Telegram abandons its TON blockchain platform

Messaging service Telegram said on Tuesday it is abandoning its blockchain programme Telegram Open Network( TON) after a interminable battle with the U.S. Insurance and Exchange Commission( SEC ).

” Today is a sad era for us now at Telegram. We are announcing the discontinuation of our blockchain campaign ,” wrote Pavel Durov, the founder and chief executive of Telegram, on his channel.

A U.S. court represented it is not possible to for the messaging busines, used by more than 400 million customers, to continue development of Telegram Open Network, he wrote in a blog post.

“How? Imagine that several people put their fund together to build a gold mine- and to last-minute split the gold that comes out of it, ” he wrote.

“Then a adjudicator comes and says:’ These people invested in the gold mine because they were looking for profits. And they didn’t want that gold for themselves, they wanted to sell it to other parties. Because of this, they are not allowed to get the gold.’”

“If this doesn’t make sense to you, “youre not” alone- but this is exactly what happened with TON( the mine) and Grams( the gold ). A adjudicator abused this reasoning to rule that people should not be allowed to buy or sell Grams like they can buy or sell Bitcoins, ” he added.

Today’s announcement comes as a surprise, as just last month Telegram had assured people that it would propel TON by April 2021 and offered investors a rebate of $1.2 billion, a considerable part of their asset, or 110% in a year after the expected launch of TON.

Durov mentioned today that the U.S. courtroom declared that Grams could not be distributed even outside of the United Nation, as U.S. citizens would have found workarounds to access the TON platform.

” Sadly, the US judge is right about one thing: we, the people outside the US, can vote for our presidents and elect our parliaments, but we are still dependent on the United Regime when it comes to finance and technology ,” he added.

In late March, U.S. District Judge Kevin Castel of Manhattan issued a preliminary ruling in favor of the suit by the Securities and Exchange Commission to forbid the launch of TON blockchain platform.

Telegram first hovered the relevant recommendations of TON blockchain and its cryptocurrency to investors in 2017. Benchmark and Lightspeed Capital, as well as several Russian investors, put up $ 1.7 billion in exchange for the promise of future Grams.

” I want to conclude this announce by wishing fluke to all those striving for decentralization, symmetry and equality in the world. You are fighting the right battle. This engagement may well be the most important battle of our generation. We to be expected that you replaced where we have miscarried ,” wrote Durov, urging beings to stay away from independent different versions of TON has been established by third-party entities.

” So be careful, and don’t let anyone mislead you .”

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