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    The Open Network embraces greater decentralization with new Society DAO governance model

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    The Open Network (TON) is moving towards increased decentralisation with the introduction of a new governance model, Society DAO. Created by TON Core, TON Society, Wallet in Telegram and TON Studio, the model aims to address issues related to decentralisation and fair access to capital. Additionally, TON Society plans to utilise the Community Model for resource allocation. Wallet on Telegram is working with TON Space, which provides self-custody for users, to strengthen its self-custody capabilities, allowing Telegram users to benefit from both custody and self-custody abilities.

    Full Article

    The Open Network (TON), which is tied to Telegram, is shifting toward more decentralization. The TON Foundation just revealed a new governance model, named Society DAO. They made this announcement on 1st November.

    Society DAO was established by four key groups: TON Core, TON Society, Wallet in Telegram, and a new group for developers, TON Studio.

    Basically, Society DAO wants to resolve issues relating to decentralization and fair access to capital. This will increase transparency, competition, autonomy, and participation, said Steve Yun, boss of the TON Foundation, and Jack Booth, a co-founder of TON Society.

    However, Yun and Booth pointed out some potential problems surrounding centralization within TON. Over the last year, the foundation has often acted as a center for capital, with many founders heavily relying on it. This reliance might cause centralization issues and could potentially lead to a single point of failure.

    As a way to address this, the TON Foundation and TON Society have plans for open-source access to capital, clear records for resources, and rewards based on hitting key performance indicators. They will use the Community Model, which moves the power to allocate resources back into the community.

    In terms of driving decentralization further, the TON Society is launching with the TON Foundation still playing a significant role in the ecosystem by providing grants and funding to SocietyDAO.

    Meanwhile, Wallet on Telegram is enhancing its self-custody capabilities. Previously, Wallet in Telegram was only custodial by default. However, it will now work together with TON Space, a separate solution for self-custody that’s currently in its beta stage.

    Ever since its launch in September 2023, TON Space, which provides an additional way for users to store crypto with self-custody, has amassed more than 100 million users. After an impending update, TON Space will be on an equal footing to the standard solution provided by Wallet and move out of beta.

    In summary, users of Telegram will now be able to take advantage of both custody and self-custody capabilities.

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