After Telegram formally abandoned the project last year, co-founder and CEO Pavel Durov expressed excitement about the Telegram Open Network (TON) technology that is currently under development.
“I’m glad that the technology we developed is still alive and well.” “TON is still years ahead of everything else in the blockchain universe in terms of scalability and performance,” Durov stated in a Telegram post on Thursday.
The initiative got its new name “Toncoin” from TON, he said. Unlike the original TON, the new project is Telegram-agnostic. “However, I wish the same luck to the team.” They have everything they need to construct something great, including the correct go-to-market strategy,” he said.
Durov’s comments came as Donate, a Telegram-verified payments provider, was getting ready to allow Toncoin donations on Telegram.
On Thursday, TON announced a partnership with Donate, announcing that Toncoin will soon be in use to make donations and pay for subscriptions. At the same time, channel owners will be able to get their earnings in bitcoin. The news was first disclosed by the Subscriptions service on Monday.
TON is a blockchain founded by brothers Nikolai and Pavel Durov in 2017. But following a lengthy dispute with the US Securities and Exchange Commission, the two brothers and Telegram withdrew from the project in 2020. The Securities and Exchange Commission (SEC) won a complaint. Accusing Telegram of breaking US securities laws by launching its $1.7 billion initial coin offering in 2018.
Despite of terminating the project, TON is still going viral
Telegram officially ended the project more than a year ago. However, the concept of TON has not been forgotten, with the original open-source project spawning a slew of independent spinoffs.
Toncoin’s price has risen significantly in response to the newest news. Increasing by more than 23% in the last 24 hours and currently trading at $2.93, according to CoinGecko data. On Nov. 12, the token reached an all-time high of $4.5. OKEx, FTX, and EXMO are among the top cryptocurrency exchanges in the world, and the token listed on them.