Alleged Telegram ICO Whitepaper Leaked

The document consists of 132 pages, which corresponds to the description previously provided by TechCrunch
15 January 2018   354

In the Telegram channels devoted to the upcoming ICO Telegram Open Network (TON), which the creators of the original messenger are supposedly behind, white paper is spreading, containing detailed information about the upcoming project. The document consists of 132 pages, which corresponds to the description previously provided by TechCrunch.

As the author of white paper, the elder brother of Pavel Durov Nikolay, who is the co-founder of the Telegram project, is listed.

The Telegram Open Network (TON) is a fast, secure and scalable blockchain and network project, capable of handling millions of transactions per second if necessary, and both user-friendly and service provider-friendly. We aim for it to be able to host all reasonable applications currently proposed and conceived. One might think about TON as a huge distributed supercomputer, or rather a huge “superserver”, intended to host and provide a variety of services.

Alleged TON Whitepaper

The author of the document notes that it does not contain the final information about all the details of the project.

The main part of the document is devoted to the principles of the TON blockchain, including  "shardchain" (shardchain), which will represent the smaller elements of the "workchain", which in turn enter the main block or "masterchain".

Separately, the principles of the functioning of applications and the operation of payment channels are described (the possibility of using the Lightning Network technology is considered), as well as the own TON Gram network's criticality. According to white paper, Gram is used to store the deposits needed to become a validator, and cover commissions related to the transfer of transactions, the processing of smart contracts and the storage of data.

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Swiss Regulators Published ICO Guidelines

The Swiss Financial Market Supervisory Authority FINMA published today initial coin offering (ICO) guidelines  
16 February 2018   166

The guidelines set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. According to it, regulators will oversee and regulate ICOs anti-money laundering laws.

FINMA clarifies how token issuers should proceed in the country. The regulator also stated that there is a sharp increase in the number of Switzerland-based ICOs. This led to questions about applicable regulations.

The press release noted that financial market law and regulation aren’t applicable to all ICOs. Each case must be decided on its individual merits.

The regulations will be based on economic function and purpose of the tokens issued by the ICO organizer. Due to the fact that there is no generally recognized terminology for the classification of tokens in the world,  FINMA categorizes tokens into three types:

  • Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects.

  • Utility tokens are tokens which are intended to provide digital access to an application or service.

  • Asset tokens represent assets such as participation in real physical underlyings, companies, or earnings streams.  

FINMA will handle ICO inquiries according to three different categories, based on the type of tokens they’ll be issuing.

  • Payment ICOs (payment tokens), that issue tokens that are transferable and function as means of payment.

  • Utility ICOs (utility tokens), that will not qualify as securities, as long as their purpose is to confer digital access rights to an application or service. If a utility token functions as an investment in economic terms, it will be treated as a security.

  • Asset ICOs (asset tokens), that issue tokens that will be seen as securities. This means they’ll be treated like equities or bonds. These will be subject to strict requirements.

Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.

Mark Branson