Telegram sent a new letter to its investors, in which it says that the launch of the TON blockchain is postponed for six months. The launch deadline is now set for April 30, 2020. Investors can exit the project by taking 77% of their investments.
In the letter, the company refers to a proceeding with the US Securities and Exchange Commission (SEC), which considered Gram tokens to be unregistered securities. The regulator managed to achieve a time limit on their sale and use, which interferes with Telegram's plans.
The American regulator dealt an unexpected blow to the upcoming TON blockchain, accusing Telegram of unregistered sale of tokens a year and a half after the ICO.
The U.S. government seems to consider corporate cryptocurrencies more dangerous than public blockchains. Until now, all the claims of regulators and politicians have been streaming on Facebook for the Libra project, and a similar development by Telegram, which began selling $ 1.7 billion in tokens in January and March 2018, has remained in the background. However, this silence was deceiving.
Telegram introduced the first edition of the rules for using the "Gram" cryptocurrency wallet, which was developed by the company to store the tokens of the same name.
The rules say that the Gram wallet is provided by Telegram FZ-LLC and will be built into the Telegram messenger, and is also available as a separate application. One of the main points in the rules is the age limit - only people over 18 years old can use the wallet. In addition, only citizens of countries in which it is not prohibited by law can use the Gram.
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According to one of the project's investors, on September 1, Telegram plans to begin a public test of its blockchain - TON (Telegram open network).
During the public test, the TON network node code and instructions for installing it should appear in the public domain. Sharding (the process of breaking transactions into separate pieces to ensure scaling) and consensus (a mechanism for confirming new blocks in the blockchain) should also be available, which will allow testing the entire blockchain.
Telegram Company informed in a letter to investors that it plans to launch its project Telegram Open Network (TON) in the 3rd quarter of this year.
Representatives of Telegram said in their letter to investors that the network is being tested successfully: the test blockchain works fine, and the consensus algorithm is consistent with the goals stated in the Whitepaper of the project.
Today Telegram has provided access to a test version of the TON network to a limited number of professional teams.
It seems that the cryptocurrency community will see the finished version of the TON network in the near future. At least the "Vedomosti" Russian news agency reported this, citing information from two sources.