Telegram Breaks The Silence About Its $1.7 Billion TON Blockchain Project
Telegram is finally ready to talk about its long-awaited Telegram Open Network (TON). After raising $1.7 billion USD last year in one of the most successful Initial Coin Offerings (ICOs) ever, the Telegram network has decided to finally go public with its involvement with TON.
This week, the company mentioned the project officially for the first time, as Terms of Service page for the Gram wallet was created on the company’s site. According to it, the wallet will be integrated into Telegram’s main app, but it can also be used as a standalone product for people who are not interested in it.
The document affirmed that Telegram has no direct control over the TON blockchain, as it is a decentralized product, so people are responsible for the safety of their own information and the company can ensure that any transaction will be confirmed.
Gram’s new wallet will be created by Telegram FZ-LCC, one of the subsidiaries of Telegram which works as an official publisher for Android-based Telegram applications.
Telegram will not keep any kind of private information of the users nor its public and private keys on its servers, affirming that the user is fully responsible for handling this information by itself, just like it would be with a Bitcoin or Ethereum wallet.
The company also clarified that it has no control over the verification of each transaction that will happen on the TON blockchain. In order to keep the network as decentralized as possible, all transactions cannot have any kind of interference made by the company.
This was the first time that the TON blockchain was officially acknowledged by Telegram, despite how everybody knows that it was in development. So far, only the private investors who bought GRM tokens have a connection to it.