Native Telegram Cryptourrency (TON) 70 Percent Done
Telegram’s TON native currency is about 70 percent complete, according to a January 4, 2019 report.
Ready to Launch?
In 2018, reports of Telegram, a social messaging app, arrived outlining the process of developing their own native cryptocurrency, TON. Now, according to leaked investor updates, the cryptocurrency is about 70 percent complete.
The virtual machine working behind the scenes of the cryptocurrency is practically finished and will deploy smart contracts once released.
While there is a lot of anticipation for Telegram’s native Token, it’s Telegram Open Network is poised to act as a competitor to the Ethereum network, meaning that other currencies could also be hosted on the Telegram network. The entire project is being developed to the tune of $1.7 Billion which was raised during a private ICO in 2018.
There has been some controversy surrounding the private ICO because, as Arthur Hayes, the CEO of BitMex, has previously pointed out, none of the tokens that were sold in the ICO have been listed on any secondary market. Hayes has said that 2019 will be a time of “reckoning” for Telegram and its ICO.
Besides the Telegram Virtual Machine, other aspects of the network have also been completed such as Overlay networks and ADNL while work has started on the developer resources and smart contracts.
Telegram, which was founded by Russian entrepreneurs Pavel and Nikolai Durov, gained traction in the last few years because of its security and encryption of messages, which gave it a leg up above other messaging services.
The creation of native tokens for a social messaging site isn’t a new phenomenon either. Kik, a messaging app not too different from Telegram has its own Kin token, which is currently facing some controversy after being deemed a security token by the Securities and Exchange Commission (SEC). Now, the management of Kik wants to take the SEC to court to challenge their classification of Kin, which they claim is actually a utility token.
Even Facebook is rumored to be developing a native token for their WhatsApp messenger. Needless to say, TON will have significant competition when it is finally released, which is expected to be soon. However, the app has millions of users worldwide while will likely give it a boost.