Telegram’s work with the TON blockchain officially finished after the CEO of Telegram Pavel Durov announced the stopping of active involvement with the blockchain. As per the blockchain news, we read more about the decision.
“I am writing this post to officially announce that Telegram’s active involvement with TON is over.”
The news came right after the independent group of developers decided to start a hard-fork from the Telegram version of the TON blockchain. The newly created Free TON market independence a few days ago which was completed with its own Declaration of Decentralization. However, in a post from a few days ago, Durov questioned the ability to bring decentralization a heavily centralized world:
“We are in a vicious circle: you can’t bring more balance to an overly centralized world exactly because it’s so centralized. We did try though.”
Telegram’s work and decision to stop all cooperation with the TON blockchain comes right after the long legal battle with the US Courts. The plans to integrate the TON blockchain were stalled from the outset once the court decided that the GRAMS tokens were security tokens which could eventually be sold in the US or anywhere in the world. Durov made no comment on how this will affect the ongoing battle with the US Regulators. Durov believes the case will be dropped completely since Telegram already offered to refund the investors 72% of the original investments.
The US Court decided to put an end to the case by preventing Telegram to distribute the tokens to its ICO participants. The Crypto ICO about the gram tokens happened in 2018 right after the SEC made it clear that any ICOs will have to get registered with the SEC.
Telegram offered to pay investors 110% of the investments by April 30 next year if they keep their funds locked with the company for the time being. The Telegram CEO commented on the US government’s ability to wield the power which will affect the lives of the people all across the world. Despite the anger that Durov has, the rigidity of the legal system left the door open for the future generations of entrepreneurs that will eventually take up the fight as Durov commented:
“We’re leaving it to the next generations of entrepreneurs and developers to pick up the banner and learn from our mistakes.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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