0
📰 News
381 views

Road to TON: Telegram Reveals Terms of Service for Newly Released Grams Wallet

  • Alex Dovbnya
    📰 News

    Telegram publishes terms of service for the Grams wallet, reiterating that it won't control the TON Blockchain

Road to TON: Telegram Reveals Terms of Service for Newly Released Grams Wallet
Cover image via www.123rf.com

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.      

  

Subscribe to News.U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
0
📰 News
123 views

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

Join our Telegram channel to get news even faster!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings