The crypto platform by Telegram is about 90 % complete, as per the investor update. The update further reads that the Telegram Virtual Machine is complete and Only minor changes will be necessary,” similar to the Ethereum Virtual Machine it will process computations.
Telegram have minced around $1.7 billion in its two rounds of funding during the past year, which has raised expectations for the upcoming platform that is intended to compete with other networks with smart contracts including Ethereum, EOS, and Tron.
As per the investor update cited in The Block, though the developers have made 20% more progress since their last update, the launch of Telegram Open Network’s testnet has been pushed back to March. originally planned to release in January, the testnet will allow the third-party developers to get a feel for the platform.
The GRAM, the platform’s native token is also expected to launch in March. Another highly anticipated cryptocurrency project, TON uses a Telegram platform as the core.
The sources speaking to The Block further confirmed that the platform is actively planning to make GRAM usable on several crypto exchanges out of the gate. In that case, Gram’s almost out of the gate price discovery can begin.
In the pre-sale, 2.2 billion GRAM tokens were sold for a total of $1.7 billion. With an opening price of almost $1 per token, will Telegram, who already has 200 million users from the start, actually compete with Ethereum. The real verdict maker will be the third-party apps built on the network and their subsequent success. So far, no report of participation from any notable parties has surfaced.
While some token from its total supply of 5 billion tokens will be held by the company for fund development, plenty of Gram will start to surface in the market after its launch.
Given the amount of money already invested, it is predicted that the GRAM will likely speed its early years in the top 10 cryptocurrencies. Notably, as when it launches a market capitalization of $1.7 billion will immediately put it in competition with TRON for the #8 spot. The subsequent enthusiasm for the new coins could even propel the token further up.