New Report Shows That Telegram’s $1.7bn Cryptocurrency Is Almost Complete

A new investor update from the September pegged completion of the Telegram Open Network (which is the social media giant’s long-anticipated cryptocurrency project) went viral in the latest crypto news. The most notable element of the report was the fact that news leaked in on LinkedIn which show that the virtual machine (similar to Ethereum‘s Virtual Machine) required to execute smart contracts on the network is almost ready to be deployed.

As The Block initially reported, Telegram raised $1.7 billion in its private ICO sale – as one of the most popular messaging services that sees global usage (especially within the crypto community).
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As such, the Telegram Open Network is intended to be a direct competitor to Ethereum for the launch and execution of smart contracts and decentralized applications.

However, the CEO of BitMEX, Arthur Hayes, recently said that the Telegram ICO tokens had yet to be listed on any secondary exchange – and that he sees the near future of ICO tokens as “reckoning” especially in 2019.

Meanwhile, the report outlined that some aspects of the network (as well as TVM) are complete such as the Overlay networks. The parts which were lagging were the important block manipulation library and the validation software stack.

The update did not specify when everything will be ready but said that almost 70% of the work has been done and that over the next 6 months the project can see itself to a successful completion.

After some intrigues when a fraudulent company named Telegram Open Network was established in Britain with the effort of ripping off would-be investors, the Telegram ICO is now safe and ready for further development.