Former TON Foundation execs establish new community initiative

Josh O"Sullivan12 hours agoFormer TON Foundation execs establish new community initiativeThe newly launched TON Society will manage events and channels for The Open Network, driving community participation and decentralized governance.1093 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onUpdate Aug. 22, 02:07 pm UTC: This article has been updated to correct Ekin’s surname.

Former directors of the TON Foundation have officially launched the TON Society, a company dedicated to advancing decentralization within The Open Network (TON).

According to a press release shared with Cointelegraph, the new entity, operating as a spin-off from the TON Foundation, will manage all TON events and official community channels.

TON Society is led by Jack Booth, former director of marketing, and Ekin Tuna, former director of growth at the TON Foundation.

In a written Q&A with Booth, co-founder of TON Society, he stated that the company had to “separate from the TON Foundation” to “become a mouthpiece” for the TON community.“While many decentralized communities claim to represent the voice of the community, they do nothing to organize it properly and find the true consensus in their community’s voice.“

Related:TON and Telegram play a crucial role in Web3 gaming: Interview with CatizenTON Society roots and approach

TON Society originated as a “grassroots initiative” across nine global event hubs in Asia and Europe and now aims to encourage “active community participation.”

To do this, the company will reward members participating in events, activities and challenges with onchain achievement badges.

The onchain badges help establish an “onchain reputation for its members” and the development of member TON Society ID.

Related:Ex-TON Foundation execs launch $40M TON Ventures fundTON Society ID

The onchain ID system will enable members to “open the doors to a reputation-based governance on TON” and support TON projects to engage users and promote “deeper community involvement.”

In the written Q&A, Booth stated that the ID system “will be integrated into all aspects of TON Society” for various purposes, including membership, event attendance opportunities and hackathon access.

Booth stated that it would also allow users “to participate in some online activities and quests run with partners,” gain community channel publishing rights, and “qualify for airdrops with partner projects.”

Related:TON, Pyth team up for real-time DeFi dataTON Ventures’ $40 million fund

In a similar development, former senior members of the TON Foundation launched a $40 million fund through TON Ventures,  a new venture capital firm.

The fund aims to support early-stage crypto projects building within the TON ecosystem and to help connect investors with builders to boost innovation and growth on TON.

In addition to the financial support provided by TON Ventures, selected projects will also be able to “leverage the team’s global resources and extensive experience.”

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