This week, the much-hyped TON blockchain project, with its ties to messaging app Telegram, took a major knock as the U.S. District Court Judge Kevin P. Castel in New York ruled in favor of the Securities and Exchange Commission (SEC). The SEC demanded that the court deem Telegram’s blockchain tokens, named Grams, as securities, or at least to halt their issuance to investors in the $1.7 billion token sale.
Telegram is looking to appeal this decision in order to keep the heavily invested platform alive, but there is an alternative that is brewing away from the messaging app’s reach. It has now emerged that the group’s founder, former communications manager at TON Labs Fedor Skuratov, is leading a group of developers who want to launch TON.
According to Coindesk, about two dozen software developers and investors are now looking at how they could go ahead and launch the Telegram Open Network (TON) without the original parent company, Telegram, being part of it.
“We consider it seriously,” Skuatov told CoinDesk.
The power of decentralizing Telegram
It is an interesting premise being put forward by Skuratov and the band of developers as the very nature of a blockchain platform — being open-sourced and available — means that there is every opportunity for others to pick up the code and project and essentially run their version of it.
For this to happen, all that needs to happen in regards to taking over the TON project is for the developers to take the already published and public code, generate the first batch of transactions to create a genesis block and provide at least 13 validator computers.
“Strictly speaking, no additional measures are required to launch TON by the community, except for a consensus within the community. But in order to get recognized, we will need to come to an agreement with investors (at least, with a majority of them),” Skuratov added.
This is essentially the basis of a hard fork as one section of the community decides to take the project in a different path, but in this case the hard fork is not a fork of anything that is currently live.
Biggest ICO investor pool
While all this is going on there is the investors in TON to consider. The ICO for the network was the world’s biggest, and because of its private nature, it attracted some major institutions and enterprises.
The Telegram project looks doomed to fail as it stands, and this is driving investors to start looking for their money to be paid back. According to one anonymous investor, there are some looking to be paid out, but there are still a few that are hopeful and want to project to launch.