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Telegram Will Shutdown TON Testnet in August

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Telegram Will Not Repay Investors with Gram Tokens
Telegram Will Not Repay Investors with Gram Tokens

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Telegram appears to be about done with the Telegram Open Network (TON) blockchain project, as its crypto dreams have come crashing down. Now, the company appears to be shutting down everything else related to the project, signaling that it’s ready to move on.

Much Hype for Telegram’s Crypto Aspirations

This week, Telegram shared in an update that it would be shutting down its TON testnet, with support ending in August. As the TON developers explained, the testnet will still be available to existing users, although they will need to install some additional software to access it.

Telegram’s work with the TON testnet has been extensive. The mobile messaging company launched a private beta test of its blockchain to private investors in April of last year. Per reports, the company opened access to a test version for a limited number of developers worldwide, including Russia, where it was still banned at the time.

Citing anonymous sources, reporters confirmed that the developers were able to set up nodes on the blockchain and conduct several other functionalities.

Although the tests didn’t provide any particular outcomes, the testers revealed to reports that the blockchain did show high levels of transaction speed. However, the fact that its code (including smart contracts) was still in the testing phase, developers couldn’t get specific performance indicators.

Then, the company launched the TON testnet explorer and node software on its website last September. At the time, the company had pegged an October launch date for the blockchain and its digital token, the GRAM. The testnet provided a first look at the platform, with the main blockchain expected to feature several financial consensus mechanisms and sharding functionalities.

At the time, there was a lot of anticipation concerning the launch of the TON and GRAM tokens. Apart from the TON testnet, Telegram launched a wallet for the GRAM for iOS devices. The wallet featured just the basics, with users only able to create and delete their wallets, send and receive tokens, and share their wallet addresses.

The SEC’s Big Blow-Up

Sadly, all of this hype died after the United States Securities and Exchange Commission (SEC) hit Telegram with a suit. The legal action came barely a month to the launch of both TON and the GRAMs. In it, the regulator slammed the mobile messaging company for offering unregistered security — concerning Telegram’s 2018 Initial Coin Offering (ICO), where it raised $1.7 billion.

Both parties got engaged in a months-long legal battle, which came to and in May after Telegram conceded defeat and gave up on its dreams to enter the crypto space. Since then, the company has been picking up the pieces.

As part of the closure process for the TON testnet, Telegram told developers that it would turn off all remaining TON validators by August 1. The company recommended that all network participants save their data and pull the plug on their testing processes.

Network participants will still be able to continue their work, provided that they install their testnet validators. However, Telegram will end support, meaning that participants won’t be able to reach out to the company for help if they encounter some issues.

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