Bitcoin pioneer and Blockstream CEO Adam Back has voiced concerns about the GRAM token's supply model following the recent rebrand of The Open Network (TON). The discussion gained momentum after a governance vote restored the GRAM name, reigniting scrutiny over the token's economic framework.
Back's remarks were prompted by a post from Telegram founder Pavel Durov, who criticized fiat money creation and praised Bitcoin's 21 million fixed supply. In response, Back highlighted the inconsistency of advocating scarcity while supporting GRAM's governance-based adjustable parameters. His tweet, "someone is printing GRAM though eh," quickly spread across crypto communities tracking TON's evolution.
The GRAM project has a complex history, originally tied to Telegram's blockchain ambitions before being halted by the U.S. Securities and Exchange Commission in 2020. The ecosystem later continued under Toncoin, and the recent community vote (with over 80% approval) restored the GRAM identity. Back has long criticized the initial token sale for lacking investor protections, contrasting it with Bitcoin's transparent and predictable issuance.
The debate underscores a fundamental difference: Bitcoin’s immutable 21 million cap versus GRAM’s flexible supply, which can be adjusted via governance. While Durov’s criticism of fiat printing aligns with Bitcoin’s scarcity narrative, Back’s response highlights ongoing tensions between monetary ideology and token implementation in platform-integrated blockchains like TON.
Market participants are now closely evaluating how GRAM’s issuance mechanisms and governance rules might affect long-term network stability and adoption.
