The crypto community has been anticipating Telegram’s own open network to enter beta testing for quite a while and it appears to have finally happened. Russian sources reported that the TON network has finally entered private beta regime and a number of programmers and testers have been granted access to the widely anticipated new project to tweak out the details. We don’t have the details about how exactly the testing process will be conducted.
Telegram has been updating people about the progress of TON over the last few months but this is the first real step they’ve demonstrably taken towards finally finishing the project.
Telegram Open Network is truly one of the most anticipated projects in the history of cryptocurrencies. The ICO conducted by the company last year raised a mind-blowing and record-breaking 1.7 billion dollars last year. The company, which has amassed a huge user base due to its security and reliability over the past few years plans to utilize the massive amount of customers and fans they have to craft a truly decentralized blockchain network reminiscent of Ethereum and NEO. The platform named TON will provide Telegram’s users and others with decentralized applications for various purposes. The platform will utilize Telegram’s own token GRAM.
If the token manages to keep the market capitalization it gathered during the Initial Coin Offering, GRAM will instantly become one of the most valuable tokens on the market, casually gliding through the ranks to settle in the top 10, or even top 5 of largest cryptocurrencies today. No wonder so many traders and investors are so anxious about the new network and the accompanying coin.
TON must officially launch by the end of 2019
The recent end to the cryptocurrency bear market is another reason why GRAM will likely be extremely successful and why a lot of new traders are starting to educate themselves about Bitcoin trading, and cryptocurrencies in general, which anyone can do with simple guides such as the Bitcoin trading guide here, and pretty much anywhere else.
In order for token purchase contracts to stay valid, the Telegram Open Network will need to be fully operational by the end of October. Even though the company has just 6 months left to wrap up the project’s initial phase, there isn’t anything to worry about yet.
Telegram is already conducting negotiations for GRAM to be listed on a number of cryptocurrency exchanges the minute TON launches. This will make sure that there are no extended wait times and the market can begin dealing with GRAM as soon as possible.
The ICO sold 2.2 billion GRAM coins out of the overall supply of 5 billion tokens. 5 billion is usually an extremely high number of tokens issued but considering the astronomical amount of money the project raised, the initial price will be around $1 for each GRAM.
Telegram has a 200 million user base and this fact alone should make it easier for the new network and token to compete with the likes of Ethereum, but ultimately, this is no guarantee that the platform will see the levels of adoption necessary to truly shake up the status quo.
Telegram will keep a part of the total token supply for development purposes but the majority of the tokens will slowly be released into circulation. The representatives of the company are refraining from publicly discussing any results before the code and smart contracts have finished the testing phase.
Previous controversies and what to expect
Not everything has been so smooth for Telegram. At the beginning of 2019, the company shortly scared a lot of investors and experts when it wanted to liquidate one of the business registrations it had in the UK. However, it was probably a response to the law changes in the Virgin Islands.
The app created by Pavel Durov, the famous creator behind the social network VK and dubbed “Russian Zuckerberg” is also banned in Russia. The ban came as a direct response to the supposed refusal to cooperate with the Russian government and FSB who were requesting access to decrypt the conversations between the users, presumably, to gather intel on political opposition and dissidents. The government cited possible threats of terrorism among the reasons for blocking the messaging app.
Telegram is still very popular all over the world, however. It’s especially popular with the cryptocurrency community who were attracted to the app due to its focus on privacy. The fact that it’s so popular with crypto users probably contributed heavily to the success of its IPO.
The launch of the testing phase for TON was pushed back a couple of times and the investors were beginning to get impatient. The project was reported to be nearly complete in February, but the date was changed to March later. In April, it seems, the company has finally delivered on its promises.
Even though the process is still not completed, this latest move is definitely reassuring to the thousands upon thousands of traders and investors who are monitoring the project very closely.
Giorgi is a news reporter and financial analyst at www.forexnewsnow.com He has 3 years of experience in analyzing the financial markets of Forex and cryptocurrencies. He also likes making hidden jokes in his articles.