Developers and investors in the Telegram blockchain project have established a nonprofit for community governance. Reportedly, the first action of the TON Community Foundation was to defend Telegram in the case, filing a friend of the court brief Friday. In the brief it is claimed that the TON Blockchain is fully operational and could be launched on a 5-second notice and hasn’t been happened so due to the SEC’s lawsuit against Telegram. The suit stopped the launch of the blockchain.
Brown University Professor Maurice Herlihy earlier mentioned the lacking of critical components for a successful launch of TON submitted by SEC and the brief focused on this issue. The issues mentioned as lacking by Herlihy are not significant for a launch as claimed by the foundation. The group was started by Fedor Skuratov, communication manager at TON Labs. The list of participants includes 22 people representing 22 people representing their companies. TON Labs itself is a participant included in the list but Telegram has not been included in the list. The Telegram has been trying to prove SEC’s allegation wrong and the company is saying that they have been building a decentralized system.
The foundation is aimed at promoting the usage of TON via education, research and development, grants and lobbying. Philippe Rodriguez, head of the TON France community, found the initial stage of the project a bit centralized and now he is contributing to the decentralization of the project. Sergey Prilutsky, one of the founding members, thinks that as developers they need to know what standards, norms, security criteria, tools and documents will be adopted and help in decision making. Actually such projects are crucial at the early stage.
What White Paper says?
TON Labs has almost nothing to do with the TON Foundation elaborated in the original TON white paper and the concept elaborated in the white paper might never be created by Telegram as the company was supposed to manage the supply of the native gram tokens, therefore this is not a security. The investors were supposed to get their allocations after the TON Blockchain is launched as per the white paper. The white paper also said that later, when less than half of all grams remain under control of the TON Foundation, the system will become more democratic.
When to Launch?
The court refers to the necessity for ‘’democratization’’ more urgent and this statement is taken by Telegram like no obligation in the way to TON Foundation. Telegram said the wallet for grams will not be built into Telegram’s flagship product. But about SEC’s suit, nothing is mentioned in the new foundation’s declaration and the community wants to assist TON progress. The timing of the foundation’s launch was set by the court timeline and the first hearing on the case is scheduled for Feb. 19.