.