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Chinese TON community launches abandoned Telegram project

Posted on October 24, 2022 by admin

Chinese TON community launches abandoned Telegram project

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Answer Chinese TON community launches abandoned Telegram project

The Telegram project “TON” and its encrypted digital currency “GRAM” previously discussed their details on the Arab Bitcoin website and how the founder of the project decided to abandon it after pressure from the US court.

But the “TON” blockchain of the Telegram project is published on the Internet in an open source, which makes it possible for many parties and communities to launch their projects on it with different names.

The Chinese community group announced to TON today that it will launch its own version of the blockchain, just two and a half weeks after Telegram abandoned its ambitious project.

The Chinese community wrote for “TON” in statement Yesterday it says:

Read:Coinbase E-Commerce announces support for the use of the digital currency “Dogecoin” as a payment method

For the first phase, we plan to start testing the TON blockchain and recruit more nodes and developers to join and test the network.

For information, Telegram has developed the “TON” network since 2018, and the founder of the project, Paval Derov, himself, the co-founder of Telegram, imagined that the project would provide the means and the ability to send digital currencies within the Telegram program, whose number of users recently reached 400 million monthly active users.

The project was expected to launch in October 2019, but Telegram agreed to delay the launch until it reached a settlement with the SEC, which claimed that Telegram’s $1.7 billion ICO was illegal.

The lawsuit dragged on for several months and eventually Telegram had to cancel the project and return the money to the investors.

The Chinese project to launch TON is one among many trying to keep the magic of Telegram alive.

As there are many projects that want to benefit from the open source “TON” blockchain, including Free TON and NewTON,

Tell Mitja Goroshevsky, co-founder of TON Labs and a former TON developer now working on Free TON, said he does not feel threatened by the Chinese initiative, and said there are benefits from it.

Read:Study: 98% of hedge fund CFOs expect them to invest in cryptocurrency by 2026

He explained that the success of the TON project led by the Chinese community will be based on merit.

Mr. Goroshevsky added:

The technology is open to everyone and anyone can launch it.

This is very easy, the other things are the hardest to do, like users’ decision to dig deeper into the technology.

The Chinese group may wish to move forward.

The free TON service launched on May 7 and Goroshevsky expects the entire network to be launched in just over a month.

But already, the exchanges have expressed “high demand,” hundreds of validators on the testnet are ready next week, and the network’s original token, “TON Crystals,” will also be distributed.

Read:One of the largest gyms in the world accepts cryptocurrency

As a warning, Paval Derov, in his farewell message, warned against community-led initiatives, and stated:

Don’t trust them with your money or data.

No current or former member of our team is involved in any of these projects.

While projects based on the technology we have built may appear “TON”, we will not have any association with them and are not likely to support them in any way.

The Chinese TON community was not deterred, which told in its post:

History is written by the person who solves the problem rather than the person who poses it.

Read also:

The developers of the Telegram network release the TON blockchain for free

Telegram stops the “GRAM” currency and the “TON” network, under pressure from the American court


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