Let’s find out what’s going on with Telegram’s new project, Gram
The whole fintech industry is waiting impatiently for the new alternative cryptocurrency Gram to arrive on the market. Its connection to the messenger platform with 300 million users is very promising. So let’s find out what’s going on with Telegram’s new project.
Those of you who are still in the dark about the Gram can find some basic information about it in this article.
The latest Gram news
Pavel Durov’s project team has already launched a test version of the Gram cryptocurrency wallet based on the TON blockchain platform, and its distributions are available for download despite the conflict with the US Securities and Exchange Commission (SEC).
Initially, the Gram token was planned to be released on October 31. However, the SEC explicitly stated that the proposed business model is too opaque. The SEC says Telegram has failed to register their offers and sales of Grams, which it says are securities, in violation of the registration provisions of the Securities Act of 1933. Telegram responded to the United States securities regulator, arguing that Gram, the native cryptocurrency for the Telegram Open Network (TON), is not a security.
After deeming Telegram’s initial coin offering (ICO) illegal on account of the fact that the Token Offering wasn’t properly registered in the USA, the SEC also filed a temporary restraining order, setting a court hearing in New York for Oct. 24.
After an exchange of filings, the hearing on the case has been postponed until Feb. 18–19, 2020.
The judge hearing the case, P. Kevin Castel, ruled that Telegram should not distribute its tokens before that date, and not until the court makes its decision on the case. Hence, the official launch of the project was postponed until the end of April 2020.
Now applications for Windows, MacOS, and Linux are available for download, and immediately after installation, the crypto wallet will generate a secret phrase of 24 words (to restore access if needed) and will ask you to enter a password to confirm transactions.
While the chatbot is giving away from 5 to 20 Gram tokens for free, they should arrive within a minute, but in the testing phase it takes a while longer. You can request test Grams several times in a row for the same wallet, but if you ask too often, the bot refuses:
“Sorry. You are making too many requests for this wallet, please try again later.”
Transferring Gram to a crypto wallet address or by a QR code from another user is already possible, this transaction takes about five minutes.
However, it is still not clear who will mine the aspiring cryptocurrency.
Due to the legal obstacles and a number of strong competitors in the cryptocurrency market, Telegram’s token has already received controversial reviews from the industry experts.
Meanwhile, some experts don’t predict much of a fierce rivalry in the crypto-market brought by the launch of new tokens.
However, the Cryptopolitan team has alarmed the global community and US regulators with a report that may hinder the currency’s future.
Messages like that one push authorities to closely scrutinize and slow down the scalability of new messenger-related cryptocurrencies like Gram and Libra.
Still, legal regulations are not the only challenge for Gram currency.