We had previously reported that Telegram is considering launching a blockchain platform. Well, Telegram’s Open Network is now live in private beta, which has caused quite the buzz in crypto town. Many programmers and beta testers are now privileged to have access to the highly anticipated cryptocurrency project.
Looking at the excitement around this project now, it is safe to say that if the ICO market capitalization holds, then it will start out as one of the more valuable projects on the market. It conducted a record-setting ICO back in 2018 which raised $1.7 billion.
However, the Telegram Open Network (TON) needs to maintain this market capitalization. A Russian news media outlet has stated that as of now, there are just two companies that have been given access to the beta network as sources.
Telegram plans to launch a decentralized blockchain platform for its large userbase, much like Ethereum or NEO. Telegram’s platform will allow users to have decentralized applications powered by the Gram token. They ideally have six more months to reach completion because token purchase agreements will expire post October. Some are of the opinion that Telegram will easily meet the deadline. An outlet reported:
“At the same time, representatives of the companies noted that it is still premature to talk about any results since the blockchain code and smart contracts are still being tested.”
Telegram has already garnered worldwide recognition, and has a massive user base. If it can somehow manage to retain the interest of the trading community, it can easily start off at the top 10 list of cryptocurrencies.
Telegram is currently banned in Russia, because of its unwillingness to co-operate with an FSB request for assistance decrypting conversations between users. This might just inhibit their growth in certain ways and deprive them of a massive chunk of potential user base.