Bitrabo Editorial
An initiative worth $20 million was announced by Hong Kong-based gaming software company, Animoca Brands, in partnership with The Open Network (TON) blockchain, Moca Network, and the MOCA Foundation. The aim is to accelerate the adoption of the Open Network ecosystem for GameFi and Web3 gