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We got our hands on an investor update for Telegram’s blockchain project, and can confirm Russian reports that say its 70% done

Quick Take

  • Telegram raised $1.7 billion in its ICO.
  • The TON project is 70% complete.
  • Many aspects of the TON project are more than 90% complete. 

Investors earlier this year received an update on one of the hottest projects in the cryptocurrency space — and it could mean it’s close to being finished. 

Telegram, the messaging-app operator which raised more than a billion dollars in a token sale to build out its own blockchain, released a status update on the development of TON (Telegram Open Network) in September. It was previously reported by Russian media, but the circular itself was never published. According to the document, many aspects of the project are more than 90% complete. 

Overall, the project is 70% complete, according to the document. To be sure, it’s impossible to say how well the network will operate once it is live. A network can look good in a white paper or in a specification document, but there’s a big difference between what’s on paper and what exists in the real world. 

Still, some interesting bits from the update, include:

  • The component needed for the execution of its smart contracts — TON Virtual Machine — is “fully implemented and internally tested.” But there will likely be some modifications as it is connected to other aspects of the network’s tech. 
  • Many aspects of the TON Network — the component of the project that is required to make transaction requests — is near completion, according to the document. 
  • The part that’s furthest away from completion is the software for block generation and validation. Its validator software, specifically, is only 10% complete. 

TON will host other cryptocurrency applications on its network similarly to Ethereum, a competitive smart contract protocol and the second-largest crypto by market capitalization. Through the token sale of its native crypto, called Grams, the firm raised $1.7 billion. Investors were slated to get their tokens as early as December of this year, but the company doesn’t expect to be listed on a major exchange until 2019.