Highlights:
- Society DAO will empower the TON community with direct control in decision-making which will foster decentralized growth.
- TON introduces a dirham-pegged stablecoin to enhance stability and expand utility in the Middle East.
- The new governance model boosts community involvement, allowing direct influence on resource allocation.
The Open Network TON has launched a new governance model known as Society DAO. This initiative aims to decentralize decision-making within TON’s ecosystem hence handing authority to active community members. Users will also be able to engage directly in goal setting, strategizing, and resource allocation with Society DAO. According to the TON Foundation, the model eliminates centralization risks by redistributing power amongst members.
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💼 TON Foundation announced the launch of a new “decentralized” governance model, Society DAO.
This model will create independent working groups for key tasks such as development, community support, and financial development. pic.twitter.com/QHGtnS8XZ9
— Dolphin Si 🐬 (@dolphindosi) November 1, 2024
Empowering Decentralized Growth
In recent years, TON has relied on centralized governance to drive growth. Initially, centralization helped TON establish a stable foundation which provided direction in the early stages. However, as the network matures, the leaders believe decentralized control is vital. By encouraging broader participation, Society DAO aims to strengthen the network’s resilience and autonomy. This shift reflects a commitment to community-driven growth.
Society DAO will allow community members to make proposals for targets, timelines, and outputs that they aim to achieve. Specialized working groups, comprised of community members with relevant expertise then will review these proposals. The TON Foundation will give funding to each approved proposal. This model makes resource distribution transparent and gives everyone a sense of ownership of the process.
The open proposal system of Society DAO encourages community-driven development. Proposals will be subjected to accountability measures by working groups that will review and approve each proposal. This will ensure that they align with TON’s overall goals. This structure creates clear expectations for community initiatives. Funding allocation will be transparent, and approved projects will be tracked to ensure progress.
In addition to transparency, Society DAO is introducing healthy competition within the TON ecosystem. Under this model, projects within one category may finance other projects within the same category, driving competition. According to Society DAO, competition facilitates resilience by forcing projects to keep getting better. With diverse solutions, the network can thrive to meet user needs.
Empowering the Community in Decision-Making
According to the TON Foundation, Society DAO strengthens inclusivity in TON. It adds a sense of shared responsibility by involving users in decision-making. It also empowers community members to define the vision, set goals, and align strategies to the growth of TON.
By decentralizing governance, TON provides a model that fosters transparency, participation, and accountability. Community members can now take an active role in shaping TON’s future. This approach is part of TON’s broader strategy to encourage a self-sustaining, community-led ecosystem.
Tether to Launch a Dirham Stablecoin
Tether has announced it plans to release a dirham-pegged stablecoin on the TON blockchain. The stablecoin will be pegged to the value of the UAE Dirham (AED) which will maintain price stability.
Tether to launch dirham-pegged stablecoin on TON.https://t.co/IWRFigiLSG via @cointelegraph#Dubai
— PeaCe RWA (@PeaCeRWAFi) November 1, 2024
By introducing a stablecoin backed by dirham, TON boosts its functionality and solidifies its position in the Middle East. The TON Foundation supports stablecoin integration as part of its goal of offering real-world cryptocurrency applications. Tether believes the stablecoin will build confidence within TON’s ecosystem by providing secure and stable transactions.
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