Summary (tl;dr)

The cryptocurrency "Gram," a new Proof-of-Work (PoW) token operating on The Open Network (TON) blockchain, is trending due to its recent launch, significant price surge in 2024, and the recent conclusion of its mining phase.

Essential Background

"Gram" was originally the name of a cryptocurrency intended for the Telegram Open Network (TON) blockchain, developed by the messaging app Telegram and its founders, Pavel and Nikolai Durov, starting in 2018. Telegram raised approximately $1.7 billion in private sales for these tokens. However, the project was halted in 2020 after the U.S. Securities and Exchange Commission (SEC) obtained an emergency injunction, deeming the Gram token an unregistered securities offering. Consequently, Telegram abandoned its involvement, and the original Gram tokens were never issued. The underlying TON blockchain was subsequently taken over by a community of independent developers and renamed "The Open Network," with its primary token now known as Toncoin.

The Full Story

In January 2024, a new cryptocurrency, also named "Gram," launched as the first Proof-of-Work (PoW) token on the now community-driven TON blockchain. This new iteration of Gram quickly gained widespread attention and popularity, particularly within the TON community, due to its decentralized distribution mechanism which allowed mining using readily available GPUs, browsers, or even mobile devices. Following its launch on January 30, 2024, the price of this Gram token reportedly skyrocketed significantly, with some reports indicating a 28,000-fold increase from its initial value. The mining phase for this new Gram coin concluded on September 30, 2024. Despite the end of active mining, the token continues to be traded on decentralized platforms within the TON ecosystem.

Why It Matters

The resurgence of a "Gram" token on the TON blockchain, particularly one with a Proof-of-Work distribution model, has captured the interest of the cryptocurrency community. Its accessible mining process fostered a highly decentralized distribution, leading to a large number of holders and earning it the moniker "the Bitcoin on Telegram" by some in the crypto community. The initial rapid price appreciation created significant financial interest. Now that mining has ceased, the token's value and future utility within the TON ecosystem will depend on continued community adoption, integration into decentralized applications (dApps), and its perceived stability as a decentralized currency. The successful launch and growth of this community-driven Gram also highlight the resilience and independent development of The Open Network following Telegram's departure from the original project.

Geographic Location

• Virtual/Online (launch and trading of the new Gram cryptocurrency on The Open Network blockchain)
• Southern District of New York, New York, United States (U.S. SEC's injunction against the original Telegram's Gram token)
• Switzerland (location of the non-profit TON Foundation, which supports The Open Network)