Telegram Set To Release its Backed Blockchain TON
Telegram is at the center of controversy over alleged flaunting of data sharing regulations. There are reports the platform might be blocked in Russia due to the alleged violation.
TON Set To Release TON Platform
The messaging service provider, Telegram is set to launch a blockchain product. The highly encrypted application is set to roll out a trial version of the TON platform that is backed by blockchain. The development has been confirmed by Russian media outlets.
Investors in Telegram stated that the release will happen sometime during autumn. A circular confirming the development was issued to clients taking part in the TON ICO. In the circular, the firm stated that the platform was 70% complete. By the time the circular was released, developers were already working on the blockchain component.
When TON will be released, it will operate using its own crypto dubbed "Gram". The crypto will act as a way for sharing data.
Telegram has made headlines recently, especially at the beginning of the year. The platform managed to raise about $1.8 billion to be used in the TON project and for the messaging platform. The funds were raised through non-public ICOs that were issued under presales.
The success forced Telegram to terminate further capitalization for the planned ICO. Executives pointed out that they had raised enough funds.
However, reports in the Russian media indicate that there are plans to block Telegram to residents of the country. The ICOs success is believed to be behind this decision. The government has refused to admit that the move was driven by the fact that Telegram failed to observe data sharing regulations.
When reached for a comment, Telegram boss Pavel Durov refused to address the matter. He also remained mum on TON’s exact release date lines.