Encrypted messaging service Telegram will purportedly launch its Telegram Open Network (TON) in the third quarter of 2019, according to crypto news site The Block.
Global crypto community have been tracking the progress of Telegram Open Network for over a year now. Presently, according to the internal note sent to the company’s stakeholders, Telegram is looking to launch the network in the third quarter of 2019.
At the onset of the project, there were several doubts as to the viability of the crypto project. The company however is showing investors that it is moving in the right direction.
About the TON network
In April, Telegram carried out a private testing of its Open Network. The company then made its blockchain open to several development teams. Despite several criticism, Telegram announced the result of its testing process as successful, stating that the blockchain and consensus algorithm fulfilled all the goals announced in its original TON white paper.
The results of the testing further helped to confirm the belief of the TON network team in the abilities of the TON network. Anonymous developers who took part in the private testing stated that the TON network has an “extremely high transaction speed.” Experts believe that the TON and Ethereum will have so many similarities and hosting decentralized applications will be one of them.
In February, according to estimates the TON network’s native digital currency, could be worth $29.5 billion at the end of 2019. It is important to note also that all contracts will be rendered void unless the network is launched by October 31, 2019.
Last year, Telegram raised $1.7 billion in two private rounds of Initial Coin Offering from over 100 investors for the development of its own blockchain. Last month, the network also collaborated with Wirecard, to create digital financial products.
Facebook not left behind
The social media industry is looking to create a niche in the fast rising crypto industry. While Telegram is looking to launch its own blockchain, Facebook is starting out testing for its Global Coin by the end of this year. The company has announced that it is looking to set up a digital payment system in about 12 countries, by Q1 of 2020.
This initiatives by Telegram and Facebook will help create awareness and promote mass adoption of digital assets.