The once record-setting ICO, for the Telegram Open Network, has had its problems as it looked to launch recently as the SEC came down quickly to put an end to that. This sent ripples across the cryptocurrency community as the promising project was suddenly stopped in its tracks with a host of heavy hitting investors left in the dark.
More than that, the TON network had a lot of promise and potential that the devs as well as other interested technical parties. However, they found that they were being held back by the parent company Telegram.
So, new TON Labs, the startup that helped Telegram run the test network for the Telegram Open Network, has gone ahead and launched its own version of the blockchain, with the support of professional validators.
It will not be censored
The battle that Telegram faces with the SEC is a big hurdle for the advancement of this decentralized project, and with Telegram being a major company that is forced to adhere to the regulations means its hands are tied, but that is not what the devs feel.
The plan is supported by 13 validators and they have used code maintained by TON Labs. In fact, the genesis block of the new blockchain was generated this week, bringing into existence
“The network must not be censored, it must go to the world,” TON Labs CTO Mitya Goroshevsky said on a Zoom call.
“This project has its own community, its own idea, its own ideology. Not launching it would be a mistake,” added Konstantin Lomashuk, head of P2P, a blockchain startup and a Free TON validator.
What about the investors?
The biggest concern left for the real TON project and telegram is where the high profile investors have to say about this project being launched and where they stand on their investment in a project put on hold.
This new TON project of course leaves them with no obligation to the original investors.
“It’s also very cool to launch a network with just validators and developers and having the vast majority of tokens controlled by a community pool, as opposed to investors. It’s a great experiment,” said Brian Crain, co-founder and CEO of staking firm Chorus One.