Telegram’s TON cryptocurrency is still not completely extinct?

Though Telegram’s TON blockchain mission is useless, it leaves a legacy of not less than two forks managed by two competing communities.

A token known as TON Crystal operating on the TON-derived blockchain is presently traded on a number of exchanges. The different competing token is TON Coin, which has been listed on the EXMO change since final Monday and is accessible to merchants in Russia and the Commonwealth of Independent States (CIS), in accordance with an change spokeswoman Alesya Sypalo.

She added that the change had been paid a payment to record TON Coin, however did not disclose who paid for the service, simply said that Anatoly Makosov, one of many builders who help the community, was “the purpose of contact “Was for the itemizing deal. Makosov did not reply questions from the press when he was the one arranging the itemizing.

Both TON Crystal and TON Coin use the TON model and know-how developed by Telegram. Despite their frequent origins, these two communities all the time appear to be in competitors with each other.

However, these names are nowhere close to the one vital indicators the TON blockchain mission has proven in current months.

The official web site of the ton.org mission is again on-line on August 4th after greater than a 12 months of silence. Team Telegram, which maintains the archives of the mission, has not up to date the web site since April 2020, simply earlier than the mission was stopped by the SEC.

The web site now reveals data on one in all TON’s successors, The Open Network, previously known as Newton. The community is maintained by a developer neighborhood (led by Makosov) and validators consider within the final success of this bold blockchain mission. The mission bought off to an unlikely begin with Web 3.0, valued at $ 1.7 billion, however embroiled in a lawsuit with the US Securities and Exchange Commission (SEC) over the standing of the native token.

So who is presently overseeing the initiatives known as TON, why are they doing this and why are they competing with one another?

telegram Farewell in nostalgia

Telegram, the proprietor of the globally standard messaging app, has deserted plans to roll out blockchain in 2020 after 2 years of labor and an enormous $ 1.7 billion in fundraising for the corporate. Telegram Open Network is mentioned to be a mix of cryptocurrency and a spread of decentralized providers based mostly on the PoS blockchain.

This idea features a decentralized Domain Name Service (DNS), a digital private community (VPN), file sharing, and different features. When applied, a full Web 3.0 universe will probably be created on the TON blockchain. All of this could possibly be built-in into the Telegram messaging app, which on the time had a whole bunch of hundreds of thousands of customers.

It’s no shock that traders around the globe, from Silicon Valley elites to Russian tycoons, have lined as much as put money into a future token presale.

The mission was initially scheduled to begin in October 2019, however simply weeks earlier than it formally went dwell, the SEC sued the corporate, citing a violation of securities legal guidelines and the cessation of operations. After 9 months in courtroom, Telegram dropped the lawsuit and accepted a settlement with the SEC, which paid a advantageous of $ 18.5 million.

In May 2020, Telegram introduced that it will now not help the mission and blamed the US regulator. Before the shutdown, nevertheless, Telegram printed TON’s code as open supply. The GitHub repository and the official web site have additionally been “quiet” since then, with one exception.

Beginning of July 2020, a represent A brand new code has been added to the blockchain code: the “Tester” contract provides customers pre-made tokens utilizing the PoW algorithm. This permits anybody to arrange a node to “mine” sure tokens with out shopping for them, though such a perform is not thought-about a part of TON because it is by design encoded as a PoS blockchain.

This PoW possibility gave one of many TON offspring an opportunity of survival.

FREE SOUND born

After Telegram formally withdrew from its blockchain mission, the corporate “left the baby in the middle of the market” for a exceptional neighborhood of builders, small blockchain startups ready for TON to launch and placing in time, effort and processing energy the blockchain have invested the long run. As a end result, many individuals are extraordinarily offended when their efforts are seen as “tipping the river into the sea”. There have even been lawsuits filed in courtroom demanding tens of hundreds of thousands of {dollars} in compensation.

The largest disappointments had been the builders who participated in Telegram’s blockchain hackathons through the improvement of TON, plenty of small firms prepared to include Telegram’s cryptocurrency into their enterprise fashions and who will develop into the validator.

But ultimately they got here to the conclusion that the bold blockchain mission still has a future, even when Telegram is now not concerned.

