The Open Network (TON) Foundation has today announced support for Elliptic, a leading blockchain analysis firm. The move will see Elliptic provide the network with data intelligence and additional ecosystem security. This will support TON Foundation’s mission of bringing crypto to the masses by leveraging the popularity of Telegram to promote Web3 adoption.
As a result of this partnership, Elliptic will screen all TON wallet addresses and flag those associated with bad actors. This will improve the TON ecosystem security by protecting TON users from exposure to high-risk accounts. In addition, Toncoin (TON) will benefit through Elliptic’s efforts to promote the token and have it listed on reputable exchanges.
TON Foundation was recently registered as a Swiss non-profit organization and is 100% community-owned. The Foundation has partnered with Telegram, in a move that could see the messenger become “the app for all things web3”. The Foundation is specifically targeting Telegram’s over 800 million users, coupled with its scalability, security, and speed to onboard the masses.
“Elliptic’s support will ensure that TON’s ecosystem remains secure as it continues to scale at pace, with users protected from malicious or criminal activity,” said Justin Hyun, Director of Growth at TON Foundation.
The partnership with Elliptic expands the range of on-ramp services available, inventivising more new users to join TON’s ecosystem. TON is on the ascending trajectory, with its user registration growing by over 165% in the past year. This calls for not only an efficient network, but also an assurance that user accounts are protected from insecure or malicious activities. Therefore, it makes perfect sense that TON Foundation has roped in Elliptic and Telegram.
This post was last modified on Oct 13, 2023, 15:49 BST 15:49