DeFi

Update 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&amp;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.
<blockquote>
 “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.“
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ton-and-telegram-play-a-crucial-role-in-web3-gaming-interview-with-catizen" rel="null" target="null" text="null">TON and Telegram play a crucial role in Web3 gaming: Interview with Catizen</a>
<h2 id="ton-society-roots-and-approach">TON Society roots and approach</h2>
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: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ton-ventures-40m-fund-crypto-projects" rel="null" target="null" text="null">Ex-TON Foundation execs launch $40M TON Ventures fund</a>
<h2 id="ton-society-id">TON Society ID</h2>
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&amp;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: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ton-pyth-team-up-for-real-time-de-fi-data" rel="null" target="null" text="null">TON, Pyth team up for real-time DeFi data</a>
<h2 id="ton-ventures-40-million-fund">TON Ventures’ $40 million fund</h2>
In a similar development, former senior members of the TON Foundation <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ton-ventures-40m-fund-crypto-projects" rel="" target="_self" text="null">launched a $40 million fund through TON Ventures</a>,&nbsp; 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.”
 Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/algorithm-choice-can-fix-social-media-but-only-on-decentralized-platforms/" rel="null" target="null" text="null">A ‘marketplace of algorithms’ could fix social media… so why hasn’t it?</a>

Former TON Foundation execs establish new community initiative

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Cointelegraph

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