Telegram’s update on TON blockchain reveals that the cryptocurrency wallet will not be merged with the messaging app yet. However, in the article posted to clear up the matter, Telegram did not back down from the blockchain. They have explained a few doubts in a long post. According to the post, the network is still working towards becoming public. The only thing that stands in the way is the SEC ruling on the ICO.
From the Blog post
You may have heard that since 2017 the team at Telegram has been developing a new blockchain platform called the TON Blockchain and native cryptocurrency called Grams. We hope that as a result of this project Grams will become a true complement to traditional currencies, improving the speed, efficiency and security of everyday commercial transactions globally. We believe that the TON Blockchain technology will create a stable ecosystem and represents a significant improvement upon previous platforms in terms of speed, usability and scalability.
There have been a lot of rumors in the media and speculation about the details of this project. Telegram has been careful not to speak publicly about these rumors while we continue to build the TON Blockchain platform and work out the exact details of the project to ensure that the TON Blockchain and Grams can operate in a way that is compliant with all relevant laws and regulations.
In light of recent events, we wanted to take the time to publicly clarify certain aspects of the TON Blockchain and Grams as we continue to prepare for a successful launch of the project.
Nobody can buy or sell grams yet
Grams don’t exist yet, nobody can buy or sell them before we announce the launch of TON Blockchain. Don’t get scammed.
TON will be decentralized and maintained by third parties
We are creating a decentralized platform for everyone. Once it launches, Telegram won‘t be obligated to maintain the platform or create any apps for it. It’s possible we never will.
Telegram will have no control over TON
Telegram won‘t be able to control the blockchain and the ecosystem after it launches. Pretty much like an architect who designed a skyscraper can’t control what happens with the building after it’s finished – including what gets built around, inside or on top of it.
Grams won’t help you get rich
If you buy grams at some point in the future, this won’t mean you “own a piece of Telegram.” Grams don‘t give their holders any special rights, just like owning Euros doesn’t give you shares in the European Union. Dealing with cryptocurrency is risky and can actually make you poorer than you are due to a boatload of external factors.
Telegram reserves all rights to further add to, clarify or revise these or any other aspects of the TON Blockchain or Grams. We look forward to providing more information as we get closer to the anticipated launch of the TON Blockchain.
(1) Telegram is under no obligation, and makes no promise or commitment, to ever establish a TON Foundation or similar entity in the future.
(2) At the time of the anticipated launch of the TON Blockchain, Telegram’s TON Wallet application is expected to be made available solely on a stand-alone basis and will not be integrated with the Telegram Messenger service. In this regard, the TON Wallet is expected to compete with any other wallet applications designed and offered by third parties. Telegram may integrate the TON Wallet application with the Telegram Messenger service in the future to the extent permitted under applicable laws and governmental authorities.
Telegram’s update on TON blockchain does not give one much confidence. However, all this is not new and Telegram is only doing this to stop the SEC coming after it. In short, there really is a potential for growth in the blockchain and we should keep our ears open.