According to a report by Russian media outlet Vedomosti, encrypted instant messaging service Telegram is set release a test version of its blockchain-based TON platform this autumn. Investors have confirmed to Russia media confirmed that a circular containing this information that was sent to participants in TON’s Initial Coin Offering in September was indeed authentic.
The Long Road to TON Launch
According to Russian media, the circular stated that the platform’s blockchain component is under development at the moment, with “70 percent” of the product already finished.TON will use its in-house cryptocurrency, Gram, and will create a “new way of exchanging data” as soon as it starts operating
Telegram was able to raise nearly $1.8 billion earlier this year in investments for TON and its messenger app via two private ICO presale. The planned ICO was abruptly cancelled however in May, on the back of increased regulatory spotlighting on ICOs by the SEC – which might have potentially found Telegram in violation of its ‘Reg D’ reporting requirements for security sales.
Russian media had at the time decided the authorities tried to restrict the country’s residents’ access to Telegram because of the ICO and plans to launch Gram, contrary to the official reasons they gave, which says the service flouted data sharing laws.
Telegram CEO Pavel Durov has so far not provided any comment on a TON release timeframe.
CryptoGlobe will update the story as the it develops.
