Is Telegram’s Cryptocurrency the Long-Awaited Ethereum Killer?

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With just over a month left until the TON blockchain officially launches, Telegram’s debut cryptocurrency project is shaping up to be one of Ethereum’s biggest threats to date.

Numerous would-be assassins have lined up to close out the contract on the world’s largest blockchain platform in recent years – all with little success.

But with Ethereum compatibility already in advanced testing on TON, could Telegram’s 300 million-strong userbase prove a more enticing draw for blockchain developers?

The whitepaper for the Telegram Open Network (TON) wastes no time in declaring its intentions to muscle in on Ethereum’s turf.

From the introduction (emphasis added):

“We aim for [TON] to be able to host all reasonable applications currently proposed and conceived. One might think about TON as a huge distributed supercomputer, or rather a huge superserver.”

Similar language peppers the whitepapers of thousands of blockchain projects, particularly those aiming to host applications and run smart contracts. TON aims to do both, and its soon-to-be-released Solidity compiler means those apps and contracts will be interoperable with Ethereum.

Yet even compatibility with Ethereum has become a common feature of major blockchain platforms in recent years, so what can Telegram offer that others can’t?

The whitepaper claims TON will be able to handle “millions of transactions per second.” It aims to do this by using a “blockchain of blockchains.”

Up front is a masterchain, accompanied by a series of workchains which will number no more than 4,294,967,296. These workchains are then divided up into 1,152,921,504,606,847,000 shardchains – all of this in an attempt to provide the scalability needed to serve Telegram’s users.

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