Telegram scraps plan for own cryptocurrency

[Hanno Labuschagne]

Telegram scraps plan for own cryptocurrency

Telegram Messenger LLP officially scrapped plans to build a digital ledger for transactions.

In a blog post Tuesday, Chief Executive Officer Pavel Durov said his instant-messaging platform is discontinuing work on the project, which ran afoul of regulators. Others may continue working on the technology, he said.

[Bloomberg]

 

[konfab]

I am pretty sad about this.

TON would have been an absolute game changer

We were very proud with the result – the technology we created allowed for an open, free, decentralized exchange of value and ideas. When integrated with Telegram, TON had the potential to revolutionize how people store and transfer funds and information.

Unfortunately, a US court stopped TON from happening. How? 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."

If this doesn't make sense to you, you are not alone – but this is exactly what happened with TON (the mine), its investors, and Grams (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.

https://telegra.ph/What-Was-TON-And-Why-It-Is-Over-05-12

What Telegram need to do now is to properly integrate a multi currency crypto wallet into their messenger.