Telegram Open Network Closed Testing to Start

According to one of the companies, taking part in testing, TON processes transactions with “extremely high speed”
11 April 2019   1048

Telegram has started testing the Telegram Open Network (TON) payment blockchain platform. This is reported with reference to the leaders of the two companies that are participating in testing, by Russian media Vedomosti.

Access to the test version of TON was obtained by several professional teams consisting of blockchain developers from around the world, including Russia.

According to one of the interlocutors of the publication, there are no specific test results yet, but it is already obvious that TON processes transactions with “extremely high speed”.

Initially, the testnet launch was to be held in January, however, the developers, apparently faced with unforeseen circumstances.

In March, TON developers reported that the platform is 90% ready. In addition, the company has begun negotiations on listing the token GRAM on major Asian marketplaces - Huobi, Binance and OKEx.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   437

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”