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TON
Telegram Open Network (TON) is a multichain architecture introduced by Telegram instant messaging service developers.
Contents
History
Telegram is an encrypted chat platform, which was founded in 2013. Telegram’s side project - Telegram Open Network as well as its token GRAM are expected to be integrated with the application. Developers intend to introduce «the first mass-market cryptocurrency»[1] by encouraging 180 million of platform users to adopt GRAM. TON is an attempt to provide solutions for anonymous browsing, file storage and payments.[2]
TON Telegram ICO
Initial coin Offering of Telegram Open Network is conducted according to the following schedule:
- Febuary, 2018. Pre-sale ICO.
- Only institutional investors can participate
- Token is sold at fixed price
- Minimum buy-in requirements of $20-$60 million
- During this stage $850 million were raised.[3]
- Beginning of March, 2018. Private ICO sale.
- Only accredited investors are allowed to participate
- Procedure is regulated by SAFT
- March, 2018. Public ICO.
Telegram is likely to raise up to $1,6 billion before the public offering.[4] Those figures make TON the crypto raise with highest capitalization to date after Filecoin[5], which rased over $300 in 2017.[6] Demand for GRAM has been exceeding all expectations. Several funds, which received a pre-ICO allocation, are already offering their share for resell.[7]
Design
Telegram Open Network is multi-blockchain arcitcture which provides a series of services alongside Telegram messenger.
TON’s blockchain consists of two parts:
- master chain which contains key information concerning the protocol such as currently active working chains, hash values of recent blocks, set of validators and their stakes.
- collection of work chains - accompanying blockchains that accommodate smart contract transactions. Working chains are allowed to be constructed according to diverse rules, which enables them to have different cryptocurrencies and to use individual virtual machines to run smart contracts.
Telegram Open Network incorporates the following blockchain-based products:[8] TON Storage. Distributed file storage layer with torrent-like access crated to provide storage services similar to a Dropbox. TON Proxy. Decentralized VPN service based on the blockchain, which is used to provide secure TOR alternative of browsing environments. TON Services&DNS. Platform for third-party services of any kind with smartphone-like friendly interfaces and human-readable names assigned to the TON elements. TON Payments. Platform for micropayments and peer-to-peer transactions.
Technical features
PoS. Distributed consensus is achieved via delegated Proof-of-Stake.
- Network parameters can be tuned with the help of elected delegates.
- Selection of block producers is deterministic.[9]
- Delegates are re-elected each 2^29 blocks. [10]
Sharding. Scalability of the TON network is possible due to sharding – the process of data partition in the database. Each individual partition is called shard. In order to spread the network’s load, each shard is kept on a separate database server instance. Hypercube Routing TON blockchains use routing mechanisms to ensure that transactions between any two blockchains in the system of any size are swift. 2-D Distributed Ledgers. TON’s blockchain allows for new valid blocks to be constructed on top of any «unnecessary» blocks.
Token distribution
Maximum amount of 5 billion GRAMS will be minted. The price of the first GRAM is expected to be 0,1 USD. Projected Coin’s annual inflation rate is 2%, with each successive token worth one billionth higher than the previous one. The distribution of the coin supply is the following:[11]
- 52% GRAMS – retained by the company reserve
- 4% GRAMS – reserved for the development team
- 44% GRAMS – sold to investors on private as well as public sales. Investors who receive their tokens during the private sale have to hold on to their coins for an 18 months lock-up period.
Milestones and future development
Telegram Open Network’s roadmap contains the following key milestones:
- January-March 2018 — Release of TON’s minimal viable product;
- October-December 2018 — Brining into service stable version of TON as well as Telegram Wallet implementation;
- January- March 2019 — Deployment of additional Telegram Open Network Services, such as TON Storage and TON Proxy.
TON’s market competitor is EOS.[12]
note
References
TON Telegram ICO
