In the last few years, there has been a distinct wave of mainstream firms entering the cryptocurrency industry after seeing its profitability. These include firms such as JP Morgan, Facebook, and Telegram which is a messaging platform. Telegram has been teasing a number of developments within the space in the last few years and it seems that many of these plans are coming to fruition.
It has been announced on Agust 28, 2019 that the Telegram Open Network (TON) public testing will commence on September 1, 2019, and this marks a new era in Telegram’s investment in blockchain and crypto. This news comes courtesy of an anonymous investor in the project while no official word has been given by Telegram themselves.
TON Coming Soon
The report also states that Telegram will launch the node software as well as its relevant documentation from September 1, 2019, and this is reportedly from the development team and a company that has already taken part in testing. As the story still developing, this first version of the blockchain is expected to feature sharding as well as several other functional consensus mechanisms.
The TON project itself a decentralized messaging platform that was developed by the team with open-source code and the plan is to integrate into the main platform which means it will be used by the 200 million people that are already making use of Telegram. This is not the only thing that Telegram is working on within the space as they also intend to launch their Gram token by the end of the third quarter of 2019. The token has already seen great retail value as it has been reported that it is being re-sold for $4which is roughly triple is initial coin offering price which shows that there is a healthy demand for the token and should all these mechanisms be put in place on time, the project can fully reach its potential.
There is also a distinct interest from messaging platforms in the concept of cryptocurrency as Kik, another messaging platform, is also getting into cryptocurrency game albeit in a controversial way as they have sued the SEC for what they claim is the false categorization of their Kin token as a security token rather than a utility token. This case has brought up the age-old confusion of what qualifies as a security and how this will affect the larger currency industry in terms of fundraising.