It is anticipated that Telegram Open Network, or TON, the audacious blockchain initiative launched in 2018 by the Telegram Messaging app, will publish the code required to run a TON node today, as per two people familiar with the endeavor.
In addition, the fresh blockchain initiative by Telegram will be congruent with ethereum, as per a tech firm developing tools for the network.
One of these people is associated with TON Labs, a tech firm established by Telegram via token sales. The deadline was also affirmed by an investor who was involved in token sales.
Telegram preserved a high level of confidentiality around TON, reluctant to talk on the initiative openly.
TON Labs, which was established to create Telegram development tools, did not feel such an obstacle, becoming the venture’s only outspoken tech firm.
TON Labs asserted that periodic interaction with Telegram’s own development group would be maintained. As of date, there is only one functional node on TON’s trial network–operated by Telegram on its own.
A wide variety of customers will be prepared to operate their own nodes with the forthcoming launch of software. Based on the partnership deal for Telegram’s 2018 token sale, users can only operate nodes on testnet, with a mainnet release anticipated for Oct. 31.
Vedomosty, a Russian newspaper, stated Wednesday that the package would comprise software for the node as a whole and guidelines for installing a node.
Vedomosty, citing unidentified shareholders in the venture, revealed that interested programmers will be allowed to use their nodes to evaluate the consensus and sharding systems of the protocol. TON will utilize a Byzantine-tolerant proof-of-stake agreement with “infinite sharding” and the ability to sustain a huge 292 shardchains (49 accompanied by 26 zeros), as per a published white paper.
In the 2018 token sale, Telegram received at least $1.7 billion from shareholders primarily residing in Russia, the United States, and many other countries. If TON is not unveiled by the middle of October, Telegram is legally obliged to reimburse its shareholders, devoid of any development-related costs.
Investors, Telegram customers and the larger cryptography community remained engaged in Telegram’s blockchain project. TON was expected to be significantly delayed before commencing last December.
As a result, many firms began selling the rights to their prospective tokens, establishing an unofficial secondary market for GRAM, the token associated with the network. But, officially this is an infringement of Telegram’s investor agreement, which solely prohibited secondary swaps prior to listing.
The communication company is expected to release a node operating software today. Telegram Open Network (TON), will allow clients to evaluate their strategy before the project’s expected mainnet release on October 31. TON Labs, a technology startup operated by investors in Telegram token, is developing a variety of development tools to help developers operate on the existing network.
One such tool will be a solidity compiler that will also allow TON to work on decentralized applications created for ethereum, said Alexander Filatov, TON Labs CEO and managing director.
“That was probably the most difficult thing we built. It will allow the advanced Ethereum community to pull everything they wrote for ethereum into TON.”
From July onwards, the compiler has been under trial. TON is anticipated to go live on Oct. 31. And if it doesn’t, Telegram will then have to reimburse buyers as per the user contract signed during token purchase.
And hence, the launch on Sunday is anticipated to be the final stage in a string of testnet versions. Filatov said the launch of software on Sunday will be TON’s most significant deployment phase, stating:
“We have very little time between the node release and the mainnet launch to test, identify and fix possibly bugs and vulnerabilities.”
Earlier in 2019, code for a light client was distributed among stakeholders and promptly divulged to the crypto enthusiasts. Filatov said this software enabled people to work with a few of the fundamental features of the TON blockchain.
Filatov further stated “You can play with GRAMs [the network’s token], write a simple smart contract talking to the node via a light client [and] create a wallet.” For its eagerly expected blockchain, Telegram amassed at least $1.7 billion in 2018. The messaging system, which is six years old, argues to have more than 200 million active users.