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 drive adoption of the Open Network ecosystem and position itself in GameFi and Web3 gaming.
MOCA and Toncoin Reserve
As part of the partnership, The Open Network Foundation, Mocaverse and MOCA Foundation will work together to create a $20 million MOCA Coin, the native token of the Layer 1 (L1) blockchain, as well as a Toncoin reserve, according to the announcement.
The reserve will encourage adoption of the Open Network ecosystem by developers and users through collaborations such as The Open League, hackathons and accelerator programs, fostering cross-sector development and increasing activity within the TON community.
In addition, to encourage user interaction, the Foundation and MOCA will leverage their market development and token resources to further promote the benefits of launching and integrating the Layer-1 blockchain founded by the Durov brothers for partners developing gaming projects. Commenting on the partnership, Steve Yoon, Chair of the Open Network Foundation’s Board of Trustees, said:
“This partnership proves that TON has become the platform of choice for gaming and social apps. The reputation system we will build together will be a powerful opt-in platform for users to express their identity and values on-chain. We are excited to take a step together with Animoca Brands towards the widespread adoption of blockchain applications.”
Expanding the TON Blockchain user base
A key outcome of this collaboration is the introduction of the “TON Society ID” – a decentralized identity credential that allows Open Network users to leverage governance power based on layer-1 blockchain.
In order to grow TON users to 500 million by 2028, the Society ID system will reportedly allow users to build “meaningful digital identities” and participate in the Open Network Society’s new community governance framework.
Meanwhile, Mocaverse will support the development of The Open Network’s reputation scoring system, provide data from its games and content systems to the Society ID initiative, and provide technical support. Yat Siu, CEO and co-founder of Animoca Brands, said:
“Telegram and TON Foundation’s unique partnership and the collaboration announced today will create an opportunity to bring Moca ID and the Realm Network SDK to Telegram’s 900 million users, exponentially expanding the network effect of each.”
The announcement also revealed that the partnership is expected to bring new tools, users and funding to each ecosystem, accelerating mass user adoption of Web3.
The daily chart shows that the price of TONCoin is in a downward trend. Source: TONUSD on TradingView.com
At the time of writing, the open network’s native token, Toncoin, has not responded to the announcement, with the token trading at $6.96, down more than 2.7% and 5.8% over the 24-day and 7-day periods, respectively.
Featured image from DALL-E, chart from TradingView.com
