March 1, 2021

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Telegram proprietor Durov declares discontinuation of blockchain challenge TON | Know-how Information

Telegram owner Durov announces discontinuation of blockchain project TON

Pavel Durov, the founder and chief government of Messaging service Telegram, introduced on Tuesday (Might 13) that the corporate is abandoning its blockchain platform Telegram Open Community (TON) after an extended authorized battle with the US Securities and Alternate Fee (SEC).

“Immediately is a tragic day for us right here at Telegram . We’re saying the discontinuation of our blockchain challenge,” Durov wrote in a weblog publish.

He added {that a} court docket made it unimaginable for Telegram, utilized by greater than 400 million customers, to proceed improvement of Telegram Open Community (TON).

“How? Think about that a number of individuals put their cash collectively to construct a gold mine – and to later cut up the gold that comes out of it,” he wrote.

“Then a decide comes and says: ‘These individuals invested within the gold mine as a result of they have been searching for income. They usually didn’t need that gold for themselves, they needed to promote it to different individuals. Due to this, they aren’t allowed to get the gold.’”

“If this doesn’t make sense to you, you aren’t alone – however that is precisely what occurred with TON (the mine) and Grams (the gold). A decide used this reasoning to rule that folks shouldn’t be allowed to purchase or promote Grams like they’ll purchase or promote Bitcoins,” he added.

Durov’s announcement left everybody shocked as a result of simply in April Telegram had assured people who it could launch TON by April 2021 and supplied buyers a refund of $1.2 billion.

In line with Durov, the court docket additionally dominated out that Grams couldn’t be distributed even outdoors of the US, as US residents would have discovered workarounds to entry the TON platform.

“Sadly, the US decide is true about one factor: we, the individuals outdoors the US, can vote for our presidents and elect our parliaments, however we’re nonetheless depending on the USA in terms of finance and expertise,” he added.

“Maybe much more paradoxically, the US court docket declared that Grams could not be distributed not solely in the USA, however globally. Why? As a result of, it mentioned, a US citizen may discover a way of accessing the TON platform after it launched. So, to forestall this, Grams shouldn’t be allowed to be distributed wherever on this planet – even when each different nation on the planet gave the impression to be completely effective with TON,” famous Durov.

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