Filecoin to Unveil Tesnet Launch Date

Filecoin ICO was one of the largetst in the history - team was able to raise that time record high $257M back in 2017
25 September 2019   704

The developers of the Filecoin protocol updated the project’s roadmap, according to which the test network will be launched on December 11.

We are not yet announcing a mainnet launch date, but we expect it to be 1-2 quarters after our testnet launch. We will post the exact launch date in Q1 2020.
 

Filecoin Team

The indicated deadlines are optimistic and may be adjusted, the developers added. They also said that a roadmap update is made every two quarters.

Earlier, the launch of the main network was announced by Filecoin representatives in mid-2019.

The Filecoin project has been implemented by the California Protocol Labs since 2014. Its goal is to create an effective data storage solution based on the IPFS (InterPlanetary File System) decentralized network protocol.

In 2017, during the first ever regulated ICO, the project raised a record $ 257 million at that time.

Court to Ban TON Tokens Release

U.S. District Judge P. Kevin Castel, of the Southern District of New York issued a temporary restiction, therefore supporing the SEC
25 March 2020   1019

The American court issued an order to the developer of the Telegram messenger, according to which he should refrain from the distribution of tokens of the TON blockchain project planned for next month.

According to CoinDesk, on March 24, the District Judge of the Southern District of New York, Kevin Castel, issued a temporary injunction, recognizing the SEC's arguments regarding the sale of unregistered securities by the company as reasonable.

The Court finds that the SEC has shown a substantial likelihood of success in proving that the contracts and understandings at issue, including the sale of 2.9 billion Grams to 175 purchasers in exchange for $1.7 billion, are part of a larger scheme to distribute those Grams into a secondary public market, which would be supported by Telegram’s ongoing efforts.

 

Kevin Castel

U.S. District Judge

According to the judge, this feature does not allow considering the Telegram offer as subject to exceptional conditions. He also noted that Telegram structured its project in such a way as to attract “the maximum number of primary buyers” against the background of the expectation of maximum profit at the time of launch.

Considering the economic realities under the Howey test, the Court finds that, in the context of that scheme, the resale of Grams into the secondary public market would be an integral part of the sale of securities without a required registration statement. 

 

Kevin Castel

U.S. District Judge

Conducting an analysis from the standpoint of the Howey test, the judge stated that buyers expected to profit from participating in the campaign. Moreover, although Telegram may argue that it will not become a guiding force in the further development of TON, “in fact,” it will be precisely this.

The judge agreed to distinguish between non-existent Gram tokens and securities purchased by TON investors, but refused to support Telegram's argument that Gram would be a commodity.

The Court rejects Telegram’s characterization of the purported security in this case. While helpful as a shorthand reference, the security in this case is not simply the Gram, which is little more than [an] alphanumeric cryptographic sequence.

 

Kevin Castel

U.S. District Judge

This is not the final decision, but it can serve as a powerful indicator of what position the court will adhere to further.