Telegram to Launch Its Telegram Open Network (TON) in October

Telegram has indicated that the Telegram Open Network (TON) could launch at the end of this month. On Wednesday, in an email to TON investors, the firm indicated that the launch is on track as planned earlier.

TON Could Be Ready by October 16

The CTO of TON Labs, Mitja Goroshevsky, confirmed the information indicating that TON Labs will be responsible for running and managing the validation pool. TON Labs is a startup tasked with the responsibility of creating tools for TON developers. Investors will receive the TON key generation software, and they will have to provide Telegram with a public key for them get their Gram tokens (GRM). GRM is the native token of the platform, and investors will receive this by October 16. The source code for Telegram Open Network is currently available on Github.

Telegram has indicated that it will absolve itself from governance issues as it will not run the network. A message to investors indicates that they will have to select their validators. Neither TON Foundation nor Telegram will act as a validator after the launch of the network.

The launch of the network comes after the successful testing stage. At the beginning of last month, TON released its code, which allowed the community to test full nodes as well as validator nodes then followed by the alpha version of the GRM token wallet.

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TON Developed in Secrecy

The existing agreements between TON and investors require the project to launch before or on October 13. The blockchain raised around $1.7 billion at the beginning of last year, and development has been going secretly. For instance, the CEO of Telegram, Pavel Durov, has never spoken of the existence of the network publicly. The only confirmation about its existence is the registration with the US SEC of the SAFT, which features the name of the firm Telegram Group Inc., the CEO, and his brother Nikolai Durov, who is the chief architect of TON.

Last week, Telegram indicated that it is running a coding competition for the development of smart contracts using tools provided in the TON network.

Featured image: DepositPhotos © prykhodov

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Author: Ankit Singhania

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