Messaging app, Telegram has now publicly confirmed it is behind the Telegram Open Network (TON), a blockchain network that powers its token, Gram as the messenger mentioned both on its website Tuesday.
Telegram on its updated Terms of Service (ToS) publication detailed how transactions on Gram will be processed right from the token’s wallet to its logging on the blockchain network, TON.
As per the ToS, every Gram-transaction made using the services will be validated, as well as recorded in the TON Blockchain ledger in order to be completed.
However, Telegram also noted that transactions submitted through the services might not be completed, or maybe delayed by the TON blockchain to some extent. In this regard, the company wrote in the updated ToS,
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.
Also, it denied having the ability to facilitate any cancellation or modification of submitted transaction requests and control over the amount or type of fees the TON Blockchain could impose on transactions.
That said; however, Telegram further assures it will not hold any personal information of users, including their public and private keys:
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.
Following the publication, It is important to note that this is the first-time Telegram publicly acknowledged its affiliation with the TON Blockchain.
Meanwhile, by October 31, Button Wallet will kick-off its first official wallet for Gram tokens on the Telegram app. The wallet allows users to hold, store, and send the token directly from using only their usernames, Coinfomania reported.
