Telegram and its blockchain: it's officially over!

It's the coup de grace! The SEC complaint against the anonymous messaging platform Telegram has just been validated by the American authorities. Much more than a simple court decision, it is a whole community that is helplessly witnessing the end of a major project.

Inflexible justice

The legal battle had indeed started last October, after the enthusiasm aroused by the ICOs but also the legal limits which they caused. Telegram and its founder Pavel Durov decided to offer a digital token for its users and raised $ 1.7 billion from investors.

After hard work of more than two years aiming to offer a blockchain more efficient than Bitcoin & Ethereum , according to its creator, the judge of the American court has just ruled and delivered his verdict: The token “GRAM” emanating from the “TON” platform may not be distributed in the United States and worldwide.

“Unfortunately, the American court ended the TON project. How? 'Or' What ? Imagine that several people pool their money to build a gold mine - and that they later share out the mined gold, ” explains Pavel Durov .

“Then, a judge intervenes and says to the builders of the mine: 'many people have invested in this mine because they wanted to generate profits. And they didn't want this gold for themselves, they wanted to sell it to others. For this reason, you are not authorized to conclude this project. ”

Towards forced decentralization?

The disappointment is palpable for the initiators of the project , who, having spent $ 405 million on the development of this new platform, are forced to reimburse the funds raised to the participants.

In a final message to his subscribers, Pavel Durov cleared himself of any personal involvement in a future project that could rely on TON's infrastructures, affirming at the same time that many ill-intentioned actors could take advantage of this disappointment and use his name.

The setbacks of Libra and now Telegram suggest an uncertain destiny for all centralized initiatives to issue tokens. Will these difficulties force project creators to adopt an already existing blockchain? Future initiatives will provide answers.