It is unfortunate to find out Telegram pressured to lose the Ton idea for the time being.
Telegram Blockchain Plans Derailed
This week, the messaging company Telegram conceded its war against SEC regulators over the Ton blockchain. Based on reports, the organization formally filed a stipulation withdrawing their appeal days before.
The sad news came via a business blog post. The firm described its decision to get away from the hard-fought project. The company is not able to fulfill its responsibility towards telegram investors.
Ton Blockchain – The abandonment might not be for a long time. The filing is merely an agreement by the Telegram and SEC to prevent the court proceedings with no judgment. It may very well be that Telegram seeks to play the rather long game now and allow other businesses to accommodate the regulatory bill to create precedents in the industry.
Notably, this is the largest ICO to actually roll-out. Therefore, it was no great surprise to understand that regulators sought far more control over the project because of the industry response.
Ray of Hope
Remarkably, there’s nonetheless some optimism for the Ton philosophy to live on. This month a group of helpful developers introduced a hard fork of the project. The newest blockchain goes by the brand of Free Ton has the help and support of Ton Labs. Notably, Ton Labs toiled directly on the first Ton ecosystem.
It is unfortunate to find out Telegram pressured to lose the Ton idea for the time being. Nevertheless, it is going to be intriguing to find out what path the firm takes now. Given the latest hard fork, it seems that the market already has a Ton community willing to sail the storm. For the time being, the media does not bode nicely for various other major tech companies included in SEC litigation.