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Telegram Is No Longer Working With TON - Binaryx

Telegram Is No Longer Working With TON

The ambitious plans of Pavel Durov, Telegram’s CEO, failed. He abandoned the further development and integration of the TON blockchain into the Telegram ecosystem. This became known on May 12, 2020, after the publication by Durov of a message in Telegra.ph.

“I officially declare that Telegram stops working with TON.”

Almost 2.5 years the Telegram development team spent on developing the TON blockchain project. It was assumed that the platform will perform the functions of a payment system with its own GRAMS cryptocurrency, provide data storage, and exchange of messages between users.

The key advantage of this blockchain platform was to be decentralized. But Durov admitted that it is almost impossible to develop a fully independent platform in the current environment.

“Now the world is completely centralized. This is a vicious cycle. At least we tried to make adjustments to the existing infrastructure.”

Battles surrounding TON implementation

The project of introducing the TON blockchain into the Telegram system initially provoked resistance from the US authorities. The idea of ​​creating a centralized platform with its own cryptocurrency was accepted not only with hostility, but also provoked the opening of legal proceedings against Pavel Durov. This is directly related to US policy, which is critical of cryptocurrency and in every possible way prohibits its implementation.

Now the question remains open of compensation for losses of investors who invested in the development of the project. Pavel Durov managed to remove the degree of tension around this topic, indicating that 72% of their initial investments will be returned to the participants of the project team. For investors who will not yet withdraw funds from Telegram, Pavel Durov with the senior staff of the messenger offers to return 110% of their investments. All promised payments must be made before April 30, 2021.

Pavel Durov does not hide his criticism regarding the actions of the US government, which are aimed at restricting the rights of citizens regarding the choice of the financial system. However, he has the hope that the next generation of entrepreneurs will be able to break this paradigm.

“In the future, developers should use our experience and the lessons we learned from mistakes.”

Thus, whether someone can continue the project and realize his ambitious ideas of Pavel Durov remains a matter of time.