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Telegram may have abandoned its crypto project, but the token lives on. None other than the CEO of the cloud-based instant messaging service Telegram and the creator of the blockchain project, Pavel Durov, is happy that it’s alive and well.
TON blockchain had a rough start, but that might be changing soon. The TON Community has announced the partnership of the TON blockchain and Donate, the recently introduced payment service verified by Telegram.
TON Community Fetches New Partnership
According to the official announcement, the latest deal essentially enables the users to make donations and pay for their subscriptions using the Toncoin cryptocurrency. On the other hand, the admins of the channels will be able to collect their income in the same cryptocurrency. Not much is known about the details of the partnership. The official post, however, mentioned that additional information about the same will be published in the next couple of days.
Interestingly, Telegram co-founder and CEO Pavel Durov also recently posted on his channel wherein he had conveyed support and excitement for how Toncoin turned out.
For the uninitiated, the TON blockchain was created by the Durov brother back in 2017. However, Telegram, as well as the two co-founders, had to step away from the project last year. Talking about it, Pavel Durov stated,
“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform. So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin.”
Durov also said that he was proud that the technology that “alive and evolving.” Toncoin, on the other hand, is independent of Telegram, unlike the original TON. But that did not stop the exec to wish the team behind it the same success.
Telegram Passes the Mantle to the Community
Dubbed ‘Telegram Open Network,‘ the initiative was meant to be an amalgamation of a proof-of-stake (PoS) blockchain platform and native token, generating payments on its chat app. Additionally, the creators also sought to explore Web3.0 Internet with decentralized storage, anonymous network, DNS, and various decentralized services.
However, just weeks before its scheduled launch in October 2019, the United States Securities and Exchange Commission sued the company and accused it of a securities law violation.
As a result, the launch was halted. It was in May 2020 when the popular messaging app dropped support from the TON blockchain. In a bid to keep the project alive, Telegram made TON’s code open-source and handed it over to the community.