TON Society launches to deepen community-based decentralization
Key Takeaways
- TON Society was created to manage TON events and enhance community interaction.
- TON Ventures launches $40 million fund to support TON ecosystem projects.
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Former directors of the TON Foundation have established TON Society, a newly formed company dedicated to promoting decentralization within The Open Network (TON) ecosystem. The initiative will manage TON events and official community channels.
The initiative is led by Jack Booth and Ekin Tune, who both hail from TON Foundation, working as execs. According to them, the society is a spin off from the foundation to become an independent entity representing the TON community. Booth, who previously served as director of marketing, stated that the separation was necessary to “become a mouthpiece” for the community.
Onchain identity, grassroots community
The company originated as a grassroots initiative across nine global event hubs in Asia and Europe. It now aims to encourage active community participation through a system of onchain achievement badges. These badges will help establish an onchain reputation for members and contribute to the development of TON Society ID.
This onchain ID system will enable members to participate in reputation-based governance on TON and support projects in engaging users. Jack Booth explained that the ID system will be integrated into various aspects of TON Society, including membership, event attendance, hackathon access, and qualification for airdrops with partner projects.
In a parallel development, former senior members of the TON Foundation have launched TON Ventures, a new venture capital firm with a $40 million fund. This fund aims to support early-stage crypto projects building within the TON ecosystem and connect investors with builders to foster innovation and growth.
Crypto Briefing previously reported how the TON Foundation confirmed in April that a Toncoin-based economy is emergent within Telegram, spurred by the Open League rewards and a new focus on Toncoin for advertisement payments.
Earlier this month, Toncoin was listed on Binance. A month prior, the TON blockchain introduced gasless transactions for its users.
By implementing onchain reputation systems and providing financial support to promising projects, these initiatives seek to drive innovation and user engagement in the rapidly evolving blockchain space.
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Author: Vince Dioquino
