Messaging giant Telegram has released a terms-of-service agreement for its recently launched Grams wallet. In the "Use of the Services" part, the company claims that it won't be able to control the public and private keys of Gram owners (as well as other sensitive data such as backup phrases). Hence, similarly to Bitcoin and other cryptocurrencies, the holder is solely responsible for managing his tokens.
"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."
Furthermore, Telegram states that the TON Blockchain ledger will function independently. The Pavel Durov-helmed company will not be able to manage the execution of transactions conducted by Gram owners and control the amount or type of the network's fees.
"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."
Still, Telegram reserves the right to terminate any of the services provided by the Grams wallet "at any time for any reason."
The company launched the alpha version of the Grams wallet on Sept. 26, allowing the first batch of users to create and delete a wallet or exchange tokens.
As reported by U.Today, Telegram's TON Blockchain is not officially slated to be launched at the end of the month. Notably, Durov has yet to acknowledge its existence.