Former TON Foundation Executives Launch New Community Initiative

August 23, 2024 12:00 AM AEST | By Team Kalkine Media

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Former TON Foundation Executives Launch New Community Initiative — Image source: Shutterstock

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The TON Society, a new organization spun off from the TON Foundation, has been established to enhance decentralization within The Open Network (TON). The society will oversee the management of events and community channels associated with TON, aiming to foster greater community engagement and decentralized governance.

Toincoin (TON) Society is led by Jack Booth, former marketing director, and Ekin Tuna, former growth director at the TON Foundation. The decision to separate from the TON Foundation was driven by the need to more effectively represent and advocate for the TON community, according to Booth.

Originating from grassroots efforts across nine global event hubs in Asia and Europe, TON Society aims to drive active community participation by rewarding members who engage in events, activities, and challenges. Participants will receive on-chain achievement badges, which are designed to build an on-chain reputation and contribute to the development of a member-specific TON Society ID.

The TON Society ID system will facilitate reputation-based governance on TON, enabling deeper user engagement with TON projects. The ID will be integrated across various aspects of the society’s operations, including membership management, event access, and participation in hackathons. Additionally, the ID will support users in accessing online activities, gaining community channel publishing rights, and qualifying for airdrops associated with partner projects.

In parallel, former senior members of the TON Foundation have launched a new venture capital firm, TON Ventures, with a $40 million fund. This fund is intended to support early-stage projects within the TON ecosystem and connect builders with resources and expertise to foster innovation and growth. Selected projects will benefit from both financial support and access to the global resources and experience of the TON Ventures team.

Overall, the establishment of the TON Society and the launch of TON Ventures represent significant steps in advancing the decentralized vision of the TON network, enhancing community participation, and supporting the development of innovative projects within the ecosystem.

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