Telegram sent a new letter to its investors, in which it says that the launch of the TON blockchain is postponed for six months. The launch deadline is now set for April 30, 2020. Investors can exit the project by taking 77% of their investments.
In the letter, the company refers to a proceeding with the US Securities and Exchange Commission (SEC), which considered Gram tokens to be unregistered securities. The regulator managed to achieve a time limit on their sale and use, which interferes with Telegram's plans.
The American regulator dealt an unexpected blow to the upcoming TON blockchain, accusing Telegram of unregistered sale of tokens a year and a half after the ICO.
The U.S. government seems to consider corporate cryptocurrencies more dangerous than public blockchains. Until now, all the claims of regulators and politicians have been streaming on Facebook for the Libra project, and a similar development by Telegram, which began selling $ 1.7 billion in tokens in January and March 2018, has remained in the background. However, this silence was deceiving.
Telegram introduced the first edition of the rules for using the "Gram" cryptocurrency wallet, which was developed by the company to store the tokens of the same name.
The rules say that the Gram wallet is provided by Telegram FZ-LLC and will be built into the Telegram messenger, and is also available as a separate application. One of the main points in the rules is the age limit - only people over 18 years old can use the wallet. In addition, only citizens of countries in which it is not prohibited by law can use the Gram.
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According to one of the project's investors, on September 1, Telegram plans to begin a public test of its blockchain - TON (Telegram open network).
During the public test, the TON network node code and instructions for installing it should appear in the public domain. Sharding (the process of breaking transactions into separate pieces to ensure scaling) and consensus (a mechanism for confirming new blocks in the blockchain) should also be available, which will allow testing the entire blockchain.
Telegram Company informed in a letter to investors that it plans to launch its project Telegram Open Network (TON) in the 3rd quarter of this year.
Representatives of Telegram said in their letter to investors that the network is being tested successfully: the test blockchain works fine, and the consensus algorithm is consistent with the goals stated in the Whitepaper of the project.
Today Telegram has provided access to a test version of the TON network to a limited number of professional teams.
It seems that the cryptocurrency community will see the finished version of the TON network in the near future. At least the "Vedomosti" Russian news agency reported this, citing information from two sources.
Yesterday, the network did not receive officially confirmed information that was allegedly provided by one of the investors in the Telegram Open Network project (TON). Sources claim that the submitted document contains actual data on the readiness of the project.
At the very beginning of the document, the approximate start-up period for the finished network TON is indicated - March of the current year. Previously it was assumed that the launch will take place at the end of January, however, expectations did not materialize due to the fact that "the company took more time to create additional algorithms."
Taking advantage of the fact of a whole flurry of information about the potentially multi-billion dollar ICO of the popular Telegram messenger, a fake website has appeared that tried to attract potential investors. The site (https://telegramfoundation.org/), which is allegedly organized by the Telegram Foundation, offered to invest funds for what it called a "public ICO" of the Telegram (TON). However, it is known that the real TON pre-sale was mostly held behind closed doors, and the only public information related to the proposal in Form D, which was filed with the US Securities and Exchange Commission (SEC).
Telegram Open Network may refuse to hold a public ICO. The company is ready to conduct a closed sale of tokens among a small number of investors and attracted the "iTechCapital" and "Da Vinci Capital" funds for their search. The public ICO (initial coin offering - the initial placement of coins of cryptocurrency or tokens that give their owners certain rights) of the project of the Telegram Open Network (TON) by Pavel Durov, which was expected in March, may not take place. The company is ready to confine itself to two closed investment rounds among qualified investors, and to allocate a part of the tokens to the development team of TON. This follows from two presentations for potential investors. These are materials in which on behalf of venture funds "iTechCapital" and "Da Vinci Capital" investors are invited to participate in the ongoing second round of the closed sale of TON tokens. Three investors confirmed their authenticity.
Telegram sent invitations to investors for the second round of a closed pre-sale of TON tokens. Despite the fact that the exact amount is not disclosed, according to some information this time the campaign organizers expect to collect an amount that is not inferior to the amount collected at the first stage of the placement, namely 850 million dollars. As a result, even before the start of public sales, which was planned on March, Telegram can attract $ 1.7 billion of investments for the implementation of its project - the Telegram Open Network (TON) platform.
According to information from indirect sources, the acceptance of applications for participation in the preliminary primary location of the tokens of the TON blockchain-platform has been completed, with an amount exceeding the fees of all ICOs during 2017. The team of Telegram and the founder of the company Pavev Durov still remain silent, however, without denying the very fact of preparing for the ICO and the reliability of information in the media.
Rumors about the launch of the Pavel Durov's company the cryptocurrency based on the Telegram messenger began to appear in early December. On December 21, a message appeared on Facebook of Anton Rosenberg, a former employee of Vkontakte and Telegram that the messenger team plans to start an ICO project called TON (Telegram Open Network) and release its own cryptocurrency Gram, which will be built into the messenger. At the same time, there was an ad on YouTube, though it did not reveal any specific details.
The creator of VKontakte and Telegram Pavel Durov is preparing to release his own cryptocurrency under the name Gram, said a former employee of VKontakte and subordinate Durov Anton Rosenberg. He believes that in this way Durov will begin to monetize the messenger "Telegram" and provide Asian countries with a digital payment system.The new project will be called TON (Telegram Open Network) - there is already the first promo in the style of "Star Wars". The platform will be integrated with many of the most popular messaging applications (not yet determined which ones). TON will use the so-called "light wallets", and its currency is called Gram.