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project icon for telegram

Telegram

GRAMS
n/a

Telegram Open Network (TON) is a smart contract platform, including a sharded Proof of Stake blockchain, distributed file storage, networking protocol, and payment channel network.

Overview

Project Stage

Testnet status icon

Amount Raised

$1,700,000,000.00

Market Cap

Sector

Smart Contract Platform

Blockchain

Native token icon

Telegram

Funding Source

Token Sale

Project Profile

Telegram is a leading instant messaging and VOIP service with over 200 million monthly active users, founded by Pavel and Nikolai Durov. In early 2018, Telegram announced a blockchain venture and raised $1.7 billion in a private SAFT token sale for Grams, the native token of the Telegram Open Network (TON). Broadly, TON’s architecture bears resemblance to projects such as Cosmos and Polkadot, as multi-chain PoS smart contract platforms. This design aims to enable more flexibility for developers, as they can use a chain custom designed for their application while remaining interoperable with others, and network-wide scalability, as computational work is localized to the particular nodes and chains who require the current state, as opposed to requiring all to validate each transaction. Ideally, this approach would offer TON considerable scalability benefits compared to previous smart contract platforms, enabling a broader set of computationally-intensive applications to be built on the platform.

The Telegram Blockchain, which comprises a key aspect of the broader Telegram Open Network, has the following characteristics:

  • Byzantine Fault Tolerant Proof of Stake, in which a known subset of validators can each suggest the next block, which must be validated by a majority of the validators before being confirmed. This is in contrast to Delegated Proof of Stake (DPoS) approaches, in which there is a known order of block producing nodes. DPoS has a scheduled validator independently validate a block, while BFT involves collective validation of the proposed block before it is propagated to the rest of the (non-validator) network. Thus, by using a BFT approach in which blocks are validated before they are propogated, TON allows transaction states confirmed by one block to be immediately considered final and used in a transaction in the next block; this is a key feature for robust and atomic transactions between individual chains.
  • Turing-complete smart contracts, enabling arbitrarily complex programs on-chain, written in the novel stack-based language Fift, which is similar to the existing language Forth.
  • Multiple blockchains, which are:
    • Mixed homogeneous and heterogeneous. Shardchains are homogeneous, in that they have the same transaction format (i.e. UTXO/Account model), virtual machine, available tokens, etc; homogeneous shardchains are directly interoperable. In contrast, TON workchains are heterogeneous, allowing each to define their own operating procedures to fit their use case.
    • Sharded, in which the state and transaction processing is distributed across many chains in order to increase throughput by way of parallel processing. Other projects such as Ethereum 2.0 use a form of sharding.
    • Tightly-coupled interaction between chains, defining a strict, formal specification for token transfers between chains. Polkadot does not have tightly coupled interactions between chains.

As a smart contract platform using a sharded, hierarchical architecture of many chains to increase scalability, TON has the following types of chains:

  • Masterchain - the singular, top-level chain which contains current protocol parameters for the TON, the set of validators and their stakes, and the set of hashes of the most recent blocks of all workchains and sidechains.
  • Workchain - many application-specific chains which perform value transfer and smart contract computation. Each workchain defines its own rules, including address and transaction format, VMs for smart contracts, and available metatokens. All workchains must satisfy the ‘tightly-coupled’ interoperability criteria in order to effectively transfer messages and transactions between one another.
  • Shardchain - the smallest unit of the network, responsible for processing transactions for a subset of accounts in its related workchain. Each workchain can be sharded into many shardchains, which have the same rules as the parent. Shardchains produce lowest level blocks of transactions, which are aggregated into summary blocks by the workchains and masterchain.

Beyond the TON blockchain proper, the following components also play key roles in the network:

  • Networking through a Distributed Hash Table (DHT) that aims to efficiently propagate transactions to related shardchains
  • File Storage through an overlay network separate from the TON blockchain , with the ledger recording location
  • Payments through a Lightning Network-like system of payment channels that increases the networks aggregate transaction capacity by taking small payments off-chain

The original supply of Grams is 5 billion; it is unclear what portion of these were sold in the private sale. Grams function as a means of payment, gas for smart contract execution, payment for persistent storage, and as a staking mechanism for both the masterchain and individual shardchains. The whitepaper indicates that validators of the masterchain will earn roughly 20% annual rewards, though full economic modeling has yet to be released. Token holders can delegate proxies who participate in consensus and both receive a proportional amount of block rewards.

project icon for telegram

Telegram Open Network

GRAMS
n/a
Telegram Open Network (TON) is a smart contract platform, including a sharded Proof of Stake blockchain, distributed file storage, networking protocol, and payment channel network.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Testnet status icon
Testnet
Native token icon

Telegram

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Token Sale

$1,700MM

Smart Contract Platform

Project Profile

Telegram is a leading instant messaging and VOIP service with over 200 million monthly active users, founded by Pavel and Nikolai Durov. In early 2018, Telegram announced a blockchain venture and raised $1.7 billion in a private SAFT token sale for Grams, the native token of the Telegram Open Network (TON). Broadly, TON’s architecture bears resemblance to projects such as Cosmos and Polkadot, as multi-chain PoS smart contract platforms. This design aims to enable more flexibility for developers, as they can use a chain custom designed for their application while remaining interoperable with others, and network-wide scalability, as computational work is localized to the particular nodes and chains who require the current state, as opposed to requiring all to validate each transaction. Ideally, this approach would offer TON considerable scalability benefits compared to previous smart contract platforms, enabling a broader set of computationally-intensive applications to be built on the platform.

The Telegram Blockchain, which comprises a key aspect of the broader Telegram Open Network, has the following characteristics:

  • Byzantine Fault Tolerant Proof of Stake, in which a known subset of validators can each suggest the next block, which must be validated by a majority of the validators before being confirmed. This is in contrast to Delegated Proof of Stake (DPoS) approaches, in which there is a known order of block producing nodes. DPoS has a scheduled validator independently validate a block, while BFT involves collective validation of the proposed block before it is propagated to the rest of the (non-validator) network. Thus, by using a BFT approach in which blocks are validated before they are propogated, TON allows transaction states confirmed by one block to be immediately considered final and used in a transaction in the next block; this is a key feature for robust and atomic transactions between individual chains.
  • Turing-complete smart contracts, enabling arbitrarily complex programs on-chain, written in the novel stack-based language Fift, which is similar to the existing language Forth.
  • Multiple blockchains, which are:
    • Mixed homogeneous and heterogeneous. Shardchains are homogeneous, in that they have the same transaction format (i.e. UTXO/Account model), virtual machine, available tokens, etc; homogeneous shardchains are directly interoperable. In contrast, TON workchains are heterogeneous, allowing each to define their own operating procedures to fit their use case.
    • Sharded, in which the state and transaction processing is distributed across many chains in order to increase throughput by way of parallel processing. Other projects such as Ethereum 2.0 use a form of sharding.
    • Tightly-coupled interaction between chains, defining a strict, formal specification for token transfers between chains. Polkadot does not have tightly coupled interactions between chains.

As a smart contract platform using a sharded, hierarchical architecture of many chains to increase scalability, TON has the following types of chains:

  • Masterchain - the singular, top-level chain which contains current protocol parameters for the TON, the set of validators and their stakes, and the set of hashes of the most recent blocks of all workchains and sidechains.
  • Workchain - many application-specific chains which perform value transfer and smart contract computation. Each workchain defines its own rules, including address and transaction format, VMs for smart contracts, and available metatokens. All workchains must satisfy the ‘tightly-coupled’ interoperability criteria in order to effectively transfer messages and transactions between one another.
  • Shardchain - the smallest unit of the network, responsible for processing transactions for a subset of accounts in its related workchain. Each workchain can be sharded into many shardchains, which have the same rules as the parent. Shardchains produce lowest level blocks of transactions, which are aggregated into summary blocks by the workchains and masterchain.

Beyond the TON blockchain proper, the following components also play key roles in the network:

  • Networking through a Distributed Hash Table (DHT) that aims to efficiently propagate transactions to related shardchains
  • File Storage through an overlay network separate from the TON blockchain , with the ledger recording location
  • Payments through a Lightning Network-like system of payment channels that increases the networks aggregate transaction capacity by taking small payments off-chain

The original supply of Grams is 5 billion; it is unclear what portion of these were sold in the private sale. Grams function as a means of payment, gas for smart contract execution, payment for persistent storage, and as a staking mechanism for both the masterchain and individual shardchains. The whitepaper indicates that validators of the masterchain will earn roughly 20% annual rewards, though full economic modeling has yet to be released. Token holders can delegate proxies who participate in consensus and both receive a proportional amount of block rewards.

