Cryptonews Altcoin News

Report: Devs Running Private Tests on Telegram TON Network

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Last updated:

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

What appears to be a beta version of Telegram’s forthcoming TON blockchain platform is now being tested, as the company prepares to launch it Gram cryptocurrency.

Per a report from Russian media outlet Vedomosti, two unnamed people who have had access to the beta version said the TON network showed it could process transactions at “extremely high speeds.” However, it’s not clear what it really means as the numbers were not provided.

The same media outlet claims that a select number of developers from “Russia and other parts of the world” have been running behind-closed-doors tests on the platform, establishing nodes and conducting other checks.

Telegram had previously hoped to unveil both the Gram and the TON network last month, but now appears to be putting the finishing touches on the latter prior to its launch. Experts claim that Telegram is still hoping to debut its token in East Asia – with Japan said to be the preferred location for the cryptocurrency’s bow.

A forecast from the HASH Crypto Investment Bank in February claimed that the Gram could be worth USD 29.5 billion by the end of 2019, after two rounds of private sales that reaped around USD 1.7 billion from more than 100 investors.

Telegram was founded by Pavel Durov, the “Russian Mark Zuckerberg.” Durov first made his name developing the VKontake (VK) social media empire – the CIS’ answer to Facebook.

VKontake has also been considering developing a token of its own, but has sparked major confusion in Russia since it appeared to launch a mining app for the VK Coin token on April Fool’s day – prompting many users to assume the token launch was no more than a prank.

However, some believe the VK Coin may indeed be no joke – Likeni reports some 4 million users had begun “mining” via the app by April 4, per media outlet KP, VK says the figure now stands at 10 million. The company also claims 2.8 trillion VK Coin tokens have been mined – although it is not listed on any exchange.

To add to the confusion, though, SEOnews.ru reports that the mining app has now been closed down. App users who attempt to open the app are presented with a message that reads: “Mining has been stopped. Now the fate of the coin is in your hands. Dispose of the coins you earned any way you wish to.”

VKontake has repeatedly referred to the app as a “game,” but says it is now prepared to “allow players to independently determine the value of the [cryptocurrency].”