At the recent Gateway event in Dubai, Jack Booth, co-founder of The Open Network (TON) Society, shared insights with Cryptonews regarding Telegram’s commitment to privacy and the potential of Tether’s Dirham-pegged stablecoins.
The TON Society, led by Booth, plays a pivotal role in managing TON’s community operations. This group primarily fosters engagement within the TON ecosystem, offering resources and networking for developers, builders, and enthusiasts.
New Developments and Announcements at Gateway
During the event, TON announced significant updates, including enhancements to Telegram apps and the TON Foundation’s launch of a new governance model called Society DAO. Additionally, a Tether executive introduced plans for a Dirham-pegged stablecoin built on the TON blockchain, a promising step for TON’s future.
Telegram’s ICO and Controversial History
TON’s recent strides mark a comeback following Telegram’s high-profile initial coin offering (ICO) setback in 2018. This ICO raised $1.7 billion from private investors, only to face SEC intervention in 2019 due to concerns about GRAM tokens as unregistered securities. By 2020, Telegram founder Pavel Durov stepped back from the project to comply with legal rulings. Fast forward to 2024, TON has reemerged stronger, now boasting a robust community and a TON-integrated wallet called TON Space, accessible to Telegram’s vast user base of over 800 million.
Rebuilding TON with Community Support
Booth detailed how TON’s revival began when Telegram re-engaged with the project in September 2023, transferring all testnet tokens, GitHub access, and community channels to the open-source community. Kirill Emelianenko and Anatoly Makosov, core developers who led the new TON initiative, soon after began developing wallet functions and Telegram mini-apps.
Dirham-Pegged Stablecoin’s Remittance Potential
Booth highlighted a compelling use case for the Dirham-pegged stablecoin, especially for remittances from Dubai to nations like India and the Philippines, some of the world’s largest corridors. He emphasized the stablecoin’s potential to onboard new crypto users in the UAE aiming to send money home.
Pavel Durov’s Arrest: A Troubling Moment for the TON Community
Booth expressed concerns over Pavel Durov’s recent arrest, describing it as a politically charged event, impacting freedom of speech. He noted accusations against Durov for not removing illegal content, despite Durov’s active moderation efforts, believing his stance aligns with French authorities’ expectations.
Telegram’s Commitment to Privacy
Addressing privacy concerns, Booth noted that while Telegram lacks full end-to-end encryption, it remains committed to user privacy by withholding back-end keys from authorities. This approach complicates government attempts to analyze channels independently, reinforcing Telegram’s stance on privacy.
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