Telegram Open Network Reportedly Set to Launch in Q3 2019

The Telegram Open Network (TON), a blockchain developed by the popular privacy-centric messaging app Telegram, is reportedly set to launch in the third quarter of this year, according to an internal note sent to the firm’s investors.

According to TheBlock, Telegram has reported a successful testing process for its blockchain and consensus algorithm, as it “met the goal of its original TON white paper.” The network reportedly entered its private beta in April of this year to Russian developers.

Citing an unnamed source, the news outlet reports Telegram claimed the testing period “reaffirms” its belief that “the TON virtual machine and the TON … Byzantine consensus algorithm are capable of meeting the goals stated in the original white paper.”

In February of this year, Telegram revealed through an investor update that TON was 90% complete. Sources revealed that during its beta testing phase developers were able to set up TON blockchain nodes and test transactions. According to some, Telegram’s Open Network will have to launch by the end of October for token purchase agreements to remain valid.

The network is said to have shown “extremely high transacting speeds.” The blockchain will let users create decentralized applications (dApps) powered by its native GRAM token, and will see the messaging leverage its 200 million user base to help cryptocurrency adoption grow.

While TON’s beta testing version was set to be released late last year, progress is being made. The company initially raised $1.7 billion through an initial coin offering (ICO) that wasn’t open to the public to develop the network. The ICO is said to have attracted investors like Sequoia Capital, Benchmark, and more.

The messaging app’s record-setting ICO was notably seen as a threat to national security by Iran, and the app itself has been banned in Russia in response to a refusal to cooperate with a request that could see it assist in decrypting users’ conversations.

Bittrex International Closes Service for More than 30 Countries

  • Bittrex International is closing its service for clients in more than 30 countries, including Venezuela.
  • Users have until Oct. 29 to withdraw their funds from the exchange. 

Cryptoasset exchange Bittrex International will no longer be offering services to clients in more than 30 countries, including Venezuela and Egypt. 

According to the press release, the exchange informed customers residing in the now excluded countries that they would no longer be able to use the services of Bittrex International. 

Users will have until Oct. 29 to remove their funds from the exchange, 

On October 18, Bittrex International informed customers who reside in certain countries (see full list below) that they can no longer use the Bittrex International platform due to regulatory uncertainty. All trading and account access for these impacted customers will be halted on Tuesday, October 29 date at 19:00 UTC/21:00 CEST.

Bittrex International, which is based out of Malta, published a guide for withdrawing funds from the exchange, including a warning that customers must have 3 times the withdrawal fee amount in order to do so. 

Among the countries listed was Venezuela, which caught community members by surprise given the country’s growing adoption for crypto. 

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