- Summary:
- The TON Foundation says the transition is key to realising its mission, while promoting transparency and accountability.
The Open Network Foundation (TON Foundation), a Swiss organisation dedicated to fostering the development of The Open Network (TON), has officially launched as a Swiss non-profit organisation. Switzerland has a long tradition of technological innovation across a variety of sectors, and its regulation of blockchain and cryptocurrencies is an excellent example of this.
“This marks the next chapter for the Toncoin community,” said Steve Yun, President of TON Foundation. “At the service of our community, TON Foundation will pursue strong governance and transparency under the guidance of Swiss regulations.” The Foundation says that its long-term planning, strategy, and the successful execution of its mission in supporting the TON ecosystem will greatly benefit from the country’s regulatory clarity.
The way forward for the TON Foundation
The establishment of the TON Foundation as a Swiss non-profit organisation corresponds with a number of planned initiatives, such as the systematic rollout of enterprise partnerships and integrations designed to encourage the recruitment of new developers, the engagement of existing users, and the expansion of the network as a whole.
Through its newly launched website at www.ton.foundation, the Foundation intends to educate the public, facilitate development, and expand the TON ecosystem by Q4 of 2023.
With the launch, the Foundation has pledged to publish thorough transparency reports outlining the tokenomics of Toncoin and the distribution of tokens over time. Insights into token distribution, allocation to partnerships, product development, community incentives, and the allocation of funds toward operating costs and ecosystem expansion will be provided in these reports.
The TON Foundation is dedicated to being transparent and inclusive. In line with this, they hold an annual event called Gateway, where they can actively listen to and interact with the TON community. The Foundation is inviting the TON community and partners to attend Gateway to participate in fruitful talks and joint projects around privacy, ownership, finances, games, collectibles, and many other topics.