Telegram Open Network Officially Closed
Last night Pavel Durov made an unexpected statement: the Telegram team ceased working on the TON blockchain. He added that it was not likely that he ever supports alternative networks based on the development of his team.
The entrepreneur wrote that the Telegram Open Network has been developed for 30 months, it should have become superior to Bitcoin and Ethereum in terms of speed and scale, as well as decentralization. He said that the integration of the Telegram messenger and the TON blockchain was supposed to make a real revolution in money transfers and data exchange.
Durov compared TON with a gold mining company and Gram coins with gold itself. Pavel told that investors put their funds in the enterprise, but did not want to engage in gold mining on their own, instead, they wanted to profit from the sale of gold to other people. That is the reason why the USA court banned distributing Gram among investors.
“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. If the US suddenly decided to ban coffee and demanded coffee shops in Italy be closed because some American might go there – we doubt anyone would agree.”
Durov said that the whole world depends on US decisions, especially when it comes to technology and finance.
“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. It can use its control over Apple and Google to remove apps from the App Store and Google Play. So yes, it is true that other countries do not have full sovereignty over what to allow on their territory. Unfortunately, we – the 96% of the world’s population living elsewhere – are dependent on decision makers elected by the 4% living in the US.”
Besides, Durov warned people about projects that use the TON name to promote their own products. He assured that neither he nor any of his team have anything to do with such initiatives.
“I want to conclude this post by wishing luck to all those striving for decentralization, balance and equality in the world. You are fighting the right battle. This battle may well be the most important battle of our generation. We hope that you succeed where we have failed.” – he finished.
Recall, earlier we wrote that just on the day of the second deadline, April 30, the TON team notified investors about the next delay of the project launch. Gram investors were proposed to take 72% of their investment or wait another year and get 110%.
After that, American investors received a new letter with proposition to withdraw 72% of their funds. The last letter offered investors from outside the USA to arrange their investments as a loan at 52.77% per annum so to receive a 110% return by 2021.