By Alicia Maher
Pavel Durov, co-founder and CEO of Telegram, expressed delight about the continued development of the Telegram Open Network (TON) technology notwithstanding Telegram’s public abandonment of the project last year.
Applicable Use Case
The Telegram big wig said the technology is very much applicable despite the lack of support it had received from Telegram. This sentiment points to lack of conviction in the project by Telegram top guns.
However, Durov is fully supporting the project saying the protocols are engineered for transaction speed and scalability.He claims the technology has competitive advantage compared to other technologies out there. He shared this comment in a Telegram post recently.
He also mentioned that the project’s name was changed from TON to Toncoin. In contrast to the previous TON, the new initiative is not affiliated with Telegram. Durov expects the team will replicate previous success. But he says the team must be strategic because they have all the resources to disrupt the market.
Good News From Donate
Durov’s statements came as Donate, a Telegram-verified payments provider, prepared to enable Toncoin donations over Telegram. The move from Donate is significant for Telegram Open Network or Toncoin because it will add to positive sentiments that will drive the coin into an uptrend bounce.
TON established a partnership with Donate on Thursday, announcing that users would soon be able to donate and pay for memberships using Toncoin. Simultaneously, channel administrators will be able to receive payment in cryptocurrency. Users received the news on Monday from a subscription service.
Two brothers, Nikolai and Pavel created the TON, a blockchain protocol 5 years ago. However, the brothers and Telegram withdrew from the project in 2020 following a protracted legal battle with the US Securities and Exchange Commission. The SEC particularly won a complaint accusing Telegram of violating US securities laws in 2018 when it raised a $1.7 billion initial coin offering in equities.
Despite the fact that Telegram officially ended the project more than a year ago, the TON concept has not been abandoned, with the original open-source project spawning a variety of independent spinoffs.
Increased Membership Subscription
At the time of writing, community membership had not stopped a bit. The official channel for the Russian community increased to one hundred and sixty thousand subscribers. It is clear that the project garners massive support from its Russia community. Also, Toncoin supporters worldwide are pushing past fifty thousand and holding strong.
Toncoin’s price has increased significantly in response to the recent news, increasing over 23 percent in the last 24 hours. Also, the positive sentiments added psychological momentum to the token which now trades at $2.93 according to CoinGecko data.
Institutional investors are delighted the token is pushing hard greens as the year is almost over. In November, the token smashed $4.5 ATH.
The coin is riding the waves of its positive momentum and is serving interested buyers on several exchanges. Users can purchase the digital currency on central and decentralized exchanges. The coin is listed on several of the top cryptocurrency exchanges in the world, including OKEx, FTX, and EXMO.