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TON Blockchain and Animoca Brands Unveil $20M Initiative to Reach 1.6B Users
Hong Kong-based video game software company Animoca Brands, blockchain startup The Open Network (TON), Moca Network, and the MOCA Foundation announced a new partnership on Monday to catalyze adoption of the Open Network ecosystem and solidify their position for GameFi and Web3 gaming.
MOCA and Toncoin reserve
According to announcementAs part of the partnership, The Open Network Foundation, Mocaverse and the MOCA Foundation will work together to create a $20 million MOCA coin and Toncholine 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 promote cross-functional development and increase of activity within the TON community.
Furthermore, to facilitate cross-pollination of users, the Foundation and MOCA will leverage their go-to-market and token resources to further promote the benefits of launching and integrating with Layer 1 Blockchain founded by the Durov brothers for partners developing game projects. Commenting on the partnership, Steve Yun, Chairman of the Board of the Open Network Foundation, said:
This partnership validates that TON has become the preferred platform 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.
TON Blockchain User Base Expansion
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 the governance power of Layer 1 blockchain.
To reach 500 million TON users by 2028, the Society ID system will enable users to create a “meaningful digital identity” and participate in the new Open Network Society 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 game and content systems to the Society ID initiative, and provide technical supportYat Siu, CEO and co-founder of Animoca Brands, said:
The unique partnership between Telegram and the TON Foundation and the collaboration announced today provides the opportunity to bring Moca ID and Realm Network SDK to Telegram’s 900 million users, which we believe could exponentially amplify all of 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 user adoption of Web3.
At the time of writing, Open Network’s native token, Toncoin, has not reacted to the announcement, as the token is trading at $6.96, down more than 2.7% and 5.8% over the 24- and 7-day periods respectively.
Featured image from DALL-E, chart from TradingView.com