Altcoin News: Telegram Blockchain Will Support Ethereum Smart Contracts

September 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The TON blockchain (Telegram Open Network) will be compatible with decentralized applications (DApps) for Ethereum. This will create the ability to migrate applications from the overloaded Ethereum blockchain.

A few days ago it was reported that Telegram would release a code to launch a node on the Telegram Open Network (TON) on September 1, which would give users the opportunity to test the blockchain before the expected launch of the main network on October 31.

TON Labs technology startup is creating a series of tools for developers to help them interact with the new network. One of these tools will be the Solidity compiler, which will allow decentralized applications created for Ethereum to also work on TON, said Alexander Filatov, CEO and managing partner of TON Labs. He noted:

“That was probably the most difficult thing we built. It will allow the advanced Ethereum community to pull everything they wrote for ethereum into TON.”

According to him, the compiler has been tested since July. By agreement with investors, the Telegram team should launch a working blockchain by October 31, 2019. As The New York Times reported on August 27, citing three investors who spoke with the Telegram team, developers must meet the deadline and Telegram will begin issuing Gram tokens within the next two months.

The September 1st release was supposed to be the last in a series of test launches. According to Filatov, this event will be one of the most important in the preparation for the launch of TON.

“We have very little time between the node release and the mainnet launch to test, identify and fix possibly bugs and vulnerabilities,” Filatov said.

The light client code was published earlier this year. Filatov said that this client gives users the opportunity to test some of the main functions of the TON blockchain.

“You can play with GRAMs [the network’s token], write a simple smart contract talking to the node via a light client [and] create a wallet,” Filatov added.

Last year, Telegram held a closed sale of GRAM through two rounds of ICO (STO), receiving $1.7 billion from major investors, including Benchmark and Sequoia Capital. Most investors chose to keep confidential.

Author: Marko Vidrih