TON is experiencing a robust resurgence as a community-driven blockchain and is gaining significant traction.
TON Society co-founder Jack Booth at The Gateway 2024 event in Dubai.
The Open Network (TON) Society co-founder, Jack Booth, spoke with Cryptonews during The Gateway event in Dubai, discussing Telegram’s commitment to privacy features and the use case for Tether’s Dirham-pegged stablecoins.
The TON Society is the main group leading all community operations related to TON, with Booth heading the organization. The group’s mission is to foster community engagement, offering resources and networking opportunities for developers, builders, and enthusiasts interested in TON.
At The Gateway event, TON made several key announcements, including updates to Telegram apps and the launch of a new governance model by the TON Foundation known as Society DAO.
A Tether executive revealed on stage that a Dirham-pegged stablecoin will be issued on the TON blockchain.
Telegram’s ICO and Its Challenging Past
TON appears to be making a strong comeback as a community-led blockchain, gaining renewed momentum. Following the high-profile collapse of Telegram’s initial coin offering (ICO) in 2018, a venture that sparked significant controversy in the blockchain world, the organization has taken significant strides to rebuild its reputation.
For those unfamiliar, Telegram’s ICO raised approximately $1.7 billion from private investors before being halted by the U.S. Securities and Exchange Commission (SEC) in 2019, which deemed the sale of GRAM tokens an unregistered securities offering.
In 2020, Telegram’s founder Pavel Durov announced the cessation of the TON project to comply with court orders. Fast forward to 2024, TON and Telegram have returned to the spotlight with a strengthened, community-focused approach. Telegram has integrated a TON-based crypto wallet called TON Space into its platform, serving its extensive user base of over 800 million.
TON Society co-founder Booth explained how the project’s revival took shape:
“The turning point came in September 2023 when Telegram re-engaged with the project. After the ICO fallout, they fully withdrew from the project, handing over all Testnet tokens, GitHub access, community channels, and TON.org to the open-source community.”
Booth shared that various open-source communities vied for control of these assets. Ultimately, core developers Kirill Emelianenko and Anatoly Makosov emerged as leaders and became the primary developers of the revamped TON.
“After the core developers took over, they began developing the wallet and integrating it into the Telegram Mini Apps ecosystem,” Booth said.
Strong Use Case for Dirham-Pegged Stablecoin
“The Dirham-pegged stablecoin is compelling because remittances from Dubai form one of the largest corridors in the world, particularly to India and the Philippines,” Booth explained.
He highlighted that billions of dollars are transferred from Dubai to these countries, showcasing the city’s role as a key hub for remittances.
“The Dirham stablecoin could effectively onboard new crypto users based in the UAE who wish to send funds home,” Booth noted.
Pavel Durov’s Arrest and Its Impact on the TON Community
Booth described Pavel Durov’s recent arrest as a distressing moment for the community, particularly concerning freedom of speech, suggesting it appeared politically motivated.
“Durov’s arrest was a troubling episode, especially for freedom of speech. It seemed politically driven to imply that he wasn’t taking action,” Booth said.
Booth explained that Durov faced accusations of not doing enough to eliminate illegal content, despite actively moderating and censoring such channels. He believes that Durov has since reaffirmed his commitment to combating illegal content, aligning with what French authorities had likely expected all along.
Recent Privacy Updates by Telegram
Booth pointed out that although some people are concerned about Telegram’s lack of end-to-end encryption, the company’s actions and public statements indicate its commitment to user privacy and the moderation of illegal content.
“Telegram isn’t providing backdoor access, so governments can’t independently monitor all channels without the necessary keys,” Booth said.
He emphasized that Telegram’s approach does not compromise user privacy by offering backdoor access, making it difficult for authorities to identify illegal content without Telegram’s involvement.
