Telegram Open Network releasing in Q3 2019
Telegram, a global messaging service, has announced that they will be releasing the “Telegram Open Network” in the third quarter of 2019. This information comes after an internal note was emailed to investors in the company. This comes as a surprise considering that testing on the cryptocurrency network only began in April 2019.
The Consensus and Blockchain Algorithm used in the Telegram Open Network has been confirmed to be successful after testing. This guarantee’s that the service will work for the company’s 200 million users.
The private testers on TON noted that the network performed optimally and had fast transaction speeds, rivalling that of the globally used Ethereum Network. Analysts suspect that TON will share many similarities with the Etheruem network. Additionally, analysts also estimate that the native digital currency “Gram Tokens” owned by Telegram could be worth upwards of $2.9 Billion by the end of this year. However, these tokens and the companies contracted will be voided if their network isn’t launched by October 31st, 2019. This is the end of the yearly third quarter.
Telegram last year was able to raise $1.7 Billion in two rounds of funding from one hundred private investors. These investors provided money to see the development of Telegrams cryptocurrency and blockchain technology. These investors demand a return on their investment, which is why the company partnered with WireCard to guarantee their digital financial products are launched on time.
Other Messaging Services entering the Crypto Space
Telegram isn’t the only social-messenger company looking to enter the blockchain industry. Facebook is also testing their coin, which is suspected to be called either FaceCoin or GlobalCoin. The announcement that the social media giant is working on their digital payment systems came as a shock. Facebook has already revealed that GlobalCoin/FaceCoin will be released in twelve countries by 2020.
Facebook is far more on the way than Telegram. The social-media company has already spoken with the United States Treasury Department, the Bank of England and Western Union. Facebook has also made agreements with Coinbase and Gemini to have their future crypto-coin launched onto their exchanges. This new coin is meant to be a direct competitor to PayPal and credit card companies like MasterCard. Facebook has more than 2.5 Billion active users today on their messenger application, which leads analysts to believe that FaceCoin could become a revolutionary currency worldwide.