A US district court ruling may block the launch of the Telegram blockchain, but that doesn’t mean others can’t. The Open Telegram Network Foundation (TON), a group of two thousand investors and software developers, is now discussing possible ways to set up this network without the participation of the telegram messaging platform, according to CoinDesk.
Fedor Skuratov, the group’s founder and former TON Labs director of communications, claimed the group took the matter very seriously. He said your community is discussing options and has not yet made a final decision.
On Tuesday, New York District Judge Kevin P. Castel voted in favor of the Exchange Commission in a lawsuit between the US Securities and Exchange Commission (SEC) and the Telegram By telegram, called Gram, to be considered securities and until the official proceeding of the court prevents the tokens from being sold to investors who participated in the initial $1.7 billion token offering. The telegram has filed a petition to appeal the ruling.
The TON Foundation’s response to this issue emphasizes the limitation of government powers in the regulation of open source technologies. Governments can prohibit certain individuals or groups from executing code, but if the code is in the public domain, others can. There was a problem with the production of weapons made using 3D printers.
According to Skoratov, all the code needed to set up the TON is now ready. All this community has to do is generate the first batch of transactions, or Genesis block, and provide 13 computers called validators.
More precisely, there are no specific measures other than consensus in society to set the TON. But to recognize this, we must reach agreement with all investors, or at least the majority of them.
The move may be similar to a hard fork, or split into multiple separate networks, like other folders. But the main difference between this and other hard forks is that in this case the original Tune network or the original version of the network has not yet been launched.
Ton Labs, a startup that helped telegram work on a test or trial version of Tune, which has been running since last spring, has just launched its parallel test version.
The telegram has been providing nods to the TON Blockchain Code since September, and will carry out parts of the project even after the Securities and Exchange Commission has filed a complaint. The Telegram has published an article last fall on the TONConsensus Protocol as well as a native wallet for the Gram digital currency.
At present, network codes are available online and in theory, anyone can set up a copy of their blockchain using this code. Skoratov said:
This is a different issue. But this must be agreed and agreed by our investors so that it can be recognized as a legitimate network.
We will reach out to those (investors) we know and encourage them to contact us.
According to Skoratov, the community is discussing and deciding on the tokens set by WhitePhone to be distributed between investors and the telegram team.
TON is a blockchain with a stock consensus proof (POS) protocol. To set up this blockchain needs to provide the network with a significant amount of tokens from the beginning in order to validate the transactions. This means that at the start of the work a certain number of gram tokens must be distributed among the project stakeholders.
According to one investor who did not want to be named, about half of the investors currently want to reclaim their funds under any circumstances. While the other half of the investors are waiting for the telegram to think of a solution to this problem and finally offer tokens.
In October, thanks to investors, the renewal deadline was extended to April 30. But Yakov Barinsky, managing director of HASH CIB Investment Company, who has consulted with a number of Tune investors, is unlikely to believe the telegram can keep its promise of launching TON:
While most investors agreed in October to delay the launch date of the network, they will no longer do so. Under an agreement signed in October, investors would be able to repay only 72% of their capital, which is still a good deal given the current crisis in the financial markets.
Barinsky believes the return of funds will put the telegram at a disadvantage. He acknowledged:
Telegram CEO Paul Dorov will do his best to keep the funds. He may want investors to agree to delay the startup time, and he may even set up a network court in spite of the court’s decision.
In the end, Barinsky said:
Launching your TON will benefit the Blockchain industry. But without the telegram team, the project will lose its appeal.
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