Famous Instant Messaging platform, Telegram, has updated its investors on the development of the Telegram Open Network (TON). The investor update stated that TON’s completion is up by 20%, which when added to the previous 70% from last year amounts to 90%. The Telegram Virtual Machine which happens to be the most vital part is already complete, according to reports. It will function just the way Ethereum Virtual Machine does.
About a year ago, Telegram finished its pilot pre-sale round and following that was another event in March. These two fundraising rounds yielded $1.7 billion.
Testnet Launch Moved To March
The progress made so far by developers could not prevent the postponement of the launch of Telegram Open Network’s testnet. This launch which was supposed to occur in January has been moved up to March. This delay may not come as a surprise to investors since January was the original month for the testnet.
The testnet will give third-party developers the opportunity to know how the platform works. There is no doubt about the great importance placed on the TON cryptocurrency project going by the success of the main Telegram platform which has millions of users. This means that the already existing user base of Telegram can easily be brought into the crypto economy through GRAM.
Asian Exchanges to Immediately List Gram
According to sources, Telegram is pushing to have GRAM listed on several crypto exchanges out of the gate. The outcome of this is that almost out of the gate price discovery can commence.
During the pre-sale, 2.2 billion GRAM tokens were sold for a total of $1.7 billion, making the opening price to be about $1 per token. This places the platform at a competitive advantage with a pre-existing user base of about 200 million.
The total supply of GRAM is 5 billion tokens. The company plans to hold back some of it in order to fund future development, but it is certain that a lot more will enter the market eventually.
Right from its inception, GRAM is expected to be ranked among the top 10 cryptocurrencies due to the amount of money that has been invested. As a matter of fact, a $1.7 billion market capitalization is sufficient to earn it a number 8 spot in the crypto rankings, but of course, it will have to compete with TRON for that position. Besides, the enthusiasm that usually accompanies new coins is also expected to play a role in propelling it higher on the list. If all goes well, it could land at the number 4 position, claiming a spot currently occupied by EOS, which has $2.125 billion.