Exclusive: New Report Reveals Details of Telegram’s TON Blockchain
New report reveals more details about one of the most anticipated projects in crypto, the TON blockchain.
A new report on the Telegram Open Network (TON) by Russian research agency Aton — published today, June 14, on Cointelegraph — reveals new details about one of the most anticipated projects in the crypto space.
TON is a blockchain platform developed by encrypted instant messaging service Telegram, which is widely regarded as one of the primary means of communication within the blockchain and crypto community.
The blockchain network reportedly aims to gain wide usage due to the active, crypto-friendly Telegram community. According to the report, TON will facilitate internal payments, host decentralized applications (DApps) and provide wallet services, among other things.
Telegram and its TON project
Telegram was developed by Pavel Durov, a Russian entrepreneur, and his brother Nikolai, a prominent computer scientist. The brothers earlier created VK.com, one of the largest social networks in Eastern Europe. Eventually, they fled their home country to become citizens of Saint Kitts and Nevis, an island country in the West Indies.
TON famously saw one of the biggest — albeit private — initial coin offerings (ICO) in the crypto industry. In 2018, Telegram raised almost $1.7 billion in two private token sale rounds. It is second only to EOS’ record-breaking $4 billion ICO — however, it is worth noting that TON’s offering wasn’t extended to the public due to evident regulatory complications.
A report by the Financial Times citing unnamed sources suggested that several leading investors from Silicon Valley, including Sequoia Capital, Kleiner Perkins and Benchmark, were also interested in Telegram’s project. Allegedly, each of the firms was willing to put up $20 million towards the ICO at the start of 2018. However, other prominent investment firms that are associated with the fintech world, including Andreessen Horowitz, Bessemer Venture Partners and Union Square Ventures, have reportedly revealed no intention to participate in the venture.
Also, according to rumors in Russian media, local billionaire and owner of Chelsea football club Roman Abramovich might have invested in the project. Meanwhile, only two native entrepreneurs — the co-founder of payment service Qiwi, Sergei Solonin, and the co-founder of dairy giant Wimm-Bill-Dann, David Yakobashvili — have publicly confirmed their backing so far.
As per TON’s white paper, which was reportedly distributed among investors around January 2018, the platform will be much more scalable compared to Bitcoin and Ethereum, which will allow it to compete with giants Visa and Mastercard in terms of transaction speed.
To achieve such levels of scalability, TON purportedly relies on built-in support for sharding, a process that allows the splitting and merging of blockchains automatically to streamline