Society DAO Debuts to Boost Decentralization on TON

The Open Network (TON), linked to Telegram, has launched a new governance model called Society DAO, announced on November 1.

This decentralized autonomous organization aims to enhance transparency and community participation while addressing decentralization challenges. Society DAO comprises four founding members: TON Core, TON Society, Wallet in Telegram, and TON Studio.

The TON Foundation’s leadership expressed concerns about centralization risks, noting that many founders have relied heavily on the foundation for resources, potentially creating a single point of failure.

To mitigate this, they will promote open-source access to capital and empower community members to make strategic decisions through a Community Model.

READ MORE:

Cardano Primed for a Major Upsurge as Analyst Predicts Significant Price Movement

In addition, Wallet in Telegram is integrating its custodial services with TON Space, a self-custody solution that has been in beta since September 2023. This update will enable users to access both custodial and self-custody options, enhancing control over their assets.

Andrew Rogozov, CEO of The Open Platform, emphasized the goal of making TON Space a central access point for Telegram’s 950 million users, facilitating engagement with decentralized applications and driving mass adoption of blockchain solutions.

Source

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.