Monday, December 16, 2019

Telegram Blockchain Project Enters Beta Stage, Records High Speed

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Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

Telegram’s long-anticipated blockchain project has finally reached the beta stage, as launched recently. The project, Telegram open network TON has been under development since 2018, and it’s noted to be of high speed.

Telegram Blockchain Project

The launching of the Telegram’s blockchain project only involved a limited number of developers across the world. Russian news outlet Vedomosti cited two Russian developers who were selected to participate in the beta launch. The developer’s team were reported to have been successful with setting up of TON blockchain nodes.

The testing of the beta version of the project has only been ongoing for the short term. However, within the short period, the developers noted that the TON blockchain had demonstrated a very high speed. More outcomes could not be revealed because most of the codes were still in testing.

Telegram initially promised that the blockchain project would be launched last year. In February it was revealed in a report that Telegram was closing in on the TON testnet, promising its investors that only minor changes would be made before it was launched.

Telegram’s Adoption

Telegram is a messaging platform developed by two Russian brothers. It has become a force in the messaging industry in the past six years. A major factor of attraction is its privacy feature at a time when encryption was becoming a necessity in the messaging services industry.

The messaging platform especially gained prominence in Russia, its home country. However, it had a collision with the Russian government last year which led to its ban in its biggest market. Subsequently, the Iran government followed suit, with the claim that Telegram was undermining the government’s efforts in reviving the economy.

Despite the experiences, the messaging platform conducted what was the highest ICO ever. The ICO which was in two stages altogether yielded $1.7 billion, which is more than five times the previous record. EOS later broke Telegram’s record with its year-long ICO that yielded $4 billion.

Meanwhile, Telegram is yet to announce an official date for the launch of the TON blockchain, though there are different reports from Russia that it will be launched mid this year. However, the British Virgin Islands-registered firm may have no choice than to launch soon. A report noted that if it fails to launch by October 31, 2019, the purchase agreement for its Gram tokens will be nullified.

Telegram’s adoption of blockchain technology is one of the many that have been seen in recent time in the industry, even as more firms plan to delve into the space. Giant social media firm, Facebook adoption of the technology should also be launched soon.

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