Pavel Durov, founder and CEO of social media platform Telegram, announced yesterday that Telegram will effectively take over as TON, replacing the TON Foundation.
Telegram is a messaging app with over 1 billion monthly active users and is one of the largest in the world. Telegram is widely used in developing and authoritarian countries because it emphasizes platform privacy.
Telegram created TON in 2018, raising funds in a private sale.
The news drove TON’s price higher. TON is a top twenty crypto with a market cap of $6.24 billion.
With Telegram controlling TON, it is positioned to be the exclusive blockchain for its portfolio of Apps. Dur0v said that more tools and performance upgrades are on the way with the change.
Telegram’s significant user base should help user adoption of TON.
TON competes with other blockchains due to its scalability and very low fees. TON claims a TPS in the millions.
More information is expected within the next two to three weeks.