Telegram Open Network development

TON smart contracts
Up to date, the blockchain project TON by the Telegram owner Pavel Durov has been 75% complete. Moreover, the most crucial part of this project – TVM – lacks just a few per cent to be one hundred per cent complete. Many people are definitely looking forward to this. Although most readers of this article understand what we are talking about, our task is to explain everyone what it is all about. Therefore, especially for you:

A brief glossary on the TON universe.

1. Cryptocurrency ("electronic cash") is a type of digital currency, which is controlled using cryptographic methods.

2. ICO (Initial Coin Offering) is an electronic analogue of IPO. During a kind of crowdfunding, investors can purchase personal cryptocurrency Gram for the hard cash.

3. Blockchain is a continuous sequence of information blocks, with each of them containing a part of the necessary data. The most important fact is that each block is linked to its "neighbours" by a certain data amount.

4. Smart contract is a kind of an algorithm. It is developed to provide electronic transactions with cryptocurrency. It's a fundamental blockchain technology tool for carrying out ICOs.5. TVM (TON Virtual Machine) is a smart contract mechanismAnd now, first things first.

TON blockchain
TON is the perfect basis for performing smart contracts and selling contract developing services.
Pavel Durov, the founder of Telegram messenger, initially planned to introduce TON platform to provide the utmost security to his creation from governmental blocking and censorship. The reason is that Darknet platform Telegram is regularly blocked after being accused of carrying out transactions with drugs and weapons. Once, it has even been accused of preparing terrorist attacks inside the platform.

While developing a new platform, Durov had a brilliant idea that Telegram can also be used as a platform for ICO. Thus, he invented his own cryptocurrency – Gram. A new project TON is a blockchain project. TON is the perfect basis for performing smart contracts and selling contract developing services. Any smart contract is the full-cycle support for commercial transactions in the crypto business field. Such a smart contract monitors compliance with all the contract conditions. Here, blockchain technology is required, since it is that very technology that provides a contract with the total protection from any external interference. At the same time, the technology contains a Transaction Block that includes all transactions within a certain contract.

Smart contract

At present, TON blockchain technologies among other things include TON Virtual Machine (TVM) – a smart contract mechanism that has already been developed and tested. Among its advantages for performing any transactions is the total automation. Advantages:

  • Trustworthiness of a business solution. Computers never lie.
  • No costs and other expenses for performing and processing a transaction.·
  • Data storage and enlargement in information blocks.
  • From cover to cover transaction security.
  • Reliability. The smart contract automation eliminates the risk of a counterparty bankruptcy.

According to experts, development of smart contracts and other ICO tools in 2019 is very likely to become the most important realization of the TON-implemented blockchain technology.