After raising $1.7 billion last year and maintaining almost complete radio
silence since, messaging app Telegram is finally going public with its
involvement in the?Telegram Open Network (TON).
The first mention of TON and its native gram tokens appeared on Telegram?s
official website Tuesday morning in the form of aterms of service (ToS)
[https://telegram.org/tos/wallet]for the token?s wallet app. According to the
ToS, Telegram will integrate the wallet into the company?s flagship messaging
app and also offer it as a standalone product.
?We have no control over the TON Blockchain network and therefore cannot ensure
that any transaction details that you submit via the Services will be validated
and confirmed on the TON Blockchain,? the document reads.
The wallet is provided by the London-based Telegram FZ-LLC, one of the entities
Telegram registered for messaging operations and anofficial publisher
Android-based Telegram app.
According to the ToS, Telegram will not keep either personal information of its
users nor their public and private keys:
> ?You are solely responsible for managing and maintaining the security of your
Credentials. 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 via the Services may not be completed, or may 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 be imposed
on your transaction by the TON Blockchain. We have no control over the amount or
type of such fees.?
This is the first time Telegram has publicly acknowledged the link to TON.
Neither the company?s CEO, Pavel Durov, nor other company representatives have
ever announced the project or commented on it.
So far, only theregistration
TON?s simple agreement for future tokens (SAFT) with the U.S. Securities and
Exchange Commission (SEC) ? which listed Telegram, Pavel Durov and his brother
Nikolai ? had formally linked the company to the blockchain project.
[https://www.coindesk.com/telegram-doubles-amount-raised-in-ico-to-1-7-billion] the future gram tokens during two closed rounds in February and March of 2018
for a price of 37 cents and $1.33 each, respectively. In early September, the
code for TON?s blockchain nodeswas released
[https://www.coindesk.com/telegram-finally-releases-code-for-its-1-7-billion-ton-blockchain] and on Oct. 2, investorsreceived
[https://www.coindesk.com/telegrams-ton-blockchain-is-on-track-for-late-october-launch-date] emails with links to TON?s key generator (so that they can access their actual
tokens). The project is scheduled to launch no later than Oct. 31.