Telegram drops its TON blockchain and Gram cryptocurrency

American justice has been right about the blockchain project of the Telegram messaging application. Founder Pavel Durov announces the abandonment of TON and its Gram token. The leader denounces in passing the technological domination imposed by the United States.

Telegram had managed to bring together a large number of investors around its project TON blockchain and his cryptocurrency. Through a ICO, the editor of the famous secure messaging application had raised over a billion dollars.

For the American financial regulator, the SEC, this operation was however carried out in breaking the law. And justice has proven him right on several occasions, prohibiting Telegram the issue of his token.

YOUR would have surpassed Bitcoin and Ethereum

For its founder and CEO, now is the time to throw in the towel. In a message dated May 12, Pavel Durov announces that the TON blockchain platform, in development for 2.5 years, will not see the light of day. The same goes for Gram.

TON was designed to share the principles of decentralization initiated by Bitcoin and Ethereum, but to be far superior to them in terms of speed and scalability, "claims the Telegram boss.

He will therefore not have the opportunity to confirm it. A judge put a stop to this joint gold mine (TON) project, the gold (Gram) of which was to go to investors. "A judge used this reasoning to rule that people should not be allowed to buy or sell Grams as they can buy or sell bitcoins," said Durov.

US justice imposes its decision on other states

The Telegram founder also criticizes the extra-territoriality claimed by the American justice system. The US veto indeed prohibits the emission of tokens in the country, but also any distribution outside its borders.

Grams should not be allowed to be distributed anywhere in the world – even if every other country on the planet seemed to be in perfect agreement with TON. This court ruling implies that other countries do not have the sovereignty to decide what is good and what is bad for their own citizens, ”said the master builder of TON.

The ban on the blockchain platform is therefore a debate on digital sovereignty for Pavel Durov. For the latter, this court decision highlights the dependence of other states on finance and technology.

The United States can use its control over the dollar and the global financial system to close any bank or bank account in the world. They can use their control on Apple and Google to remove apps from the App Store and Google Play, ”he illustrates.