TON Blockchain And Animoca Brands Unveil $20M Initiative To Reach 1.6 Billion Users

Share This Post

On Monday, Hong Kong-based gaming software company Animoca Brands, The Open Network (TON) blockchain, Moca Network, and the MOCA Foundation announced a new partnership to catalyze the adoption of the Open Network ecosystem and establish its position for GameFi and Web3 gaming. 

MOCA And Toncoin Reserve

According to the announcement, as part of the partnership, The Open Network Foundation, Mocaverse, and the MOCA Foundation will work together to create a $20 million MOCA coin and Toncoin reserve, the native token of the Layer 1 (L1) blockchain. 

This reserve will incentivize developer and user adoption of the Open Network ecosystem through collaborations such as The Open League, hackathons, and accelerator programs to foster cross-functional development and increase activity within the TON community.

In addition, to facilitate user cross-pollination, the Foundation and MOCA will leverage their go-to-market and token resources to promote further the benefits of launching and integrating with the Layer 1 blockchain founded by the Durov brothers for partners developing gaming projects. Commenting on the partnership, Steve Yun, Council Chair of The Open Network Foundation, said: 

This partnership validates that TON has become the platform of choice for games and social apps. The reputation system we co-create will become a powerful opt-in platform through which users can express their identity and values on-chain. We are excited to take a leap with Animoca Brands towards widespread adoption of blockchain applications.

User Base Expansion For TON Blockchain

A key outcome of this collaboration is the introduction of “TON Society ID,” a decentralized identity credential that will enable Open Network users to utilize governance power based on the Layer 1 blockchain. 

To reach 500 million TON users by 2028, the Society ID system will reportedly allow users to build a “meaningful digital identity” and participate in the Open Network Society’s new community governance framework

Mocaverse, on the other hand, will support the development of a reputation scoring system on The Open Network, contribute data from its gaming and content systems to the Society ID initiative, and provide technical support. Yat Siu, CEO  and co-founder of Animoca Brands, stated:

The unique partnership between Telegram and the TON Foundation and the collaboration revealed today provide an opportunity to bring Moca ID and the Realm Network SDK to Telegram’s 900 million users, which we believe could exponentially magnify all our respective network effects.

The announcement also revealed that the partnership is expected to bring new tools, users, and funding to each ecosystem, driving mass adoption of Web3 by users. 

TON

At the time of writing, the Open Network’s native token Toncoin did not react to the announcement, as the token is trading at $6.96, down over 2.7% and 5.8% in the 24- and 7-day time frames, respectively.

Featured image from DALL-E, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Pi Coin Price Prediction: Pi Network Faces Migration Issues, Drops 10%

The post Pi Coin Price Prediction: Pi Network Faces Migration Issues, Drops 10% appeared first on Coinpedia Fintech News The Pi Network community recently celebrated Pi Day, marking the sixth

200 Million XRP On The Move—Is Ripple Preparing For A Big Play?

Ripple’s XRP has been one of the hottest cryptos in the market thanks to its impressive price performance, especially after US President Donald Trump’s reelection Trading below $1 for most of

Coinbase Scores Big as Vermont Drops Case—Is This the End of Staking Crackdowns?

Coinbase just scored a massive legal win as Vermont rescinds its case on staking services, reinforcing that staking is not a security This marks another major setback for regulators trying to rein in

XRP Price Prediction For March 15

The post XRP Price Prediction For March 15 appeared first on Coinpedia Fintech News The cryptocurrency market is currently trying to bounce back and the next few days will be crucial to determine the

VanEck Seeks SEC Approval for First-Ever AVAX ETF

The post VanEck Seeks SEC Approval for First-Ever AVAX ETF appeared first on Coinpedia Fintech News As per a recent statement, VanEck is seeking approval from the US Securities and Exchange

Polkadot (DOT) Price Stability Fuels Hopes For Short-Term Recovery

Polkadot (DOT) has been quietly building a strong foundation, with its price stabilizing after a period of volatility This consolidation phase often serves as a launching pad for a potential upward