The first proprietary service within the network called Telegram Passport has already been developed and now is on a stage of testing. The service will be able to collect and store ID documents, passports, driver’s licenses, utility bills, bank account certificates and other personal documents within distributed network securely. Only users will have an access to its personal data, additional security layer in the form of 2 factor authentication will be embedded to maximize the security. Documents will be shared with authorized service providers within the network automatically with a consent of a user. TON Passport is aiming to standardize AML/KYC procedures for the decentralized economy to obtain higher adoption among reliable service providers and remain compliant with international law.

The “Howey Test” is a test created by the Supreme Court for determining whether certain transactions qualify as “investment contracts.” If so, then under the Securities Act of 1933 and the Securities Exchange Act of 1934, those transactions are considered securities and therefore subject to certain disclosure and registration requirements.

Technical update:

Currently, the core developing team of Telegram Open Network is measuring a productive capacity of a test network of the TON and is working on the core updates.

1)“Telegram Passport” will be launched in mid-July 2018;

2)“Telegram Virtual Machine”, which is the description of the programming code of the new TON Blockchain 1.0,will be released with the Investors till the end of July;and

3) TON Blockchain’s “Testnet” will be opened for community developer’s audit of the code, bug detection and consideration of external proposals till the end of August.

Meanwhile the process on the Telegram Open Network (TON) development:

- Development of the TON Blockchain is well underway. 388 source files committed, 90,345 lines of new C++ code, 260,655 words, 2,661,296 bytes. Significant progress in TON P2P Network, including the complete code for propagating new blocks.

- Finished work on the TON Virtual Machine for smart-contract execution — a crucial element of the Blockchain. Accompanied by a new 130+ page manual by Dr. Nikolai Durov (currently being proof-read, we will send it to investors along with a summer update on TON progress as soon as its done). New optimized language, based on Forth (called Fift)

- Now working on the complete Blockchain format specification (~35% done). On track for summer release of Minimal Viable Product and Test Network.

Quan Nguyen

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store