Back Slams GRAM Token Structure After TON Rebrand

Adam Back, CEO of Blockstream and a well-known Bitcoin pioneer, has expressed concerns about the GRAM token structure. This comes after The Open Network (TON) rebranded itself with a governance vote that restored the GRAM name. Back pointed out that the discussion highlights tension between ideological views on monetary policy.

Back's comments were triggered by Pavel Durov's post criticizing fiat money creation and praising Bitcoin's fixed supply. However, Durov's own system, GRAM, has an adjustable token parameter model, which Back sees as contradictory to advocating scarcity. This exchange has sparked renewed scrutiny over Telegram-linked tokenomics and monetary credibility.

The GRAM project has a complex history tied to Telegram's original blockchain ambitions, which were halted in 2020 following action from the U.S. Securities and Exchange Commission. The ecosystem later continued under Toncoin, but a recent vote restored the GRAM branding with over 80% community approval.