Telegram Abandons TON Blockchain Platform Following Adverse Court Ruling

Telegram Abandons TON Blockchain Platform Following Adverse Court Ruling
Telegram LLC, the corporate behind the eponymous instantaneous messaging app that claims to have greater than 400 million customers globally, has introduced that it’s abandoning its proposed blockchain community, TON, after a US courtroom final month ordered the corporate to chorus from issuing its ‘Gram’ cryptocurrency subsequent month as deliberate. The order was issued after the US Securities and Exchange Commission (SEC) filed for an injunction, asking the courtroom to cease Telegram from issuing any cryptocurrency tokens.

Announcing the choice to close down its blockchain operations for good, Pavel Durov, the co-founder of Telegram, mentioned: “Today is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project. Telegram’s active involvement with TON is over”. He added that whereas TON-based networks may nonetheless be launched by third-party builders, they won’t be formally affiliated with Telegram and can doubtless not obtain assist from the corporate both.

Citing the latest courtroom ruling as the rationale behind the corporate’s choice to drag the shutters down on its blockchain undertaking, Durov claimed that TON (Telegram Open Network) would have shared the rules of decentralization pioneered by Bitcoin and Ethereum, however would have been vastly superior to each when it comes to pace and scalability.

Telegram initially introduced plans to launch its personal blockchain platform again in 2017, with the promise of free crypto wallets for all Telegram customers. The firm initially deliberate launch a public ICO (Initial Coin Offering) in 2018, however scrapped these plans after elevating round $1.7 billion by way of two personal rounds of funding.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.