One such like-minded neighborhood launched a blockchain known as Free TON in May 2020, with the native token TON being Crystal. TON Labs is on the forefront of this effort, together with plenty of consultants from many European authentication firms comparable to Everstake, P2P and Certus One. TON Labs is the venture-backed know-how firm that helped Telegram run the TON testnet early on.

The native token TON Crystal (TON) is listed on the three exchanges CEX, DigiFinex and Kuna and is traded towards stablecoin USDT. Recently, the neighborhood launched decentralized finance features such because the native NFT market and yield farming.

Tokens are built-in in Changelly, Free Wallet and Lumi Wallet functions. At the identical time, the neighborhood has launched a bridge between the Free TON and Ethereum blockchains. According to Aleksandr Tetyukhin, who is answerable for Free TON-related matters on the staking platform Everstake, there are presently round 440 energetic validators within the community.

In addition, the builders just lately launched White paper (Whitepaper) and adopts TON’s authentic whitepaper compiled by Nikolai Durov, brother of Telegram CEO Pavel Durov. The doc is presently being commented and rated by the neighborhood Forum completely for Free TON.

The new whitepaper “takes Pavel Durov’s concept of freedom to the next level,” mentioned Alexander Filatov, co-founder and CEO of TON Labs.

Project New TON Others: Newton

However, not all early supporters of Telegram Free TON’s blockchain mission joined. Some have gone to make their very own model of TON. Among them is Newton, which is run by a neighborhood of different builders that originally went unnoticed by the general public.

However, on the finish of June, one in all them, the developer Anatoly Makosov inquiry on GitHub to the Telegram workforce about transferring ownership of the ton.org area and Github repository to the Newton neighborhood (Makosov’s nickname is tolya-yanot, creator of the request). The owners of the TON blockchain repository, presumably the Telegram builders, agreed to this request.

Since then, the content material beforehand up to date by the Telegram workforce on the ton.org web site has been completely changed by data on the Newton mission. The GitHub repository has but to be up to date by the brand new owners. Telegram has not but formally commented on this.

Makosov mentioned when Telegram stopped its validators and stopped supporting the testnet, the workforce transferred the pre-made tokens they needed to the “testers” sensible contracts and supplied a solution to mine them. At the second there are a lot of miners doing this.

“So we realized that the token has a value and started discussing whether we should create another test network,” emphasised Makosov.

He added that he did not understand how many individuals and organizations had been concerned in “mining” TON.

A validator requesting anonymity mentioned his observations are that there are presently round 500 addresses being actively mined, all of which use pretty highly effective {hardware}. It’s arduous to say what number of of those addresses belong to the identical particular person, however he is aware of of not less than 20 miners and unbiased entities accumulating tokens and utilizing no fewer than 2,000 servers in whole. However, these folks and establishments are unwilling to disclose their identification.

Compete to develop

Filatov of TON Labs mentioned the corporate had registered the rights to the emblems “TON” and “The Open Network” in 41 nations, however was reasonable in a touch upon the competing mission, expressing the hope that “all are open source and will enrich “. the whole ecosystem ”.

“I really hope that 98% of the TON coins mined have value and that their owners contribute to the network,” added Filatov.

Gregory Waisman, COO of the pockets app Mercuryo and a Newton backer, believes Newton is near Telegram’s authentic idea. Telegram’s switch of ownership of ton.org to Newton proves that Telegram “believes in the development of the Newton project”.

In distinction, Fedor Skuratov, a former communications director at TON Labs, commented that the hyperlink with Telegram’s authentic TON mission does extra hurt than good because of the authorized historical past of the mission and the truth that it has been discontinued.

“The identify TON has develop into a destructive issue within the eyes of many potential companions, traders, banks and regulators. Free TON is affected and all different initiatives will probably be affected as properly. At this level, any proposal for a reference to Telegram is solely good for Telegram followers. “

Because of this, the Free TON neighborhood selected to keep away from Telegram as a lot as attainable, whereas the Newton neighborhood most popular to emphasise their dedication to the unique idea of Telegram. Skuratov does not assume Telegram is on this itself.

“The Durovs brothers just turned TON on for the sake of it,” he mentioned, including that Telegram merely eliminated the mission and turned the web site and codebase over to “those who requested it first.”

Telegram did not reply to questions on whether or not the corporate helps the Newton Project.

Minh Anh

According to Coindesk

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