Originally published on: November 01, 2024
The Open Network (TON), a blockchain platform connected to Telegram, is evolving towards decentralization with the introduction of a new governance model known as Society DAO by the TON Foundation.
Recently launched on November 1st, the Society DAO includes key founding members such as TON Core, TON Society, Wallet in Telegram, and the newly established developer collective, TON Studio.
During The Gateway event, President of TON Foundation, Steve Yun, made the groundbreaking announcement of the Society DAO’s launch, emphasizing the platform’s commitment to transparency, competition, autonomy, and participation.
In a bid to counter centralization risks within the TON ecosystem, the foundation aims to focus on fair access to capital and decentralization. Steve Yun and TON Society co-founder Jack Booth highlighted the risks associated with relying heavily on a central hub for capital, which poses a threat of a single point of failure.
To address these issues, the TON Foundation and TON Society are implementing open-source access to capital, transparent resource records, and rewards based on key performance indicators. The Community Model will redistribute resource allocation power back to the community, fostering decentralization.
Despite spearheading decentralization efforts, the TON Foundation will continue to play a significant role in the ecosystem by providing grants and funding to the Society DAO.
In conjunction with the launch of the governance model, Wallet in Telegram, a founding member of Society DAO, announced a significant update integrating both custodial and self-custodial wallets. This update aims to provide users with options for safeguarding their crypto assets, catering to diverse preferences and needs.
With more than 100 million users already utilizing TON Space’s self-custody solution in beta, the integration of Wallet in Telegram’s custodial and self-custodial wallets is set to redefine user experience and security.
The innovative developments within the TON ecosystem, including the Society DAO governance model and wallet updates, reflect a strategic shift towards decentralization and user empowerment. As the platform continues to evolve, it presents new opportunities for transparency, autonomy, and community participation in the blockchain space.
