Telegram has released an official notice about its TON blockchain and Gram tokens. The blog post on the company’s website includes important details about what should be expected by the Telegram community.
Telegram has been embroiled in a legal battle with the SEC over several details regarding its Gram tokens. The scuffle between both parties is still quite heated and doesn’t seem to be nearing a resolution anytime soon. Regardless, Telegram decided to make a few things clear as the community awaits some solution.
The company says while it is preparing to launch its products, a few clarifications need to be made. This is because even though the company isn’t done working out details, rumors have spread like wildfire. The clarifications are as follows.
Telegram Has Not Launched Gram or TON Blockchain
Unsurprisingly, there are already a few websites that claim to sell Gram tokens. Crypto scams are not new in the space and some criminals are already trying to take advantage of Telegram. The company warns that in some cases, the websites acknowledge that the tokens are not available and offer “token presales.” Telegram clarifies that these websites are not from Telegram and have no affiliation whatsoever with the company.
The post adds:
“Neither Telegram nor any of its affiliates are involved in any public sales or presales of Grams. To the contrary, the TON Blockchain on which Grams will function is still in a Beta Test phase [and only] once the TON Blockchain launches will Grams be created and available to purchase.”
Telegram Will Decentralize TON Blockchain
Telegram has also announced that the plan for the TON Blockchain is full decentralization. The blockchain will be maintained in its entirety by third parties, outside of Telegram’s control.
Also, Telegram adds that there is no guarantee that it, or any of its affiliates, will develop any TON-specific products. This means that there may or may not be any applications or features on the blockchain, apart from the GRAM tokens. If there will be, Telegram says the decision will be made by the “decentralized community of third-party developers.” The team explains:
“Telegram does not, and cannot, guarantee that anyone will adopt or implement such features or provide such services, on any given timetable or at all.”
The post also states that neither the companies nor the employees will be obligated to hold any Gram tokens.
Gram Is Not an Investment Channel
Telegram warns that people who decide to buy Grams must make sure that they do not expect any profits. The company says the tokens are created to serve as a medium of exchange and not for profit. The notice also adds that “you should be fully aware of the risk that Grams may decrease in value over time or even lose all monetary value.”
Telegram founders have refused an SEC order to disclose specific information. The SEC ordered the Durov brothers to allow investigators access to spending records for $1.7 billion, for two years. However, Nikolai and Pavel Durov haven’t agreed to comply.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.