THELOGICALINDIAN - Popular messaging app Telegram has shut bottomward its TON cryptocurrency activity Telegram architect Pavel Durov explains that a US cloister has chock-full his TON activity and prevented the gram cryptocurrency from actuality broadcast to investors not aloof in the US but globally
Telegram Discontinues TON Blockchain and Cryptocurrency Project
Telegram architect and CEO Pavel Durov appear on Tuesday his accommodation apropos the Telegram Open Network (TON) and cryptocurrency activity afterwards a continued action with the U.S. Securities and Exchange Commission (SEC). “Today is a sad day for us actuality at Telegram. We are announcement the cessation of our blockchain activity … I am autograph this column to clearly advertise that Telegram’s alive captivation with TON is over,” the messaging app’s architect wrote, adding:
According to the judge, “a US aborigine ability acquisition some way of accessing the TON belvedere afterwards it launched. So, to anticipate this, grams shouldn’t be accustomed to be broadcast anywhere in the apple – alike if every added country on the planet seemed to be altogether accomplished with TON,” Durov conveyed.
Because of the U.S. court’s finding, “we accept fabricated the difficult accommodation not to advance with TON,” Durov accepted but acclaimed that this accommodation could change in the future. “Sadly, the US adjudicator is appropriate about one affair … we are still abased on the United States back it comes to accounts and technology.”
TON Crypto Project and Durov’s Warnings
Durov explained that over the accomplished two and a bisected years, his aggregation has been alive on “a next-generation blockchain belvedere alleged TON and a cryptocurrency we were activity to name gram,” elaborating:
The TON crypto activity aloft about $1.7 billion from investors in 2018 in an antecedent bread alms (ICO). However, the SEC apoplectic the auction in October 2019 claiming that the gram tokens were unregistered securities. In March, a U.S. adjudicator affirmed the SEC accommodation and disqualified that the gram cryptocurrency could not be broadcast both in the U.S. and globally. Telegram again offered to pay investors aback in two ways but U.S. investors alone accept the advantage of demography 72% refunds.
The TON developers affirmation that their blockchain would be faster and added able than the Bitcoin and Ethereum blockchains. According to Durov, “existing networks such as the Bitcoin and Ethereum blockchains do not accept the adequacy to alter high-volume transaction mechanisms like acclaim cards and authorization currency,” a cloister certificate reads.
Durov warned that some sites may be application his name, the Telegram brand, the name TON or gram cryptocurrency to advance their own projects. “Don’t assurance them with your money or data,” he emphasized, abacus that no one from his aggregation is complex in any of them. “While networks based on the technology we congenital for TON may appear, we won’t accept any amalgamation with them and are absurd to anytime abutment them in any way. So be careful, and don’t let anyone mislead you,” he cautioned. In conclusion, Durov wrote: “I appetite to achieve this column by adulatory luck to all those appetite for decentralization, antithesis and adequation in the apple … This action may able-bodied be the best important action of our generation. We achievement that you accomplish area we accept failed.”
What do you anticipate about the TON crypto activity shutting bottomward due to the U.S. acknowledged system? Let us apperceive in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, BBC
