In his 2019 New Year speech, Pavel Durov promised that users’ dreams would become a reality. And he kept his word because Telegram received polls, streaming video, animated stickers, and other updates. And only the fans of cryptocurrency read this message in their own way, they were waiting for the launch of the Telegram Open Network block-platform and the release of Gram cryptology. Did Durov fool them?
We can say that Pavel and Telegram have fulfilled their promise, well, almost… After all, if the U.S. SEC had not interfered with the case with its injunction, most likely the network would have been launched and Gram tokens went to the project investors’ wallets. This was said by the launched test network, posted in the public purse for test Gram, and finally, the first official publication about the blockchain TON appeared on the website of the messenger.
It is in Russian but I’ll give a brief content:
- Telegram has no control over TON, they may not even add Gram Wallet to the messenger;
- Gram is not a Telegram stock, any plans to get rich with the help of Gram everyone builds at their own risk, Durov does not promise them anything;
- There is no Gram at the moment, so no one can buy or sell them.
Imagine for a second that Durov went around with this text and asked investors for money? Now that we’ve laughed, let’s continue.
It is clear that this text was prepared just for the trial with the American regulator, which will take place in mid-February 2020. And if this is their only argument, we should not wait for any launch of the TON Blockchain in the near future.
As media reported, the case against Telegram began with the filing of an investor ICO TON. Consequently, the SEC has the original documents, where Gram is prophesied a fabulous growth, otherwise, no one would give money for the project. In addition, the regulator has evidence that Telegram or their investors traded the rights to Gram tokens, thus violating the rules of Form D, which allows ICO without prior registration with the SEC.
And the only bet on an early resolution of the legal conflict may be that Durov provides documents from investors that they were not seeking financial gain and will return them the money that is left to them at the moment. Without that, the lawsuit can drag on indefinitely, which we can even forget about Gram.
But Telegram’s publication on the TON blockchain confirmed another important point, which may prove to be a much bigger problem than the launch injunction. It clearly says that only the blockchain itself will be developed, and what to do with it and why it is needed – is not clear at all, because bitcoin to PayPal conversion is so easy nowadays. And in this form, we get a platform without users, which can live only at the expense of hype and speculation on the price of Gram. So the best time to launch was at the end of the ascending bitcoin market, something like 2017 or the next six months after it, as it was with EOS, while people still believe in something and therefore buys.
Next time the miracle is expected in 2021 or 2022. Just enough time to win the trial.