Designed in 2017 by the founding father of messaging service Telegram, Pavel Durov, the Ton blockchain has had a number of issues, which have stalled its rise, following its profitable launch in 2018, together with its cryptocurrency Gram.
What occurred to the TON blockchain
Designed with the mischievous purpose of being by far probably the most broadly used blockchain attributable to its low prices and pace of transactions, TON had a really promising begin by managing to lift nearly $1.7 billion from buyers, via an preliminary coin providing.
However then got here the chilly bathe from the US Securities and Alternate Fee, which blocked the sale of the cash in October 2019 as a result of lack of essential approvals.
After 9 months of court docket litigation, Telegram determined to abandon the mission and settled with the SEC, paying an $18.5 million nice.
However final month, Durov himself introduced that the mission had truly remained standing because of the massive group that has been following him since 2018 and was taking part within the growth of the blockchain, which had in the meantime modified its title to Toncoin.
He introduced:
“After 4 years of blood, sweat, tears and energetic growth by a number of the brightest engineering expertise on the earth, we’re lastly on the cusp of one thing huge. One thing that has eluded everybody else, despite the fact that they’ve achieved incalculable heights, successes and trillion-dollar valuations. Mass adoption”.
The TON group saved the Telegram mission alive
Toncoin and Ton Crystal
The group is alleged to be made up of round 1 million folks who believed within the mission of Telegram’s founder from the outset and continued to develop, even after the sale of the token was blocked by the SEC.
At present, alongside Ton, the cryptocurrency immediately linked to the preliminary mission, there may be additionally one other listed cryptocurrency that takes up solely the title of the mission, Ton Crystal, launched in 2020 by TON Labs.
Fedor Skuratov, former head of communications at TON Labs, believes that the affiliation with Telegram’s authentic TON mission may truly be detrimental exactly due to the mission’s authorized historical past:
“The very title of TON has grow to be a unfavourable issue for a lot of potential companions, buyers, banks and regulators. Free TON has already been affected, and different tasks might be as effectively”.
In response to the group now the subsequent steps would be the launch of TON’s DNS service, a key ingredient that can enable customers to navigate its blockchain extra simply.
And that’s the reason in line with many consultants, 2022 would be the 12 months of the definitive consecration of this blockchain that ought to shock for its pace and scalability.
