Telegram Open Network (TON) is on track for its planned launch, according to an email from the company sent to TON investors on Wednesday.
Mitja Goroshevsky, CTO of TON Labs, a startup building tools for TON developers, confirmed the authenticity of the email to CoinDesk, adding that TON Labs itself "will run and manage its own validation pool."
Notably, the message also mentions governance matters, saying Telegram itself will recuse itself from running the network:
As CoinDesk reported, the code for TON was released in early September, allowing the broad community to try out full nodes, validator nodes and a block explorer.
The project is scheduled to launch no later than Oct. 31, according to existing agreements with TON investors. The blockchain, which raised $1.7 billion in early 2018, has been built in near-total secrecy. Telegram CEO Pavel Durov has never publicly announced TON's existence.
The only official confirmation so far has been the registration with the U.S. Securities and Exchange Commission (SEC) of the project's SAFT (simple agreement for future tokens) – featuring the names of Telegram Group, Inc., Pavel Durov and Nikolai Durov, the CEO's brother who is also TON's chief architect.
Telegram image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.