'Telegram starts blockchain tests'

Global messaging application Telegram has reportedly launched a closed beta version of its blockchain. According to Russian media outlet Vedomosti the Telegram Open Network (TON) is currently accessible by a limited number of global developers, including several teams from Russia.

So far the teams have been able to setup blockchain nodes. The media outlets also quotes its anonymous sources on the network having 'extremely high transaction speeds'. Details are not available yet, as the blockchain's code and smart contracts are still only being tested.

Telegram launched an ICO last year, but decided to make it a private token sale. The company, which has 200 million active users worldwide, received an investment of 1.7 billion dollars. Building the TON blockchain was the number one priority. So far, there's no official date on the release of the Telegram Open Network yet.

However, there are purchase agreements with investors in Telegram. If TON has not been launched before October 31st 2019, the purchase agreement for the Telegram tokens will be terminated, which would make the company lose the billion dollar investment.