Pavel Durov’s Telegram Open Network (TON) blockchain project is 70% complete. This became known from the document published in the network, dated on the fifth of September. They were announced by The Block co-founder Mike Dudas.
They confirm previously published information that the TON Virtual Machine (TVM) smart contract mechanism is “fully implemented and tested.” His readiness is estimated at 95%.
“TVM is fully implemented and internally tested. Minor modifications are likely to be necessary during the process of binding TVM with the TON Blockchain block generation and validation software,” the document says.
It is also noted that at the completion stage there is a component for executing transaction requests in the TON network. At the same time, the software for block validation is only 10% ready.
Recall that in 2018, in the course of two rounds of closed ICO TON raised $1.7 billion to develop the project.
Telegram CEO, Pavel Durov reported to the US Securities and Exchange Commission (SEC) about raising $850 million from 94 investors in the second stage of the closed ICO TON project. The minimum investment amount was $1 million. The document is published on the SEC website.
The fact that Telegram will hold the second round of attracting investment in its own cryptocurrency Gram and the blockchain platform TON became known in late February. On it, the messenger team planned to collect up to $1.7 billion.