The Open Network Foundation: A Swiss Non-Profit Powerhouse
Experience the launch of The Open Network Foundation (TON Foundation), a Swiss non-profit organization responsible for managing and developing the revolutionary TON blockchain. Originally conceived and designed by messaging app giant Telegram, this proof-of-stake consensus-based layer-1 platform is set to revolutionize Web3 applications.
With transparency at its core, the TON Foundation will provide regular reports on the distribution and future emissions of the TON token. These reports will update you on community incentives and the allocation of assets for operational expenses and ecosystem growth.
TON Foundation President Steve Yun expressed excitement, stating, “This marks a new chapter for the TON community. With strong governance and transparency, we will comply with Swiss regulations to serve our community better.”
Transitioning from a community-led initiative, the TON Foundation’s formalized structure aligns with Swiss regulations, ensuring enhanced credibility and accountability in their operations. Look forward to the TON Foundation’s roadmap for the TON blockchain and their annual event, Gateway, designed to engage directly with the community.
Brushing off TON’s Legal Troubles: A Comeback Story
The TON blockchain faced legal challenges, as the U.S. Securities and Exchange Commission sued Telegram for the unregistered sale of securities related to the project. This setback postponed the launch and caused Telegram to distance itself from the TON blockchain.
Undeterred, the Ton Foundation, formerly known as the NewTON team, persevered in building and developing the blockchain. Finally launching in May 2021, they have continued to make strides.
In today’s press release, the TON Foundation emphasized the importance of Switzerland’s regulatory clarity in their long-term planning and execution. With a focus on decentralization, the TON Foundation aims to gradually step back from governance roles as the community becomes more self-sustaining.
Hot Take: The TON Foundation Pioneers Transparency in Blockchain Governance
The TON Foundation’s official launch as a Swiss non-profit organization marks a significant milestone for the TON blockchain community. By prioritizing strong governance and transparency, they set a precedent for other blockchain projects to follow.
Despite the legal obstacles faced in the past, the Ton Foundation’s perseverance and commitment to development have paid off. With Switzerland’s regulatory support, they can now focus on delivering a roadmap for the TON blockchain and fostering direct engagement with the community through the Gateway event.
As the TON Foundation strives for decentralization, they empower the community to take an active role in shaping the future of the blockchain. The TON Foundation’s journey showcases the resilience and potential of blockchain technology in overcoming challenges and driving innovation.
Get ready to witness the TON blockchain revolutionize the world of Web3 applications with its transparent governance and transformative capabilities.
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