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Telegram Founder Gives Thumbs Up to TON Blockchain Spin-Off Toncoin

cryptoknowmics.com 24 December 2021 04:30, UTC

Privacy-focused messaging app Telegram is bringing back its abandoned TON blockchain project to new life with a spin-off. According to the company’s founder and CEO, Pavel Durov, TON blockchain has been revived as Toncoin, independent of the company that developed it.

“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 said in his official Telegram channel on Thursday.

“I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm,” he added.

Telegram Blockchain Ain't Dead Yet

TON blockchain was forced to shut down last year after a prolonged legal battle with the United States Securities and Exchange Commission (SEC). The regulatory agency won a case after accusing Telegram of violating the U.S. securities laws by conducting its $1.7 billion initial coin offering (ICO) in 2018.

Prior to a total shutdown, the company made the code for TON open source, giving rise to a number of independent spin-offs including FreeTON blockchain. Led by TON Labs which previously ran the TON testnet before the shutdown, the group also launched a native token called TON Crystal, in May 2020. Unlike Toncoin, the project, however, was not acknowledged by the Telegram team.

Despite Toncoin being not officially related to Telegram, Durov wished the team success, saying “coupled with the right go-to-market strategy, they have all they need to build something epic.”

Toncoin cryptocurrency is already listed on some of the world’s largest crypto exchanges including OKEx, FTX, and EXMO. Following Durov’s remark, the token jumped to nearly 46 percent, according to CoinMarketCap. The token last reached an all-time high of $4.5 on November 12 and is currently trading at $3.90 per coin.

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