Telegram, a cloud-based instant voice, and messaging IP service are on the move of launching Telegram Open Network (TON). This move will see the company create a new digital currency known as ‘’Grams’’. This will be after the company launches the new blockchain platform, the TON network.
Pavel Durov, the founder of Telegram has his name written in the purchase agreement document but it is not official yet since no launch has taken place.
Investors were however notified through a memo that the launch was scheduled for late this year. Telegram is optimistic and assured its users that the TON (a virtual machine) will be capable of handling the tasks as it was indicated in the white paper.
A number of experiments have shown that the blockchain has displayed very high speeds in the transactions it is intended to perform. The TON will be required to delegate some of its applications which is quite similar to Ethereum network.
Telegram has also partnered with Wirecard, a German financial service that aims to change the blockchain scene. Wirecard has for a while been on the experimental end trying to come up with machines aimed at easing payment via the internet. Blockchains and Cryptocurrencies are viewed as a solution to this problem.
The Financial Times in a recent article wrote that Wirecard had forged some of its contracts. BaFin the German Financial regulator did however not see it fit to penalize the company since it was an external matter.
Termination of the contract may happen if the October 31, 2019 launch deadline is not met. A Russian media station, The Bell in a report said that TON is as at now 90 percent ready and explained that the delays are due to innovations and development matters.
