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Messaging giant Telegram eventually released official details on its yet-to-be-launched Gram wallet and token.
Popular messaging app Telegram updated the terms of service on its website on Tuesday with a new page for its yet-to-be-launched Gram wallet and token.
The only link which has been publicly identified before now has been the Simple Agreement for Token (SAFT) registered with the United States Securities and Exchange Commission (SEC) in March 2018 which lists Telegram, Pavel Durov and Nikolai Durov ( the telegram developers) in the filing.
Late last month the alpha version of the wallet of the cryptocurrency was launched and released for IOS which users are able to use on the TON testnet. The source code for the nodes which will operate on the blockchain was released earlier in September
Sources indicate that investors purchased future tokens in two rounds in both February and March of the same year for 37 Cents and $1.33 per round.
According to the new terms of service, the wallet will be integrated into its messenger service which functions under the registered business Telegram FZ-LLC which also is responsible for the android app of the messenger service. The terms of service indicate that full indemnity of the usage of the wallet and blockchain is against the users of the wallet service and in favor of the company.
While this may not be a bad thing in itself, it indicates that the second most popular global messaging app has created an environment for many different scenarios; some which may not be pleasant for the many users who want a great experience using the blockchain to purchase goods and pay for services. Telegram indicated in its terms of service that:
“You 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”.
The messaging service also indicated:
“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 transactions you submit via the Services may not be completed, or may be substantially delayed by the TON Blockchain.
We have no control over the TON Blockchain and do not have the ability to facilitate any cancellation or modification requests to transactions you have submitted. A fee may be imposed on your transaction by the TON Blockchain. We have no control over the amount or type of such fees”.
In as much as the messaging app may intend for its blockchain to be independent and decentralized, the question of validation of transactions and delay already indicates that the TON will be based on first-generation technologies which have so far proven to be reliable but unpredictable in both price valuation and transaction confirmation times (Bitcoin example is given).
Usage issues aside, the Telegram app promises to be an all-in-one experience with the new blockchain and token and will deliver more than has been expected of it now that it is a public blockchain. TON is expected to go live on its mainnet latest on the 31st of October, 2019.