Telegram Open Network Blockchain To Be Launched Until November 2019
Agreements on the acquisition of Telegram's Gram tokens may become invalid if the Telegram Open Network (TON) does not start working till the end of October, 2019, Cointelegraph reports.
The documentation specifies the legal peculiarities regarding the purchase of Gram, and the rules for residents of different countries regarding the token distribution. There is a clause which indicates that the agreement will be canceled in case the TON will not start its operation till October, 31.
Although the contract contains the name of Pavel Durov, Telegram founder, it cannot be recognized official yet, as there is no signature and date. Moreover, it indicates the legal address of Harneys law firm, located in the British Virgin Islands, Telegram's registration place.
It is also stated that the company will work on a new cryptocurrency after the TON blockchain platform is developed and launched. Previously, insiders informed Cointelegraph that the TON could be launched in March 2019, but Pavel Durov was cautious in forecasts, and the final launch date can be changed.
The Bell, a Russian-language online publication, reports that project investors received information that the TON is 90% set, but some delays may occur due to the product's innovative character.
In February 2018, Pavel and Nikolai Durov notified the US SEC about receiving $850 million as investments from 81 depositors in the initial ICO round for the implementation of the TON blockchain project.
Earlier, the Gram capitalization was predicted to reach $29.5 billion till the end of 2019.