Telegram’s TON Launch and Token Distribution — All the Details to Date
Henry Linver's original article for cointelegraph.com reduced by 44%
Momentum for TON has been building over the past few months and the token distribution set for Oct. 16 was drawing ever nearer. "Probably, their step was the only right action in this situation if we view the case from their perspective.
Over the past few weeks, the attention to TON has been incredibly high, and it's quite easy to understand how many tokens will burst out onto the retail market. On the other hand, such an approach brings lots of questions, and I am looking forward to seeing the results of the court hearing and the argumentation of the TON representatives." "Once Telegram delivers the Grams to the Initial Purchasers, they will be able to resell billions of Grams on the open market to the investing public. Telegram and/or its affiliates will facilitate these sales on digital-asset trading platforms.
Once these resales occur, Telegram will have completed its unregistered offering with billions of Grams trading on multiple platforms to a dispersed group of investors." "SEC might probably have issues with the way Telegram probably represented these to potential investors. Nevertheless, I'm sure Telegram and the SEC will sort this out. The Crypto world needs scalable blockchain projects to launch soon for the next step of evolution and TON promises that." The TON Board announced a temporary hiatus and deleted all previous posts on its Telegram channel, a space created by and for TON investors as well as for prospective holders of Grams.
WazirX's Nischal Shetty also believes that TON is set to shake up the crypto space upon its launch, since Telegram is one of the most technically competent teams in the world, "They are also one of the most persistent team, they keep building and improving upon the product. TON has the potential to usher in a new and much needed positive push for the entire blockchain industry." TON has a potential user base of 250 million once it gets the green light from regulators. "By participating in the Gram private sale, investors effectively purchased the right to run validators on TON and access a stream of ledger fees, at an attractive price.
As for the TON Foundation, with 10% of the Gram total supply under their control, at a price of $2 per Gram, this makes for a $1B coffer. The Telegram Messenger reportedly costs $1M a month to run. I see TON both as a play to monetise the messenger, but also as an effort to introduce a public utility in the world; an operating system for payments technology and financial applications..
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CN [too long; didn’t read]
Summarised crypto news.