Leaked Update: Telegram Open Network 70% Complete

A leaked investors update indicates Telegram’s Open Network project was over two-thirds done back in September.

Popular cloud-based instant messaging service Telegram has almost completed its cryptocurrency project. According to an investor update from September, Telegram Open Network (TON) -- as the project is called -- is 70% ready. More interestingly, the report indicated that the Telegram virtual machine (similar to the Ethereum Virtual Machine) is almost ready for the deployment of smart contracts on the TON. The four-slide update was leaked on business and networking social media LinkedIn.

The Telegram Open Network is designed to be used for launching and executing smart contracts and decentralized apps. The project is going to compete against Ethereum and can also be used to host tokens, which might be influenced by initial coin offerings on the base platform.

In addition to the Telegram Virtual Machine, other features of the network, such as the Overlay networks and their broadcast protocols, have already been completed. As of September, aspects that were behind in terms of development were the smart contracts environment and block manipulation libraries. According to the leaked report, the validation software and fundamental smart contracts were just 10% ready.

Although the update did not specify when a test version of the network would be live, based on the leaked information, the release doesn’t seem to be more than eight months away.

Controversy and Skepticism

Arthur Hayes, CEO of BitMEX, recently observed the Telegram ICO token had not been listed on any secondary exchange. Hayes also predicted 2019 to be a ‘year of reckoning’ for many ICOs.

“You can mark something to an absurd level in year 1. But the meter starts again on January 1st,” said Hayes.

Telegram’s project was not spared its share of controversy during its development. In April, a fake company under the name ‘Telegram Open Network Ltd.’ was registered in the UK, hoping to benefit from the hype surrounding the project. Interestingly, the filing was initiated with a capital of 800 million pounds in 100,000 shares, about the expected size of a company such as Telegram.

In April of this year, the Telegram ICO raised $1,7 billion during its second round of funding. The Russian secure messaging service remains one of the most popular social platforms within the crypto community.

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