On May 12, 2020, the Telegram team and Pavel Durov stopped working on the TON blockchain project, which they had been developing for more than two years. Pavel Durov admitted that the decision was made not by his will, but in accordance with the decision of the American court. Pavel Durov admitted that the decision was not made of his own free will, but because of the American court. However, in the era of technological development, this is only a stone on the path of a rapid flow.
In fact, the developers of the new generation TON blockchain platform were creating a more advanced Internet – decentralized, reliable and secure, with its own cryptocurrency (Gram). The technology was conceived to follow the principles of decentralization pioneered by Bitcoin and Etherium, but with far superior speed and scalability.
However, the US court put an end to the further fate of TON. The founder of Telegram explained the problem by comparing the blockchain platform to a gold mine, and its Gram tokens to gold. “Imagine that several people put their money together to build a gold mine – and to later split the gold that comes out of it. Then a judge comes and tells the mine builders: “Many 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 people. Because of this, you are not allowed to give them the gold”… A judge used this reasoning to rule that people should not be allowed to buy or sell Grams like they can buy or sell Bitcoins”.
In addition, the American court banned the distribution of Gram not only in the United States, but throughout the world. Why? So that after the launch of the blockchain platform, a US citizen cannot find a way to access it! That is why the project needs to cut off oxygen anywhere in the world. These are the fantasies of the American court!
Making the difficult decision to terminate the TON project, Pavel Durov noted that “this court decision implies that other countries don’t have the sovereignty to decide what is good and what is bad for their own citizens… We, the people outside the US, can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology (luckily not coffee). The US can use its control over the dollar and the global financial system to shut down any bank or bank account in the world… Unfortunately, we – the 96% of the world’s population living elsewhere – are dependent on decision makers elected by the 4% living in the US”.
Pavel Durov expressed the hope that this state of affairs may change in the future, so he and his team are passing on the desire for decentralization to the next generations of entrepreneurs and developers.
According to coindesk.com, after the sudden termination of the development of the blockchain project, investors in TON were discussing the possibility of suing Telegram. The head of the crypto startup Tokenbox, one of the investors, Vladimir Smerkis, said that “Telegram spent $405 million from the $1.7 billion token sale proceeds developing both TON blockchain and its messaging app, but those expenditures brought zero value to the investors”. According to him, the option to resort to lawsuits can be considered by up to half of the investors.