Telegram CEO Pavel Durov said he is proud that the TON project, which they terminated last year, is still being developed.
Telegram co-founder and CEO Pavel Durov expressed his excitement about the still emerging Telegram Open Network (TON) technology, even though Telegram officially abandoned the Toncoin project last year, in a Telegram post.
"We are proud that the technology we have created is still alive and developing. TON is still a few years ahead of anything else in the blockchain space when it comes to scalability and speed. "
He added that the project has been rebranded from TON to Toncoin, and unlike the original TON, the new project operates independently of Telegram.
"I wish the same success to the team of the project. If they implement the right go-to-market strategy, they have everything they need to build something legendary."
These words from the Telegram CEO came just as Donate, a Telegram-approved payment service, was preparing to enable donations on Telegram using the Toncoin cryptocurrency.
TON announced on Thursday that it will form a partnership with Donate. He also said that users will soon be able to donate and pay for their subscriptions in Toncoin. At the same time, channel managers will be able to collect their income with cryptocurrency. The news of the subscription service was previously announced on Monday.
TON, a blockchain, was created in 2017 by brothers Nikolai and Pavel Durov. However, these two brothers and Telegram decided to withdraw from the project in 2020 after a long battle with the United States Securities and Exchange Commission. The SEC won a lawsuit accusing Telegram of violating US securities laws, which announced its initial coin offering of $1.7 billion in 2018.
According to data from CoinGecko, the price of Toncoin has risen by over 23 percent in the last 24 hours, showing remarkable growth, trading at $2.93 at the time of writing. The token hit $4.5 on November 12, reaching an all-time high. In addition, the token has been listed on OKEx, FTX and EXMO, some of the world's largest crypto exchanges.
It Isn’t Just TON Coin
Toncoin is not the only project that spun off from the open-source TON. After Telegram officially withdrew support for TON, a community launched 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. Despite its relative success, the project was not acknowledged by the Telegram team. This may be due to a change in the protocol on which FreeTON was built.