Telegram’s blockchain and cryptocurrency projects, one of the most anticipated in the industry, is approaching its release date. Telegram is one of the biggest social media companies, and it is popular for its privacy and encryption functions. The social media giant’s crypto project is expected to be one of the most valuable in the crypto world when it goes public.
The mainnet launch for the blockchain project, named the Telegram Open Network (TON), is expected on the 31st of October. TON’s trial users expect to receive the node running code on the 1st of September as Telegram moves into the final phases of the project’s preparation.
Comparability with Ethereum
TON Labs has been tasked with developing the network and the tools that developers will need to build new systems of their own. The tech startup received considerable support from investors during Telegram’s token sales, and this has allowed the tech firm to develop more tools for developers.
Various tools have been announced, and each one of these will appeal to a different sector of the blockchain and crypto industry. TON Labs recently announced a Solidity compiler, which will allow Ethereum based applications to be built and run on TON.
Alexander Filatov, CEO of TON Labs, said that the Solidity compiler for Ethereum is one of the most challenging things they’ve had to build. The tool will allow developers in the Ethereum community to move everything they have written for Ethereum to TON. TON Labs has been testing Solidity compiler since July and TON trial users can expect to access this tool.
The TON version being released to TON trial users on the 1st of September is expected to be the last in a series of tests run by TON Labs.
Filatov said that this test run might be the most important of all the ones they’ve run because they have limited time to fix any bugs that may be identified during the tests. There is little time between the release of this test run and the launch of TON’s mainnet.
According to the user agreement signed between Telegram and its investors, the social media company will have to refund all those who bought tokens if the mainnet does not launch on the 31st of October. This makes the trial run being released on the 1st of September even more important because if anything goes wrong, it puts Telegram in a predicament.
Through its token sales, Telegram raised about $1.7 billion as investors poured in to get a piece of the highly anticipated project.
Telegram’s tokens, named GRAM, are already trading on unauthorized markets where investors are already fetching high profits for the tokens before the network is launched officially. Telegram warned that these investors are in contravention of their user agreement and they risk losing their entire share of the GRAM token.