- July 23, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
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.
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
