Durov announced the termination of work on the TON blockchain project

Durov announced the termination of work on the TON blockchain project

By Kluma | InterestingCrypto | 12 May 2020

The head of Telegram Open Network told about the reasons for closing the project and urged not to invest in other startups using the Telegram name for promotion

Pavel Durov, the head of the telegram Open Network blockchain platform, announced the termination of work on it, as he wrote in his official blog. The main reason for closing the project, the businessman called the decisions of the American court.

"Unfortunately, the U.S. Supreme court stopped a TON. How? Imagine that a few people raised their money to build a gold mine, and then split the gold it would yield. Then the judge comes and says: "These people have invested money in a gold mine, because they were looking for a profit. And they didn't want this gold for themselves, they wanted to sell it to other people. For this reason, they can not get this gold, " Durov wrote.

According to him, the court's decision is paradoxical. It banned the distribution of the Gram cryptocurrency not only in the United States, but also around the world, because a US citizen can find some way to access the TON platform after its launch.

"The court decision implies that other countries do not have the sovereignty to decide what is good and what is bad for their own citizens. If the United States suddenly decided to ban coffee and demanded to close coffee shops in Italy, because some American might come there — we doubt that anyone would agree to this. And yet, despite this, we made a difficult decision not to continue working with TON, " Durov said.

He stressed that his team is not related to other projects that use the name Telegram or TON for promotion. Durov urged not to trust personal data and money to such projects, although they can use the initial technology of the platform.

"I am writing this post to officially announce that Telegram's active participation in TON is over. You can find — or perhaps have already seen-sites that use my name, the Telegram brand, or the acronym " TON " to promote their projects. Don't trust them with your money or data. None of the present or former members of our team is involved in any of these projects. Although networks based on the technology we created for TON may appear, we will have nothing to do with them and are unlikely to ever support them," Durov concluded.

On may 7, an alternative version of the main Telegram Open Network called Free TON was launched. The launch was organized by independent developers, major validators, and other participants, but without Pavel Durov.

Earlier, on April 30, one of the investors, QIWI founder Sergey Solonin, called the telegram blockchain project partly a failure. But at the same time, he expressed hope that the TON platform will be launched in the next year without the participation of us investors.

"The TON project is a failure, in a sense. Because the plan didn't work out. Therefore, there is certainly a failure here. What they offered to investors — I believe that this is an adequate offer. I am glad that this happened, " Solonin said.

On April 1, Federal judge of the southern district of new York, Kevin Castel, rejected Telegram's request to clarify the possibility of distributing Gram tokens to bypass American investors. Simply put, the court once again confirmed its ban on issuing a new cryptocurrency. Castel stressed that the security was not an agreement to buy an altcoin or the coin itself, but the entire scheme, including the company's activities and investors ' expectations of selling the asset on the secondary market.


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