A gaggle of worldwide Telegram Open Network (TON) contributors have submitted a court docket doc criticizing United States regulators’ line of assault towards the challenge.
The group has shaped a non-profit affiliation, “The TON Community Foundation,” and collectively submitted the brief on Feb. 14 in the type of an amicus curiae.
An amicus curiae is a short that gives experience or perception right into a given case on behalf of an entity that isn’t formally occasion to the case itself — i.e. an entity that’s neither a plaintiff, defendant, nor authorized counsel for both facet.
The court docket can determine whether or not or not to take the transient under consideration at its discretion.
Who are the members of the TON Community Foundation?
In their submitting, the contributors state that the inspiration has been shaped to signify a “professional community of active participants in the TON project in whose interest it is to see the TON blockchain mainnet launched as soon as possible.”
The basis contains 20 groups in the TON world neighborhood, designated as “independent specialists with extensive blockchain experience who are involved in the actual work on the TON blockchain and who write its code, protocol, smart contracts, tools, and applications.”
These 20 groups ostensibly signify over 2,000 pc scientists, engineers, programmers, and entrepreneurs — primarily based in China, Russia, France and Spain, amongst different international locations.
Calls to resist the SEC’s “innovation-suffocating regime”
The basis writes that the unanimous place of the TON dev neighborhood is that the TON blockchain is totally operational, has “state-of-the-art prelaunch security” and a developed suite of companies. They contend it might, in its present state, be prepared for launch as a mainnet in a “matter of seconds.”
Following Telegram’s wildly profitable $1.7 billion initial coin offering for TON in 2018, the SEC had launched an investigation into the challenge in 2019, claiming the entity had not registered with the fee for its ICO and the community’s “Gram” tokens. The Herlihy report was submitted as proof on behalf of the SEC in late December 2019.
In its transient, the inspiration argues that the court docket ought to decline the SEC’s impulse to place the business below an “innovation-suffocating regime,” it contends.
It argues that different profitable blockchains — equivalent to Bitcoin, Ethereum and Tezos — would by no means have launched had they been subjected to Professor Herlihy’s “academic scrutiny” and his “unrealistic standards of pre-launch performance, security, and maturity.”
Moreover, regardless of Professor Herlihy serving because the SEC’s blockchain professional, the inspiration claims he has mischaracterized the TON community in his report.
It notes that he makes use of a blockchain definition from 2010 that has since turn into out of date, which fails to account for good contract performance as one of many know-how’s core parameters.
What makes the TON blockchain distinctive, the transient outlines, is that actually “everything in its network is based on interaction with smart contracts” and “all Grams will be located in smart contracts,” in order that, “in a way TON is a smart contract platform more than a cryptocurrency one.”
The remainder of the inspiration’s arguments towards Professor Herlihy’s report present an in depth overview of the state of the community’s companies, readiness for launch, protocol, code and safety audit outcomes.
As reported, prior to his foray into blockchain, Telegram’s creator, Pavel Durov, had already confronted vital controversy in his native nation, Russia, the place he resisted pressure from state safety companies to entry person knowledge in the wake of political unrest.