Summary:
Pavel Durov, CEO and co-founder of Telegram, stated that the Telegram Open Network (TON) blockchain technology is still in the works. Users will soon be able to donate and pay for memberships using the cryptocurrency Toncoin. Channel admins will also be paid in the same coin. TON was scrapped after a dispute with the US Securities and Exchange Commission, which accused Telegram of violating securities laws.
Details:
This news comes as Telegram CEO and co-founder Pavel Durov revealed that the Telegram Open Network (TON) blockchain technology is still under development, despite the company’s formal abandonment of the project last year. Parel Durov, CEO and co-founder of Telegram, stated that the Telegram Open Network (TON) blockchain technology is still in the works.
Telegram users will shortly be able to make contributions and pay for subscriptions in the cryptocurrency Toncoin. Alternatively, channel managers will be able to receive their earnings in the same cryptocurrency, according to a blog post by Telegram’s Open Network (TON) community. “TON Community is delighted to announce that the TON blockchain and Donate, a Telegram-verified payments service, have become official partners,” the blockchain protocol said on its official Telegram account.
This news comes as Telegram CEO and co-founder Pavel Durov revealed that the Telegram Open Network (TON) blockchain technology is still under development, despite the company’s formal abandonment of the project last year. “I am happy that the technology we developed is still alive and well.” “TON is still years ahead of anything else in the blockchain realm in terms of scalability and performance,” Durov stated in a Telegram article.
It should be recalled that Telegram attempted to investigate Web3 with decentralised storage last year under the guise of the Telegram Open Network blockchain project. However, the initiative was shelved after a dispute with the United States Securities and Exchange Commission, which accused Telegram of violating securities laws. Durov mentioned that the project’s name had changed from TON to Toncoin. Unlike the original TON, the new initiative is not affiliated with Telegram.
“When Telegram said good-by to TON last year, I expressed hope that future generations of developers will go on with our vision of a mass-market blockchain platform.” So I was encouraged to see the winners of Telegram’s coding challenges continuing to work on the open TON project, which they renamed Toncoin. I’m glad that the technology we developed is still alive and well. When it comes to scalability and performance, TON is still light years ahead of the competition in the blockchain space. It would have been a pity if this effort had failed to assist humanity,” Durov remarked.
Meanwhile, Meta Platforms Inc (previously Facebook) has experienced similar criticism from politicians and authorities, delaying the introduction of their cryptocurrency Libra (now renamed to Diem) since its conception.
Credits: www.indianexpress.commk