The Open Network Foundation (TON Foundation), the team managing and developing the The Open Network (TON) blockchain, has announced its official launch as a Swiss non-profit organization.
Initially conceived of and designed by the messaging app giant Telegram, the TON blockchain is a proof-of-stake consensus-based layer-1 platform for building Web3 applications.
According to a press release shared with Decrypt, the Swiss-registered Foundation will oversee ecosystem development and release transparency reports on the TON token’s distribution and future emissions.
These reports will provide updates on community incentives, and the breakdown of assets used for operational expenses and ecosystem growth.
“This marks a new chapter for the TON community,” TON Foundation President Steve Yun noted in a statement accompanying the news, “At the service of our community, TON Foundation will pursue strong governance and transparency under the guidance of Swiss regulations.”
Previously, the TON Foundation operated a “community-led initiative” which focused on the technical development of the project, a spokesperson for the TON Foundation told Decrypt.
They added that, “Registering as a non-profit in Switzerland has provided us with a more formalized structure and governance model that aligns with Swiss regulations, adding an extra layer of credibility and accountability in our operations.”
The TON Foundation said that it will launch a roadmap for the TON blockchain by Q4 2023.
It also plans to host an annual event entitled Gateway to proactively listen to and engage with the TON community directly.
Speaking on decentralization efforts for the blockchain, the Foundation’s spokesperson added, “The aim is for the TON Foundation to increasingly step back from governance roles as the community scales and becomes more self-sustaining.”
Brushing off TON’s legal troubles
The TON blockchain was initially slated to go live in 2019. However, right before its launch, the U.S. Securities and Exchange Commission sued Telegram for an unregistered sale of securities in relation to the TON blockchain.
This legal action delayed the TON blockchain’s launch, and Telegram eventually distanced itself from the project.
The Ton Foundation, previously known as the NewTON team, continued building and developing the blockchain after eventually launching it in May 2021.
The TON Foundation noted in today’s press release that Switzerland’s regulatory clarity is “vital to the long-term planning, strategy, and execution of TON Foundation’s mission.”