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.”

“Original investors received emails from the Telegram core team,” a post in the Telegram channel dedicated to the project said, adding that investors need to provide Telegram with their public keys by Oct. 16 using the key generator in order to receive the tokens, or “grams,” they bought.

Notably, the message also mentions governance matters, saying Telegram itself will recuse itself from running the network:

“Investors have to select validators. Neither Telegram nor the TON Foundation will serve as validators post-launch.”

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

Disclaimer Read More

The leader in blockchain news, 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.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.