Telegram Releases Code For Its $1.7 Billion TON Blockchain

Telegram’s blockchain project named TON has entered the last preparation stage before going live. As the latest cryptocurrency news show, Telegram releases code for its new blockchain. The code for running the blockchain node was released on the test network portal late this Friday.

Currently, the developers and community members interested in the messaging app provider and its blockchain – mainly to start kicking the tires of a full node, a validator node and the blockchain explorer.

As many best cryptocurrency news sites noted, the release has been previously scheduled for September 1, according to the sources familiar with the project’s progress. However, it was later delayed a few days for unclear reasons.

Mitja Goroshevsky, who is the CTO of TON Labs, has been working on vairous tools for developers. As he said, there are currently more than 100 nodes maintained by Telegram on its testnet. While Telegram releases code for its TON blockchain, there are several more nodes maintained by the startup and helmed by investors in the Telegram token sale which raised $1.7 billion in early 2018.

“Source code for a full node that can access testnet, create and validate blocks has been released. Lite client was released several months ago. TON Labs will release Public Beta of its developer tools suite on Monday,” Goroshevsky said in a recent interview.

The coming altcoin news show that the mainnet launch for the Telegram Open Network is about to happen no later than October 31. What’s important to note is that Telegram’s blockchain is designed to be a proof of stake protocol with the support of multiple “shredchains.”

While Telegram releases the new code, the validators are chosen from among those users who stake considerable amounts of tokens and are the parties which will confirm the blocks. As Telegram noted before, the TON blockchain will be compatible with the Ethereum-based software, according to TON Labs.

For those of you who don’t know, Telegram Open Network or TON is the ambitious blockchain project which was announced last year by the Telegram messaging app. The messaging giant raised at least $1.7 billion from investors based in Russia, the US and several other nations in the 2018 token sale.