- Telegram has sent an update to investors about its upcoming Open Network (TON).
- According to the update, TON is 70% complete
- TON plans to move the current Telegram program to a blockchain platform and integrate a cryptocurrency wallet for users
Telegram recently sent out a newsletter to its investors titled ‘Vedomosti’. The letter served as an update for their ongoing project Telegram Open Network (TON). TON is a planned blockchain network that will accommodate the Telegram program and according to the update, it is 70 percent complete.
This new Network will allow telegram users to exchange messages without any fear of hacking or tracking and there are plans to transfer the Telegram program to this Network once it is completed.
There are already a number of blockchain networks available that could warehouse user data, such as Ethereum. So why does Telegram feel the need to create their own?
First, the company wants control over their blockchain systems, facilitating the need to create a platform in-house.
Beyond that, it is speculated that TON will work much faster than the current alternatives on the market and will also allow Visa and Mastercard payments.
There is also great emphasis on the security attached to the new messaging platform which gives users greater privacy with regards to the data that is shared on Telegram.
In the wake of the Cambridge Analytica scandal and other recent scandals surrounding social media platforms’ handling of user data, there is great pressure on the platforms to assure users that their data isn’t being mishandled or sold without their consent.
The biggest feature planned for the new platform will for many be the Telegram-wallet, an integrated wallet feature that will now come with the client. Because of Telegram’s large user base, once launched Telegram-wallet could very well become the most used crypto wallet in the world.
As such, there is the race between various wallet providers to secure the market. By attaching itself to a platform (Telegram) that is already used by millions, Telegram-wallet already has a leg up in the race and should users adopt it, it might just emerge one of the winners.