Telegram Discontinues its Cryptocurrency TON After 2 Years of Development - Newslibre

Telegram Discontinues its Cryptocurrency TON After 2 Years of Development

Over the last 2 and half years, Telegram has been working on a next-generation blockchain platform called TON and a cryptocurrency they were going to name Gram. TON was designed to share the principles of decentralization pioneered by Bitcoin and Ethereum, but to be vastly superior to them in speed and scalability.

Telegram Discontinues TON

Telegram was happy with the technology they had created which allowed for an open, free, decentralized exchange of value and ideas. When integrated with Telegram, TON had the potential to revolutionize how people store and transfer funds and information.

Unfortunately, a US court stopped TON from happening. In his announced, the judge said that “Many people invested in the gold mine because they were looking for profits. And they didn’t want that gold for themselves, they wanted to sell it to other people. Because of this, you are not allowed to give them the gold.”

Telegram Discontinues its Cryptocurrency TON After 2 Years of Development - Newslibre
Telegram believed that their cryptocurrency would have made it easy for users around the world to carry out trade and transfer funds. (Image Credit: Bitcoin Exchange Guide)

The US court declared that Grams couldn’t be distributed not only in the United States, but globally. According to the court, a US citizen might find some way of accessing the TON platform after it launched. So, to prevent this, Grams shouldn’t be allowed to be distributed anywhere in the world – even if every other country on the planet seemed to be perfectly fine with TON.

Because the US can use its control over the dollar and the global financial system to shut down any bank or bank account in the world. It can use its control over Apple and Google to remove apps from the App Store and Google Play. This is because of this reason that Telegram has decided to shut down it’s TON project in order to protect the interest of the Telegram the main project.

Telegram Discontinues its Cryptocurrency TON After 2 Years of Development - Newslibre
Telegram CEO Pavel Durov has expressed his dismay at how US Court handled the situation with TON. (Image Credit: Russia Beyond)

“I am writing this post to officially announce that Telegram’s active involvement with TON is over. You may see – or may have already seen – sites using my name or the Telegram brand or the “TON” abbreviation to promote their projects. Don’t trust them with your money or data. No present or past member of our team is involved with any of these projects. While networks based on the technology we built for TON may appear, we won’t have any affiliation with them and are unlikely to ever support them in any way. So be careful, and don’t let anyone mislead you.” Says Pavel Davon Telegram Founder.

Also read: Telegram Users Rise Up to 400 Million

 

Telegram Discontinues its Cryptocurrency TON After 2 Years of Development 1

Author: Moses Echodu

Moses is a freelance writer for Newslibre and Programs Manager at the Craft Silicon Foundation. He loves writing about sports, politics and news around the globe and Inspiring new young people!!

Leave a Reply

Your email address will not be published. Required fields are marked *