The desktop wallet will be available for Windows, MacOS, and Linux 64. Transactions would take just one minute and users would learn how to send and receive grams.
The messaging app company Telegram has faced many problems to launch its token called “Gram”. Last October, the Securities and Exchange Commission of the United States (SEC) announced a law ordinance that implies a restriction in the commercialization of tokens throughout the country, something that would affect Gram.
The company delayed the launch date of its token in order to negotiate with SEC and find a solution for its case. Investors of the Telegram’s project accepted the new terms and date to launch the Gram tokens, which would be on April 30th. They choose to remain in the project despite that the contract was planned for October 31st.
Now, Telegram will test the wallet to store Gram tokens despite the restrictions of SEC. In this way, the company released an early desktop wallet for its token, so users can download the test app for Windows, MacOS, and Linux 64.
To download this desktop version, users have to go to Telegram’s official website and get their keys on the TON test-net. “Now you have a wallet only you control directly without middlemen or bankers”, that is the app’s message for users.
How is the Process?
Once users download the desktop app and create an address. The wallet asks them to save 24 seed words and create a password for payments. After that, the wallet is ready to receive and send grams.
Also, users can get test-net grams from a Telegram’s bot called TestTonBot, asking it to send from 5 to 20 tokens to the generated crypto address on the app.
When users request a specific amount of tokens, the bot notifies them about the start of the request execution before sending a separate message that test Grams were credited to the wallet.
The company explained that a test transaction took just a minute, but in “busy” times, it could take longer, according to the bot.
Test transactions would be visible on the Telegram Open Network (TON) with details such as transaction time, amount sent, and the TestTonBot’s wallet address (sender). Also, the platform will show the last transaction executed.
The launch of the Gram’s test version follows a report which says that the District Court for the Southern District of New York postponed a hearing on the SEC injunction. The court moved the hearing to next February 18th, 2020.
Strong Restrictions
Both Facebook with its cryptocurrency project called Libra and Telegram with its token Gram have faced regulations imposed by US authorities, which want to monitor all the details regarding these projects and protect users as well as their personal information.
TON, the Telegram’s platform to execute transactions with Gram, had been previously scheduled to launch last October 31st. In early October, Telegram published the terms of use for the wallet app and asked the investors to share their public keys, using TON’s key generator. The same generator is now built into the app, according to developers.
But SEC considered that Gram’s investors bought the tokens with a great discount, so this purchase of cryptocurrency rights would involve an investment and investors could sell the tokens at a price equivalent to triple.
Now, Telegram will meet the SEC on February 18th, 2020, in New York, to discuss the project and clarify all the doubts about it. The token issuance has now been scheduled for April 30th, 2020.
The current agreement between Telegram and its investors is that they would receive 77% of their investment back or Gram tokens if they decide not to delay the token issuance date anymore. Until the moment, they decided to wait and receive their Grams when it is possible.
By María Rodríguez
