- 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.