Telegram CEO Pavel Durov announced Monday that The Open Network's native cryptocurrency will be renamed Gram, reviving the original name proposed in the project's first white paper as part of his ongoing 'Make TON Great Again' initiative. The rebrand restores the name originally envisioned by Telegram's blockchain project, which referred to TON as an acronym of Telegram Open Network and its native Gram cryptocurrency. Durov wrote in a Telegram post that the project is 'returning to our roots --- and starting a new chapter,' with the transition expected to take around three weeks according to his announcement.
Transition Timeline Spans Three Weeks
The transition is expected to take around three weeks, according to Durov. TON will remain the name of the blockchain while Gram becomes the name of the native currency. Durov wrote in a Telegram post that 'Gram was the original name of TON's currency in the first white paper.'
Rebrand Marks Fourth Step in MTONGA Campaign
The rebrand is the fourth of seven planned steps in Durov's MTONGA campaign, though the remaining three steps have not yet been publicly disclosed. Durov first outlined the transition in April when he celebrated a network upgrade that he said made TON 'ten times faster' and introduced sub-second transaction settling. The other two steps that have been revealed included reducing transaction fees by roughly sixfold and announcing plans for Telegram to replace the TON Foundation as the ecosystem's primary steward and largest validator.
Original TON Project Launched in 2018
Telegram launched the original TON project in 2018 but abandoned it in 2020 after a contentious legal battle with the U.S. Securities and Exchange Commission forced Telegram to halt sales of its Gram tokens, saying it violated securities laws. This led to lawsuits from investors seeking refunds on their token purchases. Independent developers later picked up the project, continuing under the TON name as The Open Network, and the blockchain has since become integrated with Telegram's ecosystem of apps that primarily focus on payments and digital asset trading integrations.
FAQ
What did Pavel Durov announce about TON on Monday?
Pavel Durov announced Monday that The Open Network's native cryptocurrency will be renamed Gram, reviving the original name proposed in the project's first white paper as part of his 'Make TON Great Again' initiative. The transition is expected to take around three weeks, with TON remaining the name of the blockchain while Gram becomes the name of the native currency.
Why did Telegram abandon the original TON project in 2020?
Telegram abandoned the original TON project in 2020 after a contentious legal battle with the U.S. Securities and Exchange Commission forced Telegram to halt sales of its Gram tokens, saying it violated securities laws. This led to lawsuits from investors seeking refunds on their token purchases. Independent developers later picked up the project, continuing under the TON name as The Open Network.
