Telegram’s TON Crypto Project Reportedly Nearing Completion
The Telegram Open Network is 90% ready, an investor update shows. The platform’s native token, Gram, is reportedly valued at $5.9 per unit.
Telegram’s highly-anticipated cryptocurrency project, the Telegram Open Network (TON), is about 90% ready, according to an investor update leaked on business social platform LinkedIn. The figure indicates considerable progress from September’s 70% completion rate.
According to the document, dated January 28, the Telegram Virtual Machine is fully complete, with only “minor modifications” necessary. Other TON features, such as the Block manipulation library and the Validator software, have also made significant progress — from 30% to 95% and from 10% to 60% completeness, respectively. The Fundamental and Sample Smart Contracts aspect of the project still lags in terms of development despite going up from 10% to 20%.
Revealed in 2018, the TON is designed to be used for launching and executing smart contracts and decentralized apps. The network will compete against Ethereum and can also be used to host tokens, which might be influenced by initial coin offerings (ICOs) on the base platform. To fund the project, Telegram issued a two-round ICO last year, collecting $1.7 billion from over 100 investors.
With the latest development, the platform may be ready to launch by next month, according to The Bell. The Russian media outlet also revealed last week that Telegram’s native cryptocurrency, Gram, could be worth $29.5 billion by the end of the year.
The estimate is based on calculations made by HASH Crypto Investment Bank, a subsidiary of e-payment company Qiwi, and shows that the “rational cost” of a single Gram unit is now $5.9. The projection suggests a significant return to investors, who paid $1.33 per unit during the second round of the ICO.
Once the TON is launched, Gram is expected to get listed on a number of crypto exchanges, including Huobi, OKEx, and Binance. Telegram is also reportedly negotiating collaborations with various online service providers, among them retailers and e-commerce operators.