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Highlights
- A recent post by its founder gave backing to the (Telegram Open Network) TON project.
- The said project ran into trouble last year when the US law authorities accused it of a securities law violation.
- However, the project has rebranded itself Toncoin from TON.
Relieving news for all the admirers of TON, i.e., Telegram Open Network Technology. Pavel Durov, Telegram’s CEO and co-founder revealed that TON blockchain was not a thing of the past as Toncoin had bounced back but was not aligned to the company which had conceived it.
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Source: © Selagin | Megapixl.com
Why did Telegram bid goodbye to TON in 2020?
It is noted that Telegram, a popular instant messaging service, had aimed to explore the Web3.0 Internet with decentralised storage last year. However, the project had a rough patch when Telegram, as well as its founder, had to abandon it just before the scheduled launch.
It ran into a controversy when the United States Securities and Exchange Commission accused the Company of a securities law violation.
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Hence, the launch was paused, and Telegram refrained from supporting the TON blockchain.
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However, in a hope to keep the project alive, the popular messaging app made TON's code open source and gave it to the community, resulting in numerous independent spinoffs.
Relaunch of the project
Two separate teams took over TON’s open-source code and introduced separate P-o-S blockchains, one is a free TON, which got rebranded Everscale, and the other is Toncoin.
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Both the tokens are listed on numerous cryptocurrency exchanges.
However, it must be noted that Toncoin is independent of Telegram, unlike the initial TON.
Donate announces to accept Telegram-verified payments
The Telegram Open Network (TON) technology project, which has rebranded Toncoin, disclosed its partnership with Donate, a Telegram-verified payments service, enabling its users to make
Would the project hit a rough patch again?
Some experts opine that Telegram’s recent involvement with Toncoin may again attract a ban from the SEC as the former was banned from launching any digital coin until 2023.
Only time will tell whether law authorities scrutinise the connection between Toncoin and Telegram or whether its founder would initiate a new round of fighting for the same. Also Read: Biggest Crypto Wars of 2021
Why is Telegram gearing up to accept Toncoin cryptocurrency?
Bottom Line
If new Toncoin has its fundamentals in the right place, with the right go-to-market strategy, the crypto may see a further boost in the future.
