Popular cloud-based instant messaging service Telegram has almost completed its cryptocurrency project. According to an investor update from September, Telegram Open Network (TON) — as the project is called — is 70% ready. More interestingly, the report indicated that the Telegram virtual machine (similar to the Ethereum Virtual Machine) is almost ready for the deployment of smart contracts on the TON. The four-slide update was leaked on business and networking social media LinkedIn (NYSE:LNKD).

The Telegram Open Network is designed to be used for launching and executing smart contracts and decentralized apps. The project is going to compete against Ethereum and can also be used to host tokens, which might be inf…

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