Telegram Founder Supports Toncoin Project

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Durov praised the constant evolution of the TON technology.

Russian entrepreneur and Telegram founder Pavel Durov, has expressed his support for the Toncoin project. Toncoin was created as a spinoff from an abandoned Telegram project.

Recall that in May 2020 after a prolonged legal battle with the SEC, Telegram announced the close of its TON blockchain project. It also paid an $18.5 million fine to the SEC who cited securities law violation as the company’s offense. The company released the code for TON open-source before closing down the project. Some of the developers who had worked on the project before decided to continue the development of Toncoin.

Pavel Durov expressed his delight at the news that Telegram had said goodbye to TON. He stated that he was inspired by the work of previous winners of Telegram’s coding contests.

Durov expressed his delight at the TON’s continued development. Durov also noted how the technology is faster than any other in the current blockchain ecosystem due to its speed and scalability. He said:

“TON is still years ahead of everything else in the blockchain realm. It would have been a shame to see this project not benefitting humanity.”

BUSINESS: It Isn’t Just TON Coin

Toncoin is not the only project that spun off from the open-source TON. Telegram withdrew its support for TON and a community created the FreeTON blockchain. Led by TON Labs which previously ran the TON test net before it was shut down, the group also launched a native token called TON Crystal, in May 2020.

Recently, FreeTON announced its protocol rebranding to Everscale. The Telegram team did not acknowledge the project despite its relative success. This could be due to a modification in the protocol that FreeTON was built.

Telegram has acknowledged the Toncoin Project, unlike FreeTON. Durov noted however that the project was not connected to Telegram. Durov wishes the team continued success. He said that “coupled with the right go-to-market strategy, they have all they need to build something epic.”

Following its announcement, the Toncoin had a quick spike. the coin was trading at $2. 39 up 42.87%.

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