6 Sep
2 min read

The Open Network Foundation Finds New Home in Switzerland as a Non-Profit Organization

Article

The Open Network Foundation, a non-profit organization committed to supporting The Open Network (TON), has officially declared its establishment as a Swiss non-profit organization. Switzerland, known for its Web3-friendly approach and as an established technological hub, makes it an ideal home for Foundation's vision. This move highlights the Foundation's commitment to following the regulations required to establish the TON Ecosystem as a fully compliant and transparent Web3 player.

Steve Yun, President of The Open Network Foundation, emphasized the significance of this milestone, stating, "This marks a new chapter for the TON community. At the service of our community, The Open Network Foundation will pursue strong governance and transparency under the guidance of Swiss regulations.”

At the same time, the Foundation has unveiled an ambitious plan featuring strategic partnerships and integrations aimed at attracting more developers to the ecosystem, increasing user engagement, and boosting network growth. The new roadmap, planned for release in Q4 2023 on Foundation’s website, will clearly define the efforts planned to achieve these goals.

As a commitment to transparency, the Foundation will regularly issue detailed reports on Toncoin's tokenomics, token issuance, partnership allocations, community incentives, and the utilization of assets for operational and ecosystem purposes.

The Foundation also announced a new annual event, The Gateway, designed to unite the community. This initiative invites community members and builders to network, discuss, and brainstorm new ways to drive TON forward. The Gateway will host over 2,000 attendees and dozens of projects from areas including privacy, finance, gaming, and collectibles, further cementing the TON Ecosystem's foundations.

The Open Network Foundation is an independent entity completely financed by donations from the TON Community and holds no control or decision-making authority over The Open Network.