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Messaging Service Platform Telegram To Bring Its Telegram Open Network In Q3 2019

BFSI News

Messaging_Service-Platform-Telegram-To-Bring-Its-Telegram-Open-Network-In-Q3-2019 Messaging Service Platform Telegram To Bring Its Telegram Open Network In Q3 2019Telegram, an encrypted messaging service, is reportedly planning to introduce its Telegram Open Network (TON) in Q3 of this year. However, as per an internal memo which was sent to investors noted that the network would launch later this year. Moreover, the testing at Telegram confirmed that its blockchain and consensus algorithm met the goal of its original TON white paper. The messaging platform ostensibly said that a recent successful test process “reaffirms our belief that the TON virtual machine and the TON … Byzantine consensus algorithm are capable of meeting the goals stated in the original white paper.”

Earlier it was reported that Telegram had opened access to a private testing version of the Telegram Open Network blockchain to a select number of developers. In this regard, the anonymous test developers noted that the blockchain demonstrated extremely high transaction speed. As part of the latest announcement, the Telegram Open Network will supposedly host decentralized applications, like the Ethereum network.

Founded in 2013 by Nikolai and Pavel Durov, Telegram had clinched around USD 1.7 billion in two private initial coin offering (IOC) rounds last year. The TON’s development team last month has reportedly established a partnership with Wirecard, a German financial services platform, with the intention of working with Wirecard to develop digital financial products. As available for Android, iOS, Windows Phone, Windows NT, macOS and Linux, Telegram has more than 200 million users.