Telegram’s much-anticipated launch of its crypto platform might come soon in next few months, as the firm announced that majority of the development of the platform has been completed and only a few minor changes are yet to be done.
Since last year, the currently developing Telegram platform has shown 20% progress in it. Reports show that the upcoming Telegram project is already at around 90% completion. An investor update reveals that the Telegram Virtual Machine is now fully ready, it adds that “Only minor changes will be necessary.” The machine will perform computations just like the way the Ethereum Virtual Machine does.
For this forthcoming platform, Telegram had carried out its first pre-sale funding round at the beginning of 2018, where the new platform was introduced. The second funding round took place in March, combining the two funding rounds the company raised $1.7 billion for the project. The new platform is the Telegram Open Network (TON) and is designed to compete with smart contract platforms like Ethereum, EOS, Tron and many. The testnet for the project is expected to go live next month. The intention of testnet is to enable third-party testing of the platform and to seek suggestions for the actual version of the project. However, the launch of the testnet was initially planned in January this year, which got delayed eventually.
Telegram is hugely utilized cloud-based messaging service. This makes the upcoming product TON quite an exciting and much-awaited launch. The users of this platform can easily get access to the crypto market for investing or buying purpose through GRAM. GRAM is cryptocurrency built by Telegram. Since the launch, the crypto asset has turned many heads as in the pre-sale the firm sold 2.2 billion tokens. Notably, Telegram holds a vast user base of around 200 million across the globe.
Although, it’s not all very smooth for Telegram, as the firm faced some issues in Russia, as the country imposed a block over its application. Late, Iran also banned the use of GRAM initially in this year. Iran, at the time, claimed that GRAM could create a threat to the country’s economy.