Pavel Durov will launch the Telegram blockchain platform this fall
Today it became known about the fate of the Telegram Open Network (TON) project, announced by Pavel Durov this year. Telegram told about the development progress in a special mailing list in early September. The authenticity of the information was confirmed by two investors who received the newsletter, as Vedomosti told .
It is worth recalling that TON is a blockchain platform that the Telegram team is working on creating. Investors provided about $ 1.7 billion, and the investment process was closed, not everyone accepted the funds. Those lucky ones whose money was accepted were promised that TON will be able to process transactions on its network faster than Bitcoin and Ethereum. The speed of the latter is criticized by users and adherents of blockchain technology.
Durov said that TON will be able to process transactions at a speed equal to the speed of Visa and Mastercard networks (about 50-70 thousand per second). Bitcoin and ether have transaction processing speeds of 7 and 15 operations per second.
The main currency of TON is its own crypto coins, which are called Gram. The developers also 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 Durov announced that they 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 very first one is the development stage of TON Virtual Machine (TVM), a blockchain component that is necessary for the implementation of smart contracts. It is almost ready - about 95% and fully tested. It is possible that when integrating this component with the rest of the system, small changes will be introduced.
According to experts, the fact that the system is 95% ready causes the most questions from 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 too much detail, important details are often overlooked. It may well be that the TON infrastructure is simpler than that of Ethereum. If this is true, then 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, this is a blockchain component that is needed to transmit requests and distribute new network blocks. It is from these protocols that the speed of transaction processing by the TON infrastructure will depend.
The third stage is the TON blockchain, which is the mechanisms for creating new blocks and their validation among all network participants. All processes are based on TVM and TON network. Since the development of the first two parts is completed, now active work is underway on the implementation of the tasks of the third stage. Unfortunately, now software for confirming new blocks is only 10% ready, and the development of tools for smart contracts is 50% ready.
Experts believe that the Telegram team has done a great job, but the process of creating the blockchain system itself is only at the very beginning. It is so long, because the developers of Telegram 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 completion of the project, the team may encounter unforeseen problems of an individual nature and problems with network scalability.
"Vedomosti" cites the words of an unidentified specialist who is aware of the details of the development of TON. He believes that the finished 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 is "put on the platform", after which TON can be used in full in accordance with the original idea.
The messenger's audience currently amounts to 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, in any case, representatives of the new project think so.