According to an email, intended for the investors of Telegram Open Network (TON) project, its team is preparing the Mainnet launch in the third quarter this year, Russian news outlet The Bell reported on May 26.
Launch date clear
“We plan to launch the platform in combat mode in the third quarter of 2019. The exact date depends on the testing progress,” says the letter.
While last month it became known that TON has started the closed testing phase, the project’s team did not specify the date of the public launch.
It was added in the latest message that since then, the platform has successfully passed two important tests: a fault tolerance test for incorrect and fraudulent activities (using a Byzantine consensus algorithm), and the test on processing transactions and smart contracts on single network nodes.
Moreover, the TON team has provided documentation on the proprietary software language dubbed Fift, created to manage transactions.
Rooted in Russia
Telegram Open Network is the blockchain project initiated by the Russian entrepreneur Pavel Durov, who rolled out the global messenger Telegram. By the end of 2018, the global audience of Telegram has reportedly exceeded 200 million users. Prior to that, Durov has founded “VKontakte”, which remains the most popular social networking service in Russia.
In 2018, in the course of two rounds of closed ICO TON raised $1.7 billion to develop the project. In November last year, Newconomy informed that the TON is 70% complete.
If the numerous leaks prove to be true, then in case of TON will not be launched until October 31, 2019, the investors will be able to redeem their fundings.
Crypto penetrates social networks
Meanwhile, the largest social network Facebook is also betting on the blockchain, allegedly developing a proprietary distributed payment network within its service. The new token, which was called GlobalCoin, is set to launch in 2020.
Once launched, the coin will make it possible to make digital payments across several countries without having a bank account. In particular, GlobalCoin will be utilized to reward Facebook users for interacting with the platform online shopping and ads viewing.
Currently, the Silicon Valley company is exploring ways of pegging value to fiat currencies, including the USD, Yen, and Euro. At the same time, Mark Zuckerberg discusses prospects of the digital coin with the US Treasury officials and is also negotiating with Western Union, a money transfer outfit in a bid to come up with an affordable and secure way to send receive funds.
Besides, Zuckerberg’s team is also considering the ways to implement a digital currency into the WhatsApp messenger, which is owned by Facebook.