TON Foundation Establishes Ecosystem Fund Worth $90 Million
The TON Foundation had recently been in news for launching Ethereum Name Service-like domain names.
In their pursuit to give another kick to the blockchain project, ‘The Open Network’ or TON, the guardians of the TON Foundation have established an ecosystem fund. This $90 Million worth of fund will be backed by entities such as VistaLabs, Miner’s Fund, lphanonce, and Kilo Fund. As per the CoinDesk report, the fund has been set up with the aim of launching new projects on TON and in the process endorsing its usage as a layer 1 or base blockchain by way of financial support and advisory services.
What Is the TON Foundation?
TON Foundation comprises members of the original TON ecosystem such as founders, owners, developers, pool owners, employees, etc. who believed in the power of TON and wanted it to continue to post its shutting down by Telegram in 2020 following a legal hassle involving the Securities and Exchange Commission (SEC). This non-profit association believes in the genuine efforts required In implementing decentralization principles for the optimum development of TON.
The members of the community have been busy garnering the interest and engagement of fellow industry players to push forward the growth of TON. Their first win came in April with the setting up of the first ecosystem fund worth $250 million that saw Huobi and Kucoin’s venture arms as the major investors. However, the foundation did not have to wait long for yet another round of funding as the same month witnessed the association raise $1 billion from similar-minded investors. The funds were collected through 176 unique donations.
The TON Foundation had recently been in news for launching Ethereum Name Service-like domain names. This service will enable the users of TON’s ecosystem to assign human-readable names to different applications such as crypto wallets, websites, and smart contracts. This will also help the users simplify the process of generating domain names.
About the Original Blockchain Project
TON, originally developed by the creators of Telegram, the popular messaging app, is a decentralized computer network that runs on blockchain. The blockchain enables super-fast transactions, reasonable fees, and user-friendly apps and is touted as being environment-friendly on its website. After Telegram’s exit from the project following the litigation, an open-source community was instrumental in continuing operations through the development of new functionalities and the efforts have been fruitful. Today, TON has rebranded itself as The Open Network and is powering quick, cheap, and eco-friendly transactions.
Toncoin is TON’s native cryptocurrency whereas the TON wallets help you undertake fast and secure blockchain-based transactions without the involvement of middlemen, bankers, or any other intermediaries.
It is hailed as a blockchain for developers by its makers owing to superior performance, exceptional design, and versatility and the reasons for the same have been listed on the company’s website.
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