Telegram the messaging app is finally going public with its involvement in the Telegram Open Network (TON), this was after $1. 7 billion was raised las year and after main a quiet lead.
On Tuesday morning, Telegram’s official website showcased the first mention of TON and its native gram tokens in the form of a terms of service (ToS) for the token’s wallet app.
According to the ToS, wallet will be integrated into the company’s flagship messaging app and also offer it as a standalone product by Telegram.
The document reads thus:
“We cannot ensure that any transaction details that you submit via the Services will be validated and confirmed on the TON Blockchain since we have no control over the TON Blockchain network.”
One of the entities registered by Telegram for messaging operations and an official publisher of the Android-based Telegram app – the London-based Telegram FZ-LLC provided the wallet
Telegram will not keep either personal information of its users nor their public and private keys, According to the ToS.
- “The management and maintenance of your credentials including security are solely your responsibility If you lose your Credentials, we do not have the ability to recover your Credentials or assist you in retrieving your Credentials, and you may not be able to access your Grams.”
The company also states it has no control over processing and verifying the transactions on TON.
According to the ToS:
“The transactions you submit through the Services may not be completed, or it may also be substantially delayed by the TON Blockchain. We have no control over the TON Blockchain and do not have the ability to facilitate any cancellation or modification requests to transactions you have submitted. A fee may also be imposed on your transaction by the TON Blockchain. We have no control over the amount or type of such fees.”
However, this whole information has been kept mute from any comment by the company’s CEO, Pavel Durov, or company representatives have ever announced the project or commented on it as this is the first time Telegram has publicly acknowledged the link to TON.
Pavel Durov and his brother Nikolai – had formally linked the company to the blockchain project but So far, only the registration of TON’s simple agreement for future tokens (SAFT) with the U.S. Securities and Exchange Commission (SEC) – which listed Telegram.
During two closed rounds in February and March of 2018, investors bought the future gram tokens for a price at 37 cents and $1.33 each, respectively.
On Oct. 2, investors received emails with links to TON’s key generator which will enable them to access their actual tokens, after the code for TON’s Blockchain nodes were released in the early part of September . No later than Oct. 31. the project is scheduled to come alife.
Credit AnnaAnna BaydakovaJOIN OUR COMMUNITY