Recent News

Developers and investors plan to launch the Telegram Open Network without involvement from Telegram.

Following the decision by a US Court that barred the messaging service, Telegram, from distributing its tokens next month, a collection of developers and investors are investigating the possibility of independently launching the Telegram Open Network, according to the TON Community Foundation. According to Fedor Skuratov, a former communications manager for TON Labs, all the required code for the network launch is already public, meaning that any group can now launch the network if they can produce a genesis block and contribute at least 13 nodes to function as validators. According to Skuratov all that is required now to perform such a launch is to reach consensus with a majority of TON investors. Despite the SEC suing Telegram, the company released the software for the TON network nodes in September 2019 and has continued to release further iterations of the project’s code, including its consensus protocol and wallet software. This episode demonstrates the problems that regulators continue to face when interacting with public blockchain projects as well as the potential for bottom-up, organic governance decisions to quickly emerge.

March 26, 2020

Sources:

CoinDesk

US Judge issues injunction on next month’s Telegram token issuance, following a request from the SEC.

A US District Judge for the Southern District of New York issued an injunction on Tuesday, ordering the messaging service, Telegram, to cancel its planned token issuance that was scheduled for April. Although the injunction is temporary, the judge stated that the SEC had made a reasonable case that Telegram had conducted an unregistered securities sale. The SEC had previously sued Telegram in October 2019 over what it believed to be Telegram’s violation of federal securities law as part of its $1.7 billion token sale in early 2018. Judge P. Kevin Castel elaborated that the regulator had shown to a reasonable degree that the tokens that were sold in secondary markets would benefit from the actions of Telegram, a key parameter of the Howey Test, for assessing whether an asset constitutes a security.

March 25, 2020

Sources:

CoinDesk

Telegram Open Network developers and investors form community governance organization.

In light of the company's ongoing dispute with the U.S. Securities and Exchange Commission, TON developers and investors have formed the TON Community Foundation. This week, group filed a brief with the U.S. District Court of the Southern District of New York defending Telegram. In the brief, organizers claimed the TON Blockchain "is fully operational and could be launched on a 5-second notice” and is being halted solely by the SEC's actions.

February 14, 2020

Sources:

CoinDesk
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project icon for telegram

Telegram Open Network

GRAMS
n/a
Telegram Open Network (TON) is a smart contract platform, including a sharded Proof of Stake blockchain, distributed file storage, networking protocol, and payment channel network.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Testnet status icon
Testnet
Native token icon

Telegram

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Token Sale

$1,700MM

Smart Contract Platform

Project Profile

Telegram is a leading instant messaging and VOIP service with over 200 million monthly active users, founded by Pavel and Nikolai Durov. In early 2018, Telegram announced a blockchain venture and raised $1.7 billion in a private SAFT token sale for Grams, the native token of the Telegram Open Network (TON). Broadly, TON’s architecture bears resemblance to projects such as Cosmos and Polkadot, as multi-chain PoS smart contract platforms. This design aims to enable more flexibility for developers, as they can use a chain custom designed for their application while remaining interoperable with others, and network-wide scalability, as computational work is localized to the particular nodes and chains who require the current state, as opposed to requiring all to validate each transaction. Ideally, this approach would offer TON considerable scalability benefits compared to previous smart contract platforms, enabling a broader set of computationally-intensive applications to be built on the platform.

The Telegram Blockchain, which comprises a key aspect of the broader Telegram Open Network, has the following characteristics:

  • Byzantine Fault Tolerant Proof of Stake, in which a known subset of validators can each suggest the next block, which must be validated by a majority of the validators before being confirmed. This is in contrast to Delegated Proof of Stake (DPoS) approaches, in which there is a known order of block producing nodes. DPoS has a scheduled validator independently validate a block, while BFT involves collective validation of the proposed block before it is propagated to the rest of the (non-validator) network. Thus, by using a BFT approach in which blocks are validated before they are propogated, TON allows transaction states confirmed by one block to be immediately considered final and used in a transaction in the next block; this is a key feature for robust and atomic transactions between individual chains.
  • Turing-complete smart contracts, enabling arbitrarily complex programs on-chain, written in the novel stack-based language Fift, which is similar to the existing language Forth.
  • Multiple blockchains, which are:
    • Mixed homogeneous and heterogeneous. Shardchains are homogeneous, in that they have the same transaction format (i.e. UTXO/Account model), virtual machine, available tokens, etc; homogeneous shardchains are directly interoperable. In contrast, TON workchains are heterogeneous, allowing each to define their own operating procedures to fit their use case.
    • Sharded, in which the state and transaction processing is distributed across many chains in order to increase throughput by way of parallel processing. Other projects such as Ethereum 2.0 use a form of sharding.
    • Tightly-coupled interaction between chains, defining a strict, formal specification for token transfers between chains. Polkadot does not have tightly coupled interactions between chains.

