Anticipation grows for the Ton blockchain
Anticipation grows for the Ton blockchain
Blockchain

Anticipation grows for the Ton blockchain

By Vincenzo Cacioppoli - 9 Mar 2022

Chevron down
Listen this article
download

Designed in 2017 by the founder of messaging service Telegram, Pavel Durov, the Ton blockchain has had several problems, which have stalled its rise, following its successful launch in 2018, along with its cryptocurrency Gram.

What happened to the TON blockchain

Designed with the mischievous aim of being by far the most widely used blockchain due to its low costs and speed of transactions, TON had a very promising start by managing to raise almost $1.7 billion from investors, through an initial coin offering.

But then came the cold shower from the US Securities and Exchange Commission, which blocked the sale of the coins in October 2019 due to the lack of necessary approvals.

After nine months of court litigation, Telegram decided to abandon the project and settled with the SEC, paying an $18.5 million fine.

But last month, Durov himself announced that the project had actually remained standing thanks to the large community that has been following him since 2018 and was participating in the development of the blockchain, which had meanwhile changed its name to Toncoin.

He announced:

“After four years of blood, sweat, tears and active development by some of the brightest engineering talent in the world, we are finally on the cusp of something big. Something that has eluded everyone else, even though they have achieved incalculable heights, successes and trillion-dollar valuations. Mass adoption”.

Telegram TON
The TON community kept the Telegram project alive

Toncoin and Ton Crystal

The community is said to be made up of around 1 million people who believed in the project of Telegram’s founder from the outset and continued to grow, even after the sale of the token was blocked by the SEC.

Currently, alongside Ton, the cryptocurrency directly linked to the initial project, there is also another listed cryptocurrency that takes up only the name of the project, Ton Crystal, launched in 2020 by TON Labs.

Fedor Skuratov, former head of communications at TON Labs, believes that the association with Telegram’s original TON project could actually be detrimental precisely because of the project’s legal history: 

“The very name of TON has become a negative factor for many potential partners, investors, banks and regulators. Free TON has already been affected, and other projects will be as well”. 

According to the community now the next steps will be the launch of TON’s DNS service, a key ingredient that will allow users to navigate its blockchain more easily. 

And that is why according to many experts, 2022 will be the year of the definitive consecration of this blockchain that should surprise for its speed and scalability.

 

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.