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 Tune, 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 âseparate from the TON Foundationâ to âbecome a mouthpieceâ for the TON community.
âWhile 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 communityâs voice.â
TON Society roots and approach
TON Society originated as a âgrassroots initiativeâ across nine global event hubs in Asia and Europe and now aims to encourage âactive community participation.â
To do this, the company will reward members participating in events, activities and challenges with onchain achievement badges.
The onchain badges help establish an âonchain reputation for its membersâ and the development of member TON Society ID.
Related: Ex-TON Foundation execs launch $40M TON Ventures fund
TON Society ID
The onchain ID system will enable members to âopen the doors to a reputation-based governance on TONâ and support TON projects to engage users and promote âdeeper community involvement.â
In the written Q&A, Booth stated that the ID system âwill be integrated into all aspects of TON Societyâ for various purposes, including membership, event attendance opportunities and hackathon access.
Booth stated that it would also allow users âto participate in some online activities and quests run with partners,â gain community channel publishing rights, and âqualify for airdrops with partner projects.â
Related: TON, Pyth team up for real-time DeFi data
TON Venturesâ $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 âleverage the teamâs global resources and extensive experience.â
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