Chinese Developers to Use Telegram's Open-Sourced TON Blockchain To Launch Their Own Network

While Telegram's TON blockchain has faced setbacks, Chinese developers are set to launch their own take on the blockchain

  • Chinese TON developers announce the launch of their variation of the TON blockchain after successive launches by TON Lab’s Free TON platform and New TON.
  • This comes shortly after the global messaging app, Telegram’s CEO Pavel Durov, backed out of the open-source blockchain project.

In an official announcement from the Chinese TON project, the third “fork” from Telegram’s abandoned TON blockchain is set to launch. The company aims to follow through with  Telegram’s vision of a decentralized blockchain project after Pavel’s move to pull the messaging app firm out of the $1.7 billion ICO project.

After a long and tough legal battle with the U.S. Securities and Exchange Commission (SEC), Telegram called it quits in the TON project. The $1.7 billion ICO will be partially redistributed to investors over the next year and further withdrawing their appeal lawsuit from the federal courts.

The abandonment by Telegram, however, does not stop the building process given the blockchain’s open-sourced build. The China TON Blockchain developers, led by founder, Tooz Wu, aim at “starting the TON Blockchain testnet in the first step, and recruit more nodes and developers to join the network”. The published announcement further reads:

“We also aim at testing the network, and then redesigning network rules that are more adapted to the current context, and invite more people to experience and use TON.”

A Battle for the Betterment of TON

The launch of Chinese TON opens up a competitive field as it battles for subscribers with TON Lab’s Free TON and New TON. Speaking on the latest announcement co-founder and CEO of TON Labs, Mitja Goroshevsky, believes more communities working on the project improves development rather than stifle it despite extra competition. He said:

“The technology is open for everybody and anybody can launch it. […]Users will decide which has the most technical depth, which is better [and] more decentralized.”

However, Chinese TON developers do not share the same feelings towards Free TON with a tweet from a top developer calling the token a “shitcoin.”

Telegram’s off the TON project

While the open-source development goes on smoothly, Telegram’s investors in the GRAM token ICO are threatening to sue the company.

In April, the company announced they will be calling off the project and redistributing 72% of the investment to U.S. customers immediately and overseas investors are given an option to wait a year to receive 110% of their investment.

Pavel, however, warned investors and users against any private developers and platform claiming partnerships with Telegram.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,473FansLike
2,795FollowersFollow
4,198FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping! Is anyone getting 2017 vibes? https://twitter.com/CryptoMichNL/status/1280821951011999745 Tis' the time when gains floweth over. Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading...

South Korean Govt. Permits Blockchain-Based Free Trade Zone for Industrial Hemp After Amending 70 Year Old Narcotics Law

The South Korean government has granted a permit to Andong city in Gyeongbuk province of South Korea to run a free trade zone for...

Kraken and Binance Form New Partnerships to Offer More Fiat Funding Options

Amidst the flying altcoins and stuck Bitcoin, cryptocurrency exchanges continue to add new options to allow users to buy and sell digital assets. Kraken has...

India’s Tech Giant, Tata Consultancy Services (TCS), to Launch ‘Quartz' Crypto Trading Solution For Institutions

Tata Consultancy Services (TCS), a subsidiary of India’s largest tech firm, Tata, announced the launch of a crypto solution enabling traditional financial institutions to...

Nexo Collabs With Chainlink; Using Its Decentralized Oracle Network for Crypto Lending Transparency

Nexo’s, leading crypto lender will integrate Chainlink’s extensive Oracle Network to its platform in a bid to decentralize and secure its infrastructure as...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today