Libra (Facebook) and Ton (Telegram) the two crypto projects that will never see the light of day

Libra (Facebook) and Ton (Telegram) the two crypto projects that will never see the light of day

By Roberto D. | CryptoFarm | 15 May 2020


Today a slightly different article than usual to take stock of the situation on Libra and Ton, the two cryptocurrencies of Facebook and Telegram respectively.

Their launch seemed imminent but after more than a year after confirmations and denials, let's see together where these two cryptocurrencies are.

 

Telegram will not ultimately make its cryptocurrency

After years of differences with the SEC, the Wall Street authority, Telegram has given up once and for all on the idea of ​​issuing a cryptocurrency (and yes, it doesn't matter that the project had raised $ 1.2 billion).

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Pavel Durov in a statement explained that Telgram has now arrested any initiative related to TON, which was the acronym for "Telegram Open Network". In the same press release, the CEO of Telegram explained that there are still several sites that pretend to be for him or for his company by promoting the purchase of the ever-born cryptocurrency. These are obviously scams: "don't trust and don't give your data or your money to anyone".

Probably the project died to avoid new troubles with the SEC, after the authority had challenged Telegram about the ways in which it had conducted the pre-ICO of its currency. Durov complains to the SEC that an American authority may have the power to interfere with economic operations outside the U.S. borders.

It seemed that we had to witness the birth of a new season for the sector, made up of centralized digital currencies and issued by mainstream companies. In the end, the hostilities of politics and authorities prevailed: most of these projects have failed or significantly reduced their ambitions.

 

Libra, Facebook's cryptocurrency was half wrecked

Facebook may eventually never issue a real cryptocurrency. The Libra project has been scaled down in an important way, in the hope that this will avoid Facebook problems with governments.

It has been quite a while since Facebook, in June 2019, announced to the world its intention to issue a digital currency called Libra. At the time, legislators from almost every part of the world immediately expressed their hostility to the idea that a private individual could compete with central banks (although obviously the Facebook project was quite different), and the social initiative he had lost most of his partners.

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Almost a year after Facebook's (crypto?) Currency, no trace is seen, and the project seems to be in a stasis apparently without prospects for recovery. In reality, the company is still working on a payment platform, but it will be conceptually very different from a real currency.

Libra should therefore become a new payment system, one with an ambition to help people sell and buy products and services using different types of tokens, all firmly tied to a local currency. The idea is that Libra should be perceived in this way as something more similar to PayPal or Satispay, and not as a competitor of Euro or Dollar. In short, the Libra digital currency would be comparable to the digital dollars / euros that we have in our account on Paypal.

I suspect this round will be better received, but that depends on how the story is told, and the accuracy with which it is told

Dante Disparte, vice chairman and head of public policy of the Libra Association, explained to the NY Times.

 

Considerations

In short, both Ton di Telegram and Libra di Facebook are two failed projects, albeit in a different way:

  • On the one hand, Telegram has completely abandoned the idea of creating its own cryptocurrency.
  • From another Facebook he scaled down his Libra project, moving from a cryptocurrency to a payment platform.

What do you think of these two currencies that will never (apparently) see the light? Did you hope or do you think it's better this way?

Thanks for reading so far and see you soon!

 


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Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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