- The Open Network (TON) blockchain project calls on the Russian authorities to enter into a dialogue with blockchain communities
- The blockchain and cryptocurrency market is only gaining momentum today, this is an inevitable development of the economy.
Many of the largest corporations, the world’s IT giants, are launching blockchain-based projects or integrating cryptocurrencies into their solutions for the market, The Open Network pointed out.
The Open Network (TON) blockchain project calls on the Russian authorities to enter into a dialogue with blockchain communities before introducing cryptocurrency regulation, TON told TASS.
“The blockchain and cryptocurrency market is only gaining momentum today, this is an inevitable development of the economy. Many of the largest corporations, the world’s IT giants, are launching blockchain-based projects or integrating cryptocurrency into their market solutions. Governments of some states are seriously thinking about giving cryptocurrency an official status, and somewhere it is already legal tender,” TON noted, adding that before introducing regulation of this type of digital currency, it is necessary to discuss with experts from professional communities all the advantages and possible consequences of such measures, develop an appropriate algorithm, “taking into account the interests of a fairly large number of people involved in working with blockchain technologies in Russia”, as well as prescribe a roadmap for the development of this area in the country.
“We, in turn, are ready for dialogue and believe that only through joint efforts can we achieve the right approach to the implementation of any initiatives,” TON said.
Earlier, the Ministry of Finance, after the publication of the report of the Central Bank on the almost complete ban on cryptocurrencies in Russia, proposed its own options for regulating this market, having prepared an appropriate concept and sent it to the government.
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One of the proposals of the Ministry of Finance, according to RBC with reference to a document and a letter from the ministry to the Deputy Chairman of the Government of the Russian Federation Dmitry Chernyshenko, is to conduct all operations with cryptocurrencies through Russian banks. According to the Ministry of Finance, the complete lack of regulation of cryptocurrencies or their ban will lead to destabilization of the industry, an increase in the share of the shadow economy and an increase in fraud, and law enforcement agencies will not be able to effectively respond to crimes using cryptocurrencies.
WHAT IS TON?
Since the release of Telegram messenger in 2013, its CEO Pavel Durov emphasized that instant messenger won’t include advertising. According to documents related to U.S. Securities and Exchange Commission (SEC) v. Telegram suit (2020), by 2017, the self-funded startup needed money to pay for servers and services. Durov considered venture capital financing but decided against it until the problems are solved. In the mid-December 2017 Bloomberg interview, Durov announced that Telegram would begin monetization in early 2018. Tech Crunch had soon confirmed that the company planned launch a blockchain project named “The Open Network” or “Telegram Open Network” (TON) and its native cryptocurrency “Gram”.
In January 2018, a 23-page white paper and a detailed 132-page technical paper shed some light on the project. According to documents, the Durovs planned to attract the existing Telegram user base to TON and promote the mass adoption of cryptocurrencies, turning it into one of the largest blockchains. TON was described as a platform for decentralized apps and services akin to WeChat, Google Play, or App Store, or even a decentralized alternative to payment processing services of Visa and MasterCard due to its ability to scale and support millions of transactions per second.The codebase for TON was created by Nikolai Durov, the developer of Telegram’s MTProto protocol, and Pavel became the public figure for the project.