Although the Telegram blockchain, called TON (Telegram Open Network), has been banned, it continues to be independently developed. After praise from Pavel Durov, founder of Telegram, the cryptocurrency Toncoin rose 50% this Thursday (23).
Even without Telegram’s public involvement, this is an alternative for the company to continue building solutions without relying on the State’s approval, which, although gigantic, is afraid of competition.
Other giants, such as Facebook and Jack Dorsey (Twitter), follow different paths. The first is still trying to push its cryptocurrency, Diem, and the second is fully dedicated to Bitcoin because it is more decentralized.
barred by the government
Like Facebook like Libra/Diem, Telegram did not please regulators who blocked the development of its blockchain called TON (Telegram Open Network) and its currency GRAM after raising 1.7 billion dollars.
At the time, Pavel Durov posted a note about what had happened, where he regretted that the two-and-a-half-year-old project would have to be discontinued. Despite this, Durov wished luck to those seeking a freer world.
“I want to conclude this post by wishing luck to all those who seek 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 you succeed where we fail.”
Project continued independently
While government pressure to topple the Telegram blockchain sounds like bad news, in fact, this ban has made the project more decentralized and resilient to censorship of governments working independently.
After your blockchain is renamed to The Open Network and your currency for Toncoin, the project seems more alive than ever. Today the cryptocurrency has risen 50% following praise from Durov who also said its technology is superior to other currencies in terms of scalability.
“So I was inspired to see the Telegram coding contest champions continue to develop TON’s open project, which they renamed Toncoin.”
“I am proud that the technology we create is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm. It would be a shame to see this project not benefiting humanity. Unlike the original TON, Toncoin is independent of Telegram. But I wish your team the same success. Along with the right go-to-market strategy, they have everything they need to build something epic.”, said Pavel Durov, founder of Telegram.
Even though the Telegram’s direct link to this project isn’t clear, it looks like they’ve learned a lesson. The government will never allow the creation of such projects, which is why decentralization is so important, as with Bitcoin which is unstoppable.
Other big players in the industry follow different paths. Mark Zuckerberg is still trying to push his own cryptocurrency and Jack Dorsey is totally focused on Bitcoin. This competition is great for the industry, forcing it to create better designs.