Swiss-Based TON Foundation Embarks on Mission to Support The Open Network September 6, 2023 September 6, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 6, 2023 by Kelly Cromley

Swiss-Based TON Foundation Embarks on Mission to Support The Open Network

In a significant development for the toncoin community, the Open Network Foundation (TON Foundation) has officially announced its establishment as a Swiss non-profit organization. Switzerland, renowned for its historical contributions to technological innovation and its well-defined legal framework pertaining to blockchain and cryptocurrency, serves as an ideal setting for the TON Foundation’s mission. This strategic move is deemed critical to ensuring the long-term planning, strategy, and execution of the foundation’s objectives in bolstering the TON ecosystem.

Steve Yun, President of TON Foundation, commented on this milestone, asserting that “this marks the next chapter for the toncoin community.” He emphasized the foundation’s commitment to upholding robust governance and transparency, guided by Swiss regulatory standards.

The launch of TON Foundation’s Swiss entity coincides with an array of forthcoming initiatives, carefully orchestrated to stimulate developer recruitment, encourage user engagement, and foster network expansion. By the fourth quarter of 2023, the newly launched website will host a publicly accessible roadmap outlining the foundation’s strategic pursuits, which include public education, developmental empowerment, and ecosystem expansion within the TON framework.

With this launch, TON Foundation undertakes to furnish comprehensive transparency reports. These reports will provide in-depth insights into the tokenomics of Toncoin, elucidating the historical token distribution. Key aspects to be covered include token issuance, partnership allocations, development efforts, community incentives, and a breakdown of assets allocated to operational expenses and ecosystem expansion.

To further underscore its commitment to openness and clarity, TON Foundation will be organizing an annual event titled “Gateway.” This event is designed to actively engage with the TON community and facilitate direct interaction. Community members and partners are encouraged to participate in person at Gateway, where productive discussions and collaborative initiatives will span various domains such as privacy, ownership, finance, gaming, collectibles, and more.

The Open Network Foundation, more commonly referred to as TON Foundation, is a non-profit organization founded in Switzerland with a steadfast dedication to supporting The Open Network (TON). A distinguishing characteristic of TON Foundation is its financial backing, which is entirely derived from the community, highlighting its commitment to acting in the community’s best interests to accomplish TON’s overarching mission.

This recent development sets the stage for TON Foundation’s ambitious journey to foster and fortify The Open Network, with Switzerland’s conducive environment and regulatory framework serving as a solid foundation for its future endeavors. The foundation’s commitment to transparency, engagement, and community involvement is poised to play a pivotal role in the growth and evolution of the TON ecosystem, as it embarks on this new chapter in its journey.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.