Pavel Durov’s Cryptocurrency and TON Network: what is it and how does it work

What is TON

What is Gram

What does Telegram need currency for

  • Payments within Telegram ecosystem
  • External payments
  • World cryptocurrency
  • Replacement of Visa and Mastercard
  • Source of accumulation, investment, and profit
  • Factor for a successful ICO.

Technical features of TON blockchain platform

Is free mining possible in TON

Project development timeline, successes and failures, courts and decisions

  • The beginning of 2018 — Telegram announcement about the start of work on TON multi-blockchain platform, the release of White Paper for the future ICO, the beginning of the preliminary sale of Gram tokens. The amount of currency sold amounted to $ 1.7 billion.
  • July 26, 2018 — Telegram officially launches the Telegram Passport user verification and authorization service. On the one hand, this was supposed to enhance security and increase loyalty when entering international markets, on the other hand, it questioned anonymity and decentralization. As a result: the partial indignation of many potential investors and users.
  • October 11, 2019 The U.S. Securities and Exchange Commission (abbreviated SEC — editorial note) prohibits the issuance of new Gram tokens and conduct to both offshore companies Telegram Group Inc. and TON Issuer Inc. any activity related to them.
  • By the court decision of the Southern District of New York on October 25, 2019, Pavel Durov, Ilya Perekopsky (vice president of Telegram) and Shyam Parekh (employee and person involved in the case) should testify in court. SEC recognized Gram tokens as a security that Durov’s company is trying to distribute without registration. According to the Commission, the issuer (Telegram) does not provide all the information necessary in this case.
  • March 24, 2020 — the court of the Southern District of New York agreed with the decision of the SEC. The court relied on the so-called “Howey Test” as justification.

What is a Howey Test

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