The Russian messaging service Telegram held a record-shattering private ICO earlier this year, which raised a whopping $1.7 billion. It would now seem that this project is moving closer to completion, according to a fresh report by The Block.

Telegram Open Network 70% completed

More specifically, a leaked investor update has reportedly mentioned that the project itself is around 70% complete. In addition to this, the leaked document also reveals that many aspects of the project are already over 90% complete. It is worth noting that although this document is first making the rounds right now, it is dated September 5th.

Telegram’s blockchain-focused venture is dubbed TON, or Telegram Open Network, and will host other cryptocurrency applications – similar to Ethereum.

One of the most crucial components will be the TON Virtual Machine, which will be required to execute smart contracts. The TON Virtual Machine can be compared to Ethereum Virtual Machine.

According to Telegram, this component is supposedly now ”fully implemented and internally tested” – although it will likely require future tweaking. As the rest of TON becomes fully developed, the TON Virtual Machine will likely need to be slightly reworked.

Moreover, the document also alleges that the TON Network component that enables transaction requests is also near completion. In addition, the component that is the least developed is said to be software for block generation and validation. The software is said to have only reached 10% completion.

Telegram Open Network might soon go live for testing

The report does not mention when the Telegram Open Network might go live for testing, but this is undoubtedly approaching. It seems likely this will happen in the coming months, seeing as the project is 70% complete after six months.

If indeed accurate, this report shows that work on the Telegram Open Network is quickly progressing. This is especially important following Telegram’s record-breaking ICO earlier this year.

Investors have previously been told that they would receive their tokens as early as December of this year. Nevertheless, the firm does not expect to be listed on any major exchange before 2019.

Development of the Telegram Open Network could naturally drag on, especially in the final stages of it. However, this note to investors should be cause for cautious optimism.

The fact that it had reached an overall completion of 70% in September is a promising sign – especially given that it is now late November.

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