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Telegram to Launch Its Telegram Open Network (TON) in October

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Telegram

Telegram

Telegram has indicated that the Telegram Open Network (TON) could launch at the end of this month. On Wednesday, in an email to TON investors, the firm indicated that the launch is on track as planned earlier.

TON Could Be Ready by October 16

The CTO of TON Labs, Mitja Goroshevsky, confirmed the information indicating that TON Labs will be responsible for running and managing the validation pool. TON Labs is a startup tasked with the responsibility of creating tools for TON developers. Investors will receive the TON key generation software, and they will have to provide Telegram with a public key for them get their Gram tokens (GRM). GRM is the native token of the platform, and investors will receive this by October 16. The source code for Telegram Open Network is currently available on Github.

Telegram has indicated that it will absolve itself from governance issues as it will not run the network. A message to investors indicates that they will have to select their validators. Neither TON Foundation nor Telegram will act as a validator after the launch of the network.

The launch of the network comes after the successful testing stage. At the beginning of last month, TON released its code, which allowed the community to test full nodes as well as validator nodes then followed by the alpha version of the GRM token wallet.

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TON Developed in Secrecy

The existing agreements between TON and investors require the project to launch before or on October 13. The blockchain raised around $1.7 billion at the beginning of last year, and development has been going secretly. For instance, the CEO of Telegram, Pavel Durov, has never spoken of the existence of the network publicly. The only confirmation about its existence is the registration with the US SEC of the SAFT, which features the name of the firm Telegram Group Inc., the CEO, and his brother Nikolai Durov, who is the chief architect of TON.

Last week, Telegram indicated that it is running a coding competition for the development of smart contracts using tools provided in the TON network.

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Telegram Releases Eagerly Awaited Update on Future of TON

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Telegram

Telegram

Messenger app Telegram has released a long-awaited update on the future of its TON blockchain and its native Gram tokens, clarifying certain aspects of the project as it remains embroiled in a lawsuit by the US Securities and Exchange Commission as to whether two ICOs conducted in 2018 should have been registered with the commission.

Telegram messenger is an immensely popular platform in the world of crypto, central to the discourse on the topic, and has been working on developing its own blockchain since 2017. Multiple rumors have been spreading regarding the project, and while Telegram has remained very tightlipped due to that pending SEC suit, the company issued a public notice on January 6 to address these rumors.

Grams are Not Available for Sale Yet

The first such misconception addressed by Telegram is that Grams, the native token to the TON blockchain, are not for sale and technically do not even exist yet, despite several websites claiming they are official Gram resellers. Telegram has noted that it is not affiliated with any of these vendors and states that the TON blockchain remains in beta testing. In August, it was reported that a secondary market for Gram tokens had sprung up and was seeing returns in excess of 400%, despite Telegram claiming that any resold tokens would be canceled.

TON Blockchain Will Be Decentralised

Telegram has said that it will likely never develop any applications or features for the TON blockchain itself. “Rather, it is Telegram’s goal and hope that the decentralized community of third-party developers and others will contribute to the TON ecosystem through the development of applications and smart contracts,” read Monday’s statement. The messenger service went on to add that TON will always be open source and publicly viewable, meaning it will have no control over the blockchain.

TON Wallet Will Not Be Integrated into Telegram App

Lastly, the Telegram team said that its TON Wallet Application will be released on a standalone basis and will not be integrated into the messenger app. The TON Wallet is intended to compete with other crypto wallet services, but the company did not rule out integration at some point in the future to the extent that the law and regulators would allow.

The SEC Suit

The update from Telegram appears as though it is intended to provide further clarity to several misconceptions that have arisen around the project in light of the SEC lawsuit. Between January and March 2018, the company raised in excess of $1.7 billion USD from 171 investors to fund the development of the blockchain; however, the SEC claims that this fundraising constituted an ICO on Gram tokens and should have been registered with the commission.

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No solid launch date has been set for the release of TON after the injunction prevented the release of Grams until April at the latest. The SEC suit will continue with two further hearings scheduled for February 18 and 19.

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Telegram Developers Jump to TON’s Defense in SEC Case

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Telegram

Telegram

A group of Telegram Open Network (TON) developers, calling themselves “The TON Community Foundation,” have submitted a court document criticizing the SEC’s prosecution of the project.

The former messaging app turned blockchain developer has been embroiled in a long-running suit with the United States Securities and Exchanges Commission, which alleges that US$1.7 billion raised from the sale of ‘Gram’ tokens between January and March 2018 should have been registered with the authority because the tokens constitute a security. Telegram has consistently denied the accusations and has recently been backed up by the community of international developers building the blockchain on which the digital coin will be based.

The TON Community Foundation, a non-profit body collectively representing Telegram’s developers, has submitted an amicus curia, which is a court filing that offers expertise or insight into a given case on behalf of an entity that is not formally part of the case. The filing states that the foundation was established to represent a “professional community of active participants in the TON project in whose interest it is to see the TON blockchain mainnet launched as soon as possible.”

The foundation is split into 20 teams of “independent specialists” who collectively make up over 2,000 computer scientists, engineers, programmers, and entrepreneurs based in China, Russia, and Spain, among other countries. The group argues that the lawsuit against Telegram is part of a broader effort by the SEC to place the crypto industry under an “innovation-suffocating regime,” and that particular arguments made by the SEC’s blockchain expert, Professor Maurice Herlihy, are “unrealistic standards of pre-launch performance, security, and maturity.”

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The group of developers has countered the SEC’s concerns over the security capabilities of Telegram’s blockchain by saying TON is fully operational, has “state-of-the-art prelaunch security” and a developed suite of services. They say that, in its current state, TON would be ready for launch as a mainnet in a “matter of seconds.”

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Telegram to Delay the Launch of TON Due to SEC Meeting

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Telegram

Telegram

Over the past few years, Telegram has become an important part of the crypto ecosystem due to its use as a communication platform for traders as well as market enthusiasts. Hence, it did not come as a complete surprise when the encrypted messaging service platform announced the launch of its own blockchain, the Telegram Open Network (TON).

Major Details

However, it seems to have run into issues with the all-powerful Securities and Exchange Commission. In a new development, the company told its investors that the date of the launch is going to be pushed back from the initial deadline of late October this year.

The company has now stated that the deadline for the launch has been deferred to April 30, 2020. The problem lies in the fact that the SEC has deemed its coin offering worth $1.7 billion to be illegal, and that has put the company’s project into disarray. The tokens for the TON blockchain, named GRM, were sold to qualified investors in two separate rounds, and the sum raised would have helped Telegram in further developing the platform.

The company abided by the SEC rule to sell it to qualified investors only, but since the same investors can actually sell the tokens before the launch, the regulatory body has deemed the whole thing illegal.

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More importantly, the SEC has classified GRM as a security, and hence, the whole thing is entirely under its purview at this point in time. Telegram would now need a vote from investors in order to extend the date of the launch, and it remains to be seen how the whole thing pans out. Telegram spoke about the purchase agreements as well in its press release.

The company stated, “In these circumstances, we propose to make certain limited amendments to the terms of the purchase agreements that remain in place to reflect the fact that fewer Grams will be issued and in circulation on the Network Launch Date.”

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