The White Paper shows how TON network operates, which has been in the testing phase since 2018 and whose code has already been published.
Telegram announced the launch of TON Network’s White Paper, where it offers more technical details regarding the project under development.
The technical document provides specific information on how the network behaves, closely describing the validation process used for block processing, which they describe as a fail-safe Byzantine protocol, which uses a Proof-of-Stake algorithm. (PoS).
This would be the most detailed document published by the Telegram team and the TON Labs researchers to date, since they originally launched the network in test version last year so that interested people could have a first contact with Blockchain technology developed to support the digital currency GRAM.
In this regard, the representative of TON Labs, Mitja Goroshevsky, commented during an interview:
“This new document offers people a formal understanding of what they were testing. The consensus protocol is a central part of any Blockchain, and it is important to describe it in detail to make a more detailed analysis of the network and its code.”
Telegram, White Paper TON and dispute with the SEC
However, one of the aspects that generates the most stir is that the launch of this White Paper comes at a time when the company faces a legal process against the SEC, precisely because of the presale and possible launch of the GRAM token sponsored by the company.
The detail and technical elements described in the document published by TON Labs show that the team continues to work on the development of the Blockchain network, regardless of the situation in courts between the SEC and Telegram, which could lead to the worst of cases the return of the funds to the investors and the suspension of the launch of the respective token.
According to information published in the White Paper, TON makes use of a protocol called Catchain, which closely resembles the employee for projects such as Tendermint (Cosmos), Algorand, Ouroboros and Casper, where the validating nodes process the block and cast votes to choose the next candidates to carry out this process.
The SEC might be wrong
Some analysts suggest that the publication of TON White Paper by Telegram would seek to refute the SEC’s statement, since the regulatory body supported part of its demand that the pre-order organizing company had not created a viable Blockchain network such and as promised.
Originally, the SEC opened a legal process against Telegram under the premise that the company was marketing a token that would appear as a security under current laws. However, the defendant company assures that said asset does not qualify as such, since users would not have any ownership over the company’s shares at the rate of having acquired the offered GRAMs.
Recently, the SEC presented to the court a series of documents detailing names of investors and estimated figures of the capital raised by Telegram for the commercialization of the new token. Previously, the court in charge of the case dismissed a measure brought by the regulator to access the bank records managed by the company.