The deadline for the launch of TON Gram under a contract with investors was October 31, 2019. At the same time, the Telegram team planned to launch the platform almost a year earlier (in the late summer of 2018). When will the Gram be finally released? To answer this question, we need to make a short review of the current situation.
In October, Telegram sent a letter to early-stage investors to postpone the TON launch to April 2020 due to SEC claims. In that letter, the team says that they don’t agree with the SEC’s position, and they need time to resolve the problems associated with this lawsuit and to carry out preliminary work with other government agencies to ensure the launch of TON. Investors were invited to sign a postponement agreement. Under the agreement, TON has the right not to launch the project on time in the case of force majeure related to the actions of government bodies, and not to return investors’ money already spent on development. Actually, Pavel Durov resorted to this option, proposing to re-sign the new agreement. Based on the terms of the contract, investors are unlikely to agree to get the money back, they will rather want to wait for the launch: they can get back only 77% of the initial investment since the funds have already been partially spent on the development of the Telegram Open Network.
Now all Telegram users are interested in the question – when does TON appear? According to the latest data, the TON Gram launch date deadline is April 30, 2020, however, the release date of the Durov’s cryptocurrency can be shifted to an earlier or later date. Depending on the outcome of the proceedings, there is a chance to launch TON before April. Actual news is constantly appearing, therefore we recommend subscribing to the Telegram channel “Give me Gram” to be aware of all events and make quick decisions, as well as to the Tonometer Telegram bot, which sends information on Gram futures quotes (and after release of TON – about the Gram cryptocurrency course) directly in the messenger.
The signing of the agreement is required from investors of both rounds of ICO. If an agreement to enlarge the development period is not reached by all groups of early-stage investors, then in April 2020 fewer Gram tokens will be issued, and 77% of their funds will be returned to those who did not agree with the postponement. it became known from the SEC lawsuit that by January 31, 2019, Telegram had already spent out $ 218 million of $ 1.7 billion and they could not be returned.
The letter said that until April about $ 80 million will be spent on further development. The creators of the project suggest that during this time third-party developers will develop more applications for TON.
The implementation period has tripled from the originally announced at the time of collecting money (from 10 to 30 months). Now the release date for TON is April 30, 2020. Since it is no longer possible to return all the money back, investors were asked to exit the project, taking only 77% of the initial investment. It isn’t a good investment, is it?
Telegram recently reported that most investors agreed to postpone the project for another six months. It is important to emphasize the word “most”, which means that some investors have already decided to take the money. Apostate investors agreed to lose a quarter of the investment that had been frozen for 1.5 years. So, they lost faith in Durov and the success of his project.
Then the logical question is: why do most investors continue to tolerate all of this? Money continues to burn, and it is likely that the SEC and other regulators will never allow the project to be born.
Here are the main reasons:
Theoretically, a decision could be made in favor of TON. For the first time in history, Telegram is trying not only to win the case against the SEC, but also to obtain financial compensation for the damage and prohibit the SEC from further terrorizing the project. News is published regularly, and the release date of TON GRAM can be postponed from April 30, 2020, to an earlier date. Therefore, the question of when will Gram launch remains open.
But what do ordinary people who bought Gram futures think? Rate of the futures fell by about a half. This means that the belief in a successful project launch has weakened. You can monitor the price of Gram futures (as well as the price of Gram after its official release) in the Tonometer Telegram bot. This is a very convenient tool for quick information receiving directly in the messenger. There you can get a notification about the Telegram’s TON launch or updating the release date of the Gram cryptocurrency.