Telegram abandons its TON blockchain platform • TechCrunch

Messaging service Telegram mentioned on Tuesday it’s abandoning its blockchain platform Telegram Open Network (TON) after a prolonged battle with the U.S. Securities and Alternate Fee (SEC).

“At the moment is a tragic day for us right here at Telegram. We’re asserting the discontinuation of our blockchain undertaking,” wrote Pavel Durov, the founder and chief government of Telegram, on his channel.

A U.S. courtroom made it inconceivable for the messaging service, used by more than 400 million users, to proceed improvement of Telegram Open Community, he wrote in a weblog publish.

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

“Then a choose comes and says: ‘These individuals invested within the gold mine as a result of they had been searching for earnings. And so they 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 choose used this reasoning to rule that individuals shouldn’t be allowed to purchase or promote Grams like they’ll purchase or promote Bitcoins,” he added.

At the moment’s announcement comes as a shock, as simply final month Telegram had assured those who it will launch TON by April 2021 and provided traders a refund of $1.2 billion, a big a part of their funding, or 110% in a yr after the supposed launch of TON.

Durov famous as we speak that the U.S. courtroom declared that Grams couldn’t be distributed even exterior of the USA, as U.S. residents would have discovered workarounds to entry the TON platform.

“Sadly, the US choose is correct about one factor: we, the individuals exterior the US, can vote for our presidents and elect our parliaments, however we’re nonetheless depending on the USA in relation to finance and expertise,” he added.

In late March, U.S. District Choose Kevin Castel of Manhattan issued a preliminary injunction in favor of the go well with by the Securities and Alternate Fee to bar the launch of TON blockchain platform.

Telegram first floated the concept of TON blockchain and its cryptocurrency to traders in 2017. Benchmark and Lightspeed Capital, in addition to a number of Russian traders, put up $1.7 billion in alternate for the promise of future Grams.

“I wish to conclude this publish by wishing luck to all these striving for decentralization, stability and equality on this planet. You might be combating the appropriate battle. This battle could be crucial battle of our technology. We hope that you simply succeed the place we have now failed,” wrote Durov, cautioning individuals to avoid impartial variations of TON constructed by third-party entities.

“So watch out, and don’t let anybody mislead you.”

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