Telegram’s cryptocurrency project is now 70% complete
As stated in the recent Telegram’s announcement, its much-anticipated cryptocurrency project is already 70% complete. According to the report, the Telegram open network (TON) which will host networks similar to Ethereum, is close to completion. Aspects such as implementation, documentation, streaming broadcast protocols, and overlay networks are over 90% finished.
Systems furthest from completion include its validator software (10%) and block manipulation library (30%). However, the report states that “most of the preparatory work has been already accomplished.”
Earlier this year, the firm received $1.7 billion through the sale of Grams, Telegram’s native crypto. Investors were due to receive tokens as early as December of this year, however, Telegram estimates that they will not be listed until some time in 2019.
TON is expected to be a strong competitor of Ethereum. Although the report has not specified an exact completion date, many estimate that at least a test version could be released in as little as six months. Given all the excitement around TON, will Russia-based Telegram be able to live up to the hype?