Telegram Crypto Platform Near Completion, Leaked Document Shows

In early September, investors of Telegram’s ICO received an update on the development of the Telegram Open Network (TON), a platform that seeks to offer a wide range of decentralized services, including micropayments and internet storage. According to a leaked document on LinkedIn, which its authenticity was confirmed by two investors, after roughly six months of its token sale, the project is 70 percent complete.

The update shows that TON development status is divided into different parts. Some components, such as TON Virtual Machine (TVM), are near completion or more than 90 percent ready and fully tested. In addition, only a few changes are still required to complete the process of combining the “virtual machine” with the system of creating new blocks on the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

On the flip side, other aspects of the TON Network such as validator software, block manipulation library and Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term tests were lagging with low readiness scores. Specifically, mechanisms for creating new blocks and their confirmation is only 10 percent ready, and the development of smart contracts tools is completed by only 50 percent.

A Record-Setting ICO

The popular messaging app raised earlier this year a record-setting $1.7 billion from a group of less than 200 private investors.

Telegram sold its Gram virtual coins in two private funding rounds ‎with proceeds going to create a decentralized network for the app. The second round of fundraising has collected $850 million from 94 accredited investors, who were required to pump a minimum of $1 million, according to a Securities and Exchange Commission filing.

That has doubled the investment funds raised by the first presale ‎offering, which has closed a similar $850 million financing round ‎from 81 investors, the BVI-based firm disclosed in February. ‎

The fundraising was not planned to stop there as the five-year-old company, which claims over 170 million users, was reportedly pursuing one or more subsequent rounds beyond these first two sales. According to previous estimates, ‎the encrypted messaging service anticipates receiving $2.55 billion in three rounds of funding.