TON Foundation Launches Society DAO to Drive Decentralized Governance

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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November 1, 2024 16:52 EDT

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The TON Foundation launched Society DAO, a governance model that seeks to increase decentralization across its ecosystem and involve community members in key decision-making on November 1.

According to the TON Foundation’s press release, Society DAO will allow trusted community members to participate in governance functions, allocating resources and setting strategies that align with the foundation’s goals of promoting competition and autonomy.

Decentralizing Community For Key Decision Making

The foundation wants to distribute control over resources and responsibilities more widely by empowering community members to make governance decisions.

Under the new DAO structure, Society DAO members will manage various ecosystem functions, such as core development, community operations, and payment integration, through decentralized working groups.

These groups will review and approve proposals, ensuring resource allocation aligns with TON’s decentralized principles.

Additionally, the foundation has introduced a competitive approach to governance, requiring multiple projects within each function to meet set performance indicators.

“Today, Society DAO sets the following initial goals,” the release read. “Position TON as The Gateway to Real-World Cryptocurrency Use Cases. Establish TON as the Most Stable and Scalable Blockchain. Grow the Developer and User Community in Super App markets.”

TON Telegram Wallet to Add Self-Custodial Option

At The Gateway event in Dubai, TON announced upcoming updates to its Telegram-integrated crypto wallet, including a new self-custodial option for TON Space users.

The update integrates custodial and self-custodial storage into a single, streamlined interface, making it easier for users to manage their assets.

The enhancements will introduce a range of new features, such as access to decentralized applications (dApps), decentralized exchanges (DEX), staking aggregation services, and tools for NFT and Jetton giveaways.