Russian social media giant Telegram’s once-epic crypto plans for the TON cryptocurrency project may be dead and buried, but the developers working on the network, based on the Telegram Open Network (TON) Abandoned, are nearing launch their own version of TON.

Cryptocurrency project TON may come to Telegram, but in a different form

The TON platform, which uses a coin called grams, was set to become the world’s first real altcoin powered by a major tech company – ahead of an 11-hour US government intervention.

And now, from the ashes of the abandoned network, a number of developers associated with the company’s project continue to work on a fork they call TON Free or Open – hence renamed Toncoin.

According to Forbes Russia and the project’s Telegram channel, the project could get a second wind with integration into the Telegram platform – with some support from key collaborators of Pavel Durov, the founder of Telegram.

The team announced that they have made adjustments to their roadmap and intend to introduce TON payments, proxy and storage sites by the end of 2022, noting that the project is already constrained, writing:

“We think TON will be of interest to third-party developers and product builders, but we don’t think it will happen any time soon.”

One developer, Oleg Andreev, is quoted by Forbes as saying that the network will be built to integrate with the Telegram platform – and will have interoperability with cryptocurrency exchanges. He added that his in-game payment system can be used to buy in-game currency and items, as well as across content platforms.

Forbes adds that around 60 developers are currently working on the project.

It was also reported that a source close to Ton stated that VKontakte (VK, Russia’s answer to Facebook, also founded by Durov), vice president in charge of social platforms Andrey Rogozov, is expected to join the TON foundation, a fact , which was confirmed by an acquaintance of Rogozov.

Telegram drops TON crypto project after US bans global distribution

Telegram raised approximately $1.7 billion from two presale events and attracted multimillion-dollar investments from several prominent investors. However, since many of these investors are based in the US, regulators eventually stepped in and accused Telegram and its founder of selling an unregistered security in the country.

Telegram initially sparked a legal battle, then eventually caved in and forced the company to pay back investors.

Telegram Founder and CEO Pavel Durov announced his decision regarding the Telegram Open Network Project (TON) and cryptocurrency in May 2020 after a long battle with the United States Securities and Exchange Commission (SEC). “Today is a sad day for us at Telegram. We are announcing the cessation of our blockchain project… I am writing this post to officially announce that Telegram’s active participation in TON has ended.”The messaging app’s founder wrote, adding:

Unfortunately, a U.S. court prevented TON from doing so…the U.S. court declared that Gramm [tiền điện tử] can be distributed not only in the United States but also worldwide.

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