Telegram, the messaging app company currently facing a legal fight with the U.S. Securities and Exchange Commission over its $1.7 billion token sale, revealed more details about the technical specifications underpinning its TON blockchain Wednesday.
A new white paper details the block validation process for its blockchain, describing it as a Byzantine Fault Tolerant protocol custom-built for proof-of-stake networks. The company was sued by the SEC last year on allegations it sold unregistered securities during the pre-sale of its upcoming gram tokens, the native cryptocurrency for TON. However, this litigation does not appear to be halting any development on the TON platform.
Developers, led by the TON Labs startup, have been kicking the testnet's tires since last spring. The new consensus protocol white paper will give these individuals “a formalized understanding of what they’ve been testing,” TON Labs’ Mitja Goroshevsky told CoinDesk.
“Consensus protocol is a central part of any blockchain and it needs to be described for the further analysis of the blockchain and its code,” Goroshevsky said.
The paper was previously planned for release in October, when the network was originally scheduled to go live, until the SEC's litigation disrupted the process.
“The protocol hasn’t changed since then,” he said. Read More...