- This change comes after Telegram assumed the role of network principal driver and biggest validator in May, replacing the TON Foundation.
- Almost 1.8 million TON, or around 80%, have already committed to supporting the branding as of this writing.
The original white paper for The Open Network’s cryptocurrency, Toncoin (TON), suggested the name Gram (GRAM), and the company says it intends to rename its token to that moniker. In the original white paper, TON’s token was originally named Gram, according to a Monday post by Pavel Durov, founder of both Telegram and TON.
“We’re returning to our roots — and starting a new chapter.” He also said that the rebranding would provide the groundwork for future developments and that the changeover should take no more than three weeks. After Telegram’s $1.7 billion ICO was halted in 2020 by the US Securities and Exchange Commission, the company decided to alter the token’s name back to the one from the 2018 whitepaper.
Pushes Forward With Its Vision
This change comes after Telegram assumed the role of network principal driver and biggest validator in May, replacing the TON Foundation. All balances, addresses, contracts, and positions remain unchanged, and the Open Network initiated a vote on the proposal on Monday to clarify that there would be no migration, bridge, claim, or conversion.
Almost 1.8 million TON, or around 80%, have already committed to supporting the branding as of this writing. In his “Make TON Great Again” strategy, Durov has framed the rebranding of the token. The rebranding follows an earlier this year update to Catchain that increased blockchain performance, a reduction in transaction costs, and the takeover of Telegram, the first three stages of the plan.
In late Monday trading, TON prices jumped over 15% from $1.95 to over $2.25 in response to the news. By Tuesday morning, the token had dropped back to $2.07 as per data from CMC.
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