Telegram announces the Grams Wallet Terms of Service, and the encrypted wallet will be integrated into the messaging app.
More details about the messaging application Telegram's Gram token and TON network surfaced with the announcement of the Grams Wallet wallet terms of service.
In the Terms of Service (ToS) of the Gram Wallet announced by Telegram on Tuesday, it revealed that Telegram will integrate the wallet into the company's messaging application and provide it as a standalone product.
ToS wrote, “We have no control over the TON blockchain network, so there is no guarantee that any transaction details submitted by the service will be verified and confirmed on the TON blockchain.”
The wallet is provided by London-based Telegram FZ-LLC, one of the entities registered by Telegram and the official publisher of the Android-based Telegram application.
According to ToS, Telegram does not retain the personal information or public and private keys of its users. It wrote,
“You are solely responsible for managing and maintaining the security of your certificate. If you lose your credentials, we will not be able to recover your credentials or assist you in retrieving your credentials, and you may not be able to access Grams.”
The company also said it could not control the trading and verification transactions on the TON. According to the terms of service,
"The transaction you submitted through the service may not be completed, or it may be because the TON blockchain is greatly delayed. We are unable to control the TON blockchain and cannot cancel or modify the transaction you submitted. The TON blockchain may be for you. The transaction charges a fee. We are unable to control the amount or type of such fees."
This is the first time that Telegram has publicly recognized the relationship with TON. The company's CEO Pavel Durov and other company representatives have not announced the project or commented on the project.
Investors purchased the gram tokens to be released at 37 cents and $1.33 in two rounds of internal financing in February and March 2018, respectively. In early September, the code for the blockchain node of TON was released. On October 2, investors received an email containing a link to TON's key generator so they could access their actual tokens. The project is scheduled to start before October 31.
Image source: telegram
By Liang CHE
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