Telegram has announced that it will no longer continue with its Blockchain TON project and its Gram token
TON, the Telegram blockchain will finally not come out. The announcement came directly from Pavel Durov, creator of the Telegram messaging app, who cultivated the dream of launching his blockchain with a cryptocurrency, Gram. But finally, litigation with the United States SEC convinced him to withdraw.
He explained what happened in a long letter.
Unfortunately, a United States court detained TON. How? Imagine that several people put their money together to build a gold mine and then divide the gold that comes out of it. Then a judge comes along and tells the mine builders: “Many people invested in the gold mine because they were looking for a profit. And they didn't want that gold for themselves, they wanted to sell it to other people. Because of this, they are not allowed to give them the gold. "
If this doesn't make sense to you, you are not alone, but this is exactly what happened with TON (the mine), its investors and Grams (the gold). A judge used this reasoning to rule that people should not be allowed to buy or sell Grams as they can buy or sell Bitcoin.
Thus ends a project that lasted two and a half years, of which Pavel Durov is proud of what he did and a project that he said was supposed to be superior to Bitcoin and Ethereum in terms of speed and scalability.
The paradox of paradoxes, explains Durov, the judge ruled that the Gram tokens can not only be sold in the United States but globallyBecause, according to the judge, a US citizen can buy them elsewhere.
It is like ban coffee in the United States and also close coffee shops in Italy to prevent the citizens themselves from consuming coffee elsewhere, according to Durov, who adds:
“We doubt that anyone agrees. And yet, despite that, we have made the difficult decision not to proceed with TON. ”
Sadly, the United States judge is right about one thing: We, people outside the United States, can vote for our presidents and choose our parliaments, but we still depend on the United States when it comes to finances and Technology (luckily not coffee) The United States can use its control over the dollar and the global financial system to close any bank or bank account in the world. You can use your control over Apple and Google to remove apps from the App Store and Google Play. So yes, it is true that other countries do not have full sovereignty over what to allow in their territory. Unfortunately, we, 96% of the world's population living elsewhere, depend on decision makers chosen by the 4% who live in the United States. ”
It concludes with a “We try” and the hope that future generations can learn from the mistakes made previously:
“I want to conclude this post by wishing luck to all those who fight for decentralization, balance and equality in the world. You are fighting the correct battle. This battle may well be the most important battle of our generation. We hope it succeeds where we have failed. ”
Telegram, Ton and the scams
In the final part of the announcement, Pavel Durov announces that there are other projects that use the names of TON or Gram, but that have nothing to do with the Telegram project, so that none of the TON developers are involved and Telegram will not participate or support them in any way .:
"So be careful and don't let anyone fool you."
Is the end of a dream and one of the most exciting and attractive projects in the blockchain world. The legal problem is not over: investors are ready with a class action lawsuit.