Telegram to Shut TON Testnet as the Blockchain Could Not Launch

Encrypted messaging platform Telegram is finally closing the test network of its earlier proposed Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term called TON, putting an end to the highly ambitious project.

In an update published on Monday at the website of TON, the team highlighted that it will end the support for the blockchain test network on August 1, 2020.

“We are discontinuing our support of the test network of the TON Blockchain. Our remaining validators will be switched off not later than 1.08.2020,” the team managing the testnet noted. “Please save all relevant data and terminate your testing process.”

However, if someone still wants to continue testing on the blockchain network, they can do so by installing the testnet validators.

SEC vigilant on the established platforms launching a blockchain

Telegram raised over a billion from investors via an Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term) in early 2018 for the launch of a blockchain network on its existing messaging platform. The US Securities and Exchange Commission (SEC), however, raised a red flag on the project for violating securities law in the country, as according to them the company distributed unregistered securities in the ICO.

After SEC’s injunction and delaying the launch of the blockchain twice, Telegram finally gave up on its blockchain project last May and converted the ICO investments into a loan option for a year.

Telegram also withdrew its court battle against the court order as the legal complexity was getting worse, affecting the launch.

In a settlement deal, the US regulator imposed an $18.5 million penalty on Telegram and requires the social network to disgorge nearly $1.2 billion to refund its ICO investors.

Meanwhile, the Russian authorities recently lifted the ban on the messaging platform after two years, due to the messaging app’s wide usage in propagating messages.