The Open Network(TON) Foundation confirmed finding a new residence in Switzerland following its spin-off from the Telegram. The entity developing and managing the TON blockchain affirmed its official unveiling as a Swiss non-profit organization.
The entity journey traces to the efforts by global messaging application provider Telegram to design the TON blockchain as a layer-1 platform. The platform would run as both a consensus and proof-of-stake based on building Web3 applications.
TON Foundation Commits to Regular Reporting to Bolster Transparency
The press release by the Swiss-registered Foundation indicated that it would oversee the ecosystem development. Also, the TON Foundation would issue transparency reports concerning the distribution of TON tokens and future emissions.
The Swiss entity aims to offer regular updates concerning community incentives. The reports would outline the breakdown of the Foundation’s assets utilized to meet operational expenses and ecosystem growth.
The TON Foundation head, Steve Yun, observed that securing the Swiss registration opens a new chapter for the community. The president assured that the Foundation would serve the community through the pursuit of solid governance and transparency, complying with the Swiss regulations.
TON Foundation Eyes Decentralized Blockchain Governance Model
The TON Foundation had operated as a community-led initiative that prioritizes the project’s technical development. In contrast, the successful registration in Switzerland formalizes its governance model and structure aligned to the country’s regulations. Besides, it yields an additional credibility and accountability layer in the TON Foundation’s operations.
Yun restated that the TON Foundation targets unveiling the roadmap to guide the TON blockchain in 2023’s last quarter. Such plans feature in its 2023 priorities to organize the annual Gateway event. The Foundation aims to leverage the assembly in proactively listening to and directly engaging the TON community.
The executive affirmed the Foundation’s devotion to decentralization for the TON blockchain. The official assured that the TON Foundation is retreating from its active governance role to allow the community to scale towards self-sustainability.
TON’s Weather’s Legal Challenges to Secure Registration
The TON blockchain has, in its journey, faced mounting legal challenges that slowed its progress. Initially, the blockchain was scheduled to unveil operations in 2019. The US Securities and Exchange Commission (SEC) would stop the march by suing Telegram, alleging unregistered securities sales tied to the TON blockchain.
The legal action undertaken by the SEC delayed the launch, forcing Telegram to ditch the project. The spin-off allowed The Ton Foundation’s team to continue building the blockchain. However, the team would ditch its previous name, NewTON team, as they developed the blockchain towards its ultimate May 2021 unveiling.
The TON Foundation statement lauded the regulatory clarity realized by Switzerland. In particular, the press release considered clarity a catalyst that would catapult the TON Foundation toward executing its mission and long-term strategic planning.
Editorial credit: Sergei Elagin / Shutterstock.com
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