As industry news outlet CoinDesk reported on Aug. 30, software startup TON Labs managed by Telegram’s token offering investors is building a Solidity compiler for its blockchain. This programming language is primarily used to develop smart contracts in the Ethereum network.
Telegram Open Network’s (TON) blockchain will allow developers to port their Ethereum (ETH) smart contracts.
Per the report, the tool would allow developers to port their Ethereum smart contracts over to TON, but it is not specified whether some changes in their code would be required. TON Labs CEO and managing partner Alexander Filatov told the outlet:
“That was probably the most difficult thing we built. It will allow the advanced Ethereum community to pull everything they wrote for ethereum into TON.”
The company is also building other tools meant to improve the TON ecosystem. It is also noted that the compiler is being tested since July. Developed by Telegram’s team, TON is a blockchain project that aims to enable decentralized applications and messaging.
As Cointelegraph reported yesterday, Telegram Open Network’s blockchain public testing might launch on Sept. 1, according to one of the investors.
Telegram to Launch TON Blockchain Public Testing on Sept. 1
Telegram Open Network’s (TON) blockchain public testing will launch on Sept. 1, according to one of the investors.
On Aug. 28, Russian news outlet Vedomosti quoted an anonymous TON investor claiming to have learned this information from the development team, and the head of one of the companies that participated in the testing so far.
According to the outlet’s sources, TON’s node software and all relevant documentation would be released to the public on Sept. 1. This first version of the blockchain is already expected to feature sharding and various functional consensus mechanisms, the source added.
TON project is a decentralized application and messaging platform developed by open source messenger Telegram’s team. The blockchain is planned to be integrated into the messaging app used by over 200 million people.
The firm is planning to launch its native TON token – Gram – by the end of Q3 2019. In July, Cointelegraph reported that South Korean Gram Asia began to sell Grams at $4 per token – triple the initial coin offering price.
As Cointelegraph also reported in May, encrypted instant messaging service Telegram released a test client for TON, according to an email sent to investors.
NY Court Orders Telegram to Produce ICO Documents Ahead of CEO’s Deposition
District Judge P. Kevin Castel of the New York Southern District Court ordered Telegram to respond by the end of day Friday following a request Thursday by the U.S. Securities and Exchange Commission (SEC).
The SEC said the investment information is necessary ahead of next week’s deposement of three Telegram employees, including founder and CEO Pavel Durov.
“Defendants’ refusal to fully disclose and answer questions about their disposition of the $1.7 billion they raised from investors is deeply troubling”, the SEC’s letter states.
The SEC is scrutinizing how ICO investor money was spent, according to a case filing to the District Court on Thursday. Telegram has refused to hand over ICO allocation records relevant to the “efforts of others”, part of the Howey Test used by the SEC to determine if a financial product is a security.
“The requested bank records are highly relevant to the issues in dispute in this case, including how much money Telegram has spent, and in what manner, in developing the TON Blockchain”, the SEC letter said.
The SEC has asked for the relevant financial records ahead of the deposition, but Telegram has only released credits, and not debits, of its ICO investments to date citing issues with its banking partners.
“This evidence is relevant to the efforts Telegram has made to ensure the viability and profitability of the Grams it sold”, the SEC added.
Telegram was court-ordered to halt the issuance of its gram token in October 2019 following an emergency action and restraining order by the SEC. The regulator said Telegram’s ICO constituted an unregistered securities offering.
The New York court ordered Durov be deposed at a mutually agreed upon location. The deposition is scheduled for Jan. 7–8 in Dubai, United Arab Emirates.
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