The leaked slides of an investor update presentation reveal the development stage of Telegram Open Network. It turns out that more than two-thirds of the work has been done.
It turns out that Ethereum is about to get one more serious competitor very soon. Telegram Open Network, the decentralized protocol and blockchain network being built by Telegram, is 70% complete now, according to an investor update leaked recently. The update also reveals that TON Virtual Machine, a VM similar to Ethereum Virtual Machine (EVM), is now successfully deployed on the network, thus clearing a major roadblock from the path of network’s launch.
By definition and applicability TON VM is very similar to EVM. According to the leaked update, it had been deployed back in September itself, thus completing more than two-thirds of development work. Now once the remaining one-third is done, the smart contracts can be deployed on it in a testnet environment.
Some other features of the project, like Overlay networks and their broadcast protocols, have also been completed. Now only block manipulation libraries and smart contract environment are remaining to be developed, and since September a lot of work might’ve been done on these two things as well. The validation software and fundamental smart contracts were only 10% complete in September, according to the leaked update. Now two months later we don’t know how much have they been done, but it’s almost certain that some serious progress might’ve been made by the team.
Although the leaked document doesn’t reveal when will a testnet of the network go live, based on the leaked info it seems that if everything falls into place without any hiccups we can expect a testnet within 6-8 months.
Telegram, the Russian chat and social media application designed specifically for privacy-focused users, had raised an impressive $1.7 billion ICO for development of TON in April. It was the highest amount raised by any ICO at the time, and it still remains one of the most successful ICOs of the year. However, it has also attracted controversies. The company has been criticized for not listing its token on any secondary exchange for trading, and it has also faced a situation when some crooks registered a company called Telegram Open Network Ltd. in the UK to benefit from the hype surrounding the project.
Nevertheless, in spite of all these controversies, it’s good to hear that TON development is on-track. Now it will be interesting to see when the testnet goes live.