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Telegram finally admits involvement in TON blockchain

Image Credit: www.justaskgemalto.com

Wed, 09 Oct 2019, 06:55 am UTC

Instant messaging app Telegram has finally acknowledged its involvement in the Telegram Open Network (TON) blockchain in public, as it mentioned both TON and GRAMS, the platform’s native token, in the terms of service (ToS) of the token’s wallet app.

As per the ToS, Telegram will incorporate the wallet into the flagship messaging app of the company and offer standalone products.

We have no control over the TON Blockchain network and therefore cannot ensure that any transaction details that you submit via the Services will be validated and confirmed on the TON Blockchain,” the ToS states.

Telegram also pointed out that it will not store users’ personal information or their public and private keys, stressing that clients are “solely responsible for managing and maintaining the security of your Credentials. If you lose your Credentials, we do not have the ability to recover your Credentials or assist you in retrieving your Credentials, and you may not be able to access your Grams.”

In addition, it also said it cannot control the process and verification of transactions on TON, clarifying that it cannot facilitate “any cancellation or modification requests to transactions you have submitted.”

By far, this is the first time Telegram confirmed its affiliation with the TON Blockchain.

The updated ToS came after an email forwarded to TON investors revealed that TON is on track for its scheduled launch this month. It announced that investors are given TON Key Generation Software and are required to provide Telegram with a public key to receive their Gram tokens by Oct. 16.

The encrypted messaging service provider also recently initiated a competition for developers to build a smart contract for the TON blockchain. Winners can take home as much as $400,000, and the contest will end on Oct. 15.

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