Telegram investors and developers created a foundation within the TON ecosystem to defend the project from the SEC. The TON Foundation participants, not Durov brothers, will manage funds and code.
While the SEC is preparing to destroy Telegram for avoiding the U.S. securities law, Telegram keeps receiving help from unexpected parties. This time, Telegram’s key investors have formed a circle for coordinating the development of the network. They have no connection to Nikolai Durov and Pavel Durov and the TON management.
The Foundation consists of several multi-currency wallet developers, such as Button Wallet, Atomic Wallet, the Da Vinci Capital brokers, and Cloud Staking Platform EverStake. There are also local TON development groups in the union – TON France, TON China, and TON Spain. The TON Labs movement is also part of the Foundation. Here’s the full list of participants:
- Combot, Fedor Skuratov
- Mercuryo, Viacheslav Akhmetov
- MixBytes, Sergey Boogerwooger
- Adgram, Sergey Shashev
- EverStake / AtticLab, Sergii Vasylchuk
- Da Vinci Capital, Oleg Jelezko
- Prometeus Labs, Vladislavs Semjonovs
- AtomicWallet.io, Konstantin Gladych
- P2P.org, Eugene Koinov
- TON Center, Emelyanenko Kirill
- Coding.studio, Makosov Anatoliy
- Alexey Pryanishnikov
- Combot/TON.sh, Sergey Chernikov
- Copperbits, Petr Korolev
- Alexandr Vat
- Credentia LLC, Stepan Gershuni
- Chrono.tech, Mikhail Savchenko
- Tengram.com, Michael Levine
- Button Wallet, Nick Kozlov
The participants have filed a ‘friend of the court brief‘ to the judge and the SEC. In it, they are stating that TON Blockchain has decentralized support from over 2000 participants of different sizes. The blockchain’s code does not break any of the current laws, hence the developers can launch it in less than 5 seconds. The only reason why the developers don’t want to do that – is because of the SEC’s actions towards Telegram founders.
Telegram’s Founders Break Off Connections with TON
The document sent to the SEC and the Court should confirm the public statement by Telegram founder Pavel Durov about the company’s denial of connection with the TON project. Since the project will become open-source software at the moment of launch, the further fate of it is independent of the creators. They also will not hold a key role in governing the blockchain, won’t be adding validators or making decisions regarding the development. All decisions will be made by the decentralized community of blockchain developers. Such activists will put their time and energy into raising the adoption level and the TON code quality.
The community includes, but not limited to, the TON Foundation. All the GRAM tokens that supposed to go to the creators of the wallet, will go to the Foundation’s public addresses. This way, Telegram founders have no financial gain from the launch of the decentralized network.
The document must also subvert the expertise given by Brown University. It claims that the TON network’s blockchain has a lack of critical components for the launch. However, in reality, the blockchain is working, people can even download and test for themselves a test TON Wallet. Also, the Telegram messenger will have no affiliation or connection to the TON blockchain:
“Telegram won‘t be able to control the blockchain and the ecosystem after it launches. Pretty much like an architect who designed a skyscraper can’t control what happens with the building after it’s finished – including what gets built around, inside or on top of it.”
During the court listenings planned on next Wednesday, the SEC will try to convince the court that TON is a centralized company with the founders chasing mercantile goals. According to the SEC’s allegations, TON founders have deliberately created a secondary market for their cryptocurrency launch. This is to prevent the currency price from harsh fall, as well as to manipulate the price according to Pavel or Nikolai’s will.
Twenty Developers Claim the Project’s Core Is Flawless
The brief sent to the court contains claims by 20 TON developers saying they have conducted an extensive peer review of the project’s code. It appears that 8,000 independent users have been testing and reviewing the code during the last several months.
Not only they have found no flaws, but they also have no financial interest in the token’s launch. That’s why they can continue working on the blockchain’s code before and after the official public launch. The developers want to ask the court to permit the launch of the TON blockchain because of changes in the management structure.
Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.