Pavel Durov will launch Telegram blockchain platform this fall

Today it became known about the fate of the project Telegram Open Network (TON), announced by Pavel Durov this year. On the development of the company Telegram told in a special newsletter in early September. The authenticity of the information was confirmed by two investors, who received the newsletter, as reported by Vedomosti.

It should be recalled that TON is a blockchain platform that the Telegram team is working on. Investors provided about $ 1.7 billion, and the investment process was closed, not everyone accepted the funds. Those lucky people whose money was accepted were promised that TON would be able to process transactions on its network faster than Bitcoin and Ethereum. The speed of the latter causes a complaint from the users and adherents of the blockchain technology.

Durov said that TON will be able to process transactions at a speed equal to the speed of the networks of Visa and Mastercard (about 50-70 thousand per second). Bitcoin and “ether” transaction processing rate is 7 and 15 operations per second.
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The main currency of TON is its own cryptomonettes, which are called Gram. Also, the developers announced the creation of an integrated wallet with Telegram applications, which should become the most popular in the world.

In September, the team of Pavel Durova reported that she had already completed work on most of the cryptic components that are needed to launch the test version of TON. Everything else is being finalized now and will be launched later this fall.

The development process itself is divided into three stages. The first is the development stage of TON Virtual Machine (TVM), a component of the blockchain that is necessary for the implementation of smart contracts. It is almost ready - about 95% and fully tested. It is possible that with the integration of this component with the rest of the system, small changes will be introduced.

According to experts, the very fact that the system is 95% ready raises the biggest questions for investors - the fact is that the Telegram team has not previously worked on virtual machines. At the same time, White Paper does not talk about all this in detail, important details are often overlooked. It may well be that the TON infrastructure is simpler than that of Ethereum. If this is true, simplification reduces the functionality of the applications.

The second stage is the creation of protocols that are necessary for the functioning of the TON infrastructure itself. In general, it is a component of the blockchain, which is needed to send requests and distribute new blocks of the network. It is from these protocols that the speed of transaction processing by the TON infrastructure will depend.

The third stage is the blockchain TON, these are the mechanisms for creating new blocks and their validation among all network participants. All processes are based on TVM and TON networks. Since the development of the first two parts has been completed, now we are actively working on the implementation of the tasks of the third stage. Unfortunately, now the software for confirmation of new units is only 10% ready, and the development of tools for smart contracts is 50%.

Experts believe that the Telegram team has done a lot of work, but the process of creating the blockchain system itself is only at the very beginning. It is so long since Telegram developers decided not to use ready-made solutions, instead they write everything from scratch. On the one hand, this is good, since TON will be deprived of the problems that are characteristic of most modern blockchain projects that are built on the infrastructure of the same Ethereum. On the other hand, after the project is completed, the team may encounter unforeseen individual problems and problems with network scalability.

Vedomosti cites the words of an unnamed specialist who is aware of the details of the development of TON. He believes that the ready-made part of the system is a completely new way of exchanging data, almost completely decentralized. This is the basis, and the add-on is the blockchain itself, which will be “put on the platform,” after which TON can be used in full in accordance with the original idea.

The instant messenger audience is currently about 150 million people, and by January 2022 it can reach 1 billion. Therefore, the GRAM cryptocurrency and the TON project itself can quickly become popular, anyway, representatives of the new project think so.