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When was TON coin issued? Learn about the origin of TON coin in one article

"Telegram's initial blockchain project, TON Coin, was met with legal challenges but ultimately prevailed, emerging as an independent cryptocurrency with a promising future."

Oct 08, 2024 at 01:11 am

1. Origins of TON Coin

TON Coin, formerly known as Gram, is a decentralized cryptocurrency and blockchain platform developed by Telegram Messenger, a popular messaging app. The project was conceived in 2018 and was originally scheduled to launch in October 2019 under the name "Telegram Open Network" (TON).

2. Pre-Launch Challenges

In October 2019, the United States Securities and Exchange Commission (SEC) filed an injunction against Telegram, alleging that the company had conducted an unregistered sale of securities through its TON coin offering. The SEC also obtained an emergency asset freeze, which halted the TON launch and froze approximately $1.7 billion in assets.

3. Legal Battle and Resolution

Telegram challenged the SEC's allegations and filed a lawsuit against the regulatory agency. The legal battle continued for several months, with both sides presenting arguments and evidence.

4. TON Blockchain Launch

Finally, in May 2020, the SEC and Telegram reached a settlement agreement. Telegram agreed to pay a $18.5 million fine and to register its TON coin offering with the SEC. The SEC also lifted the asset freeze, paving the way for the launch of the TON blockchain.

5. Name Change and Transition

In April 2021, Telegram announced that it would discontinue Telegram Open Network and transfer the TON ecosystem to an independent community-run organization. As part of this transition, the Telegram Messenger app was removed from the TON blockchain and the coin was rebranded from Gram to TON Coin.

6. Current Status

TON Coin is now an independent cryptocurrency with its own governance and roadmap. The TON blockchain is designed to be highly scalable, secure, and user-friendly. The coin has gained traction among cryptocurrency enthusiasts and has been listed on several major exchanges.

7. Key Features of TON Coin

Proof-of-Stake (PoS) consensus mechanism
Extremely high transaction speeds and low fees
Ability to process multiple types of transactions, including micropayments and complex smart contracts
Scalable blockchain with the potential for billions of transactions per second

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