As a smart contract platform using a sharded, hierarchical architecture of many chains to increase scalability, TON has the following types of chains:

  • Masterchain - the singular, top-level chain which contains current protocol parameters for the TON, the set of validators and their stakes, and the set of hashes of the most recent blocks of all workchains and sidechains.
  • Workchain - many application-specific chains which perform value transfer and smart contract computation. Each workchain defines its own rules, including address and transaction format, VMs for smart contracts, and available metatokens. All workchains must satisfy the ‘tightly-coupled’ interoperability criteria in order to effectively transfer messages and transactions between one another.
  • Shardchain - the smallest unit of the network, responsible for processing transactions for a subset of accounts in its related workchain. Each workchain can be sharded into many shardchains, which have the same rules as the parent. Shardchains produce lowest level blocks of transactions, which are aggregated into summary blocks by the workchains and masterchain.

Beyond the TON blockchain proper, the following components also play key roles in the network:

  • Networking through a Distributed Hash Table (DHT) that aims to efficiently propagate transactions to related shardchains
  • File Storage through an overlay network separate from the TON blockchain , with the ledger recording location
  • Payments through a Lightning Network-like system of payment channels that increases the networks aggregate transaction capacity by taking small payments off-chain

The original supply of Grams is 5 billion; it is unclear what portion of these were sold in the private sale. Grams function as a means of payment, gas for smart contract execution, payment for persistent storage, and as a staking mechanism for both the masterchain and individual shardchains. The whitepaper indicates that validators of the masterchain will earn roughly 20% annual rewards, though full economic modeling has yet to be released. Token holders can delegate proxies who participate in consensus and both receive a proportional amount of block rewards.

Recent News

Developers and investors plan to launch the Telegram Open Network without involvement from Telegram.

Following the decision by a US Court that barred the messaging service, Telegram, from distributing its tokens next month, a collection of developers and investors are investigating the possibility of independently launching the Telegram Open Network, according to the TON Community Foundation. According to Fedor Skuratov, a former communications manager for TON Labs, all the required code for the network launch is already public, meaning that any group can now launch the network if they can produce a genesis block and contribute at least 13 nodes to function as validators. According to Skuratov all that is required now to perform such a launch is to reach consensus with a majority of TON investors. Despite the SEC suing Telegram, the company released the software for the TON network nodes in September 2019 and has continued to release further iterations of the project’s code, including its consensus protocol and wallet software. This episode demonstrates the problems that regulators continue to face when interacting with public blockchain projects as well as the potential for bottom-up, organic governance decisions to quickly emerge.

March 26, 2020

Sources:

CoinDesk

US Judge issues injunction on next month’s Telegram token issuance, following a request from the SEC.

A US District Judge for the Southern District of New York issued an injunction on Tuesday, ordering the messaging service, Telegram, to cancel its planned token issuance that was scheduled for April. Although the injunction is temporary, the judge stated that the SEC had made a reasonable case that Telegram had conducted an unregistered securities sale. The SEC had previously sued Telegram in October 2019 over what it believed to be Telegram’s violation of federal securities law as part of its $1.7 billion token sale in early 2018. Judge P. Kevin Castel elaborated that the regulator had shown to a reasonable degree that the tokens that were sold in secondary markets would benefit from the actions of Telegram, a key parameter of the Howey Test, for assessing whether an asset constitutes a security.

March 25, 2020

Sources:

CoinDesk

Telegram Open Network developers and investors form community governance organization.

In light of the company's ongoing dispute with the U.S. Securities and Exchange Commission, TON developers and investors have formed the TON Community Foundation. This week, group filed a brief with the U.S. District Court of the Southern District of New York defending Telegram. In the brief, organizers claimed the TON Blockchain "is fully operational and could be launched on a 5-second notice” and is being halted solely by the SEC's actions.

February 14, 2020

Sources:

CoinDesk
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