Pavel Durov on the completion of the blockchain platform development project and the Gram cryptocurrency due to the inability to work under the restrictive measures imposed by the US Securities and Exchange Commission (SEC). Telegram's participation in the development of TON has been completely terminated. Since the TON code is open, independent networks based on TON are expected to appear, but, according to Durov, they should be treated with caution, they are not connected in any way with Telegram and none of the members of the Telegram team takes part in them. Durov does not recommend trusting his money and data to such projects, especially if they manipulate his name and the Telegram brand.
A few days ago, interested users were project , which set itself the goal of continuing to develop , maintaining the infrastructure and creating services based on it. The project will be developed by the Free TON Community, which companies have joined , Dokia Capital and Bitscale Capital, as well as Kuna and CEX.IO cryptocurrency exchanges. The project participants will be given TON Crystal tokens for free (the Gram cryptocurrency will not be used): 85% of the tokens will be distributed for attracting new participants by users, 10% will be distributed to developers and 5% to validators.
Recall that more than $1.7 billion of investment was attracted to create the TON blockchain platform, but the US Securities Commission considered the sale of Gram digital tokens illegal, since all units of the Gram cryptocurrency were issued at once and distributed among investors and the stabilization fund, and not formed during mining. The Commission argues that under such an organization, Gram is subject to existing securities laws, and the issuance of Gram required mandatory registration with the relevant regulatory authorities. It was pointed out that Telegram sought to benefit from a public offering without complying with established disclosure rules aimed at protecting investors - securities do not cease to be such just because they are presented under the guise of cryptocurrency or digital tokens.
Of the funds invested by investors for the development of the platform, 28% have already been spent, but Telegram return to American investors 72% of the invested amount. Investors from other countries, in addition to a return of 72%, were offered the option of providing funds on credit with a return of 110% next year. Some investors intend to form a pool to file a lawsuit against Durov, since, in their opinion, not all opportunities to resolve the situation have been used.
At the same time, TON is only a technological platform for deploying the Gram cryptocurrency, but is not limited to it and can be used to create other services and cryptocurrencies that can be dramatically faster than Bitcoin and Ethereum in terms of transaction confirmation speed (millions of transactions per second instead of tens). TON can be considered as a distributed superserver designed to host and provide various services based on the blockchain and smart contracts. Smart contracts are created in the Fift language developed for TON and executed on the blockchain using a special TVM virtual machine.
From the clients, a P2P network is formed, which is used to access the TON Blockchain and the operation of arbitrary distributed services, including those not related to the blockchain. Descriptions of the service interface and entry point are published on the blockchain, and service-providing nodes are identified through a distributed hash table. TON components include TON Blockchain, P2P network, distributed file storage, proxy anonymizer, distributed hash table, platform for creating arbitrary services (similar to sites and web applications), domain name system, micropayment platform and TON External Secure ID (Telegram Passport).
Source: opennet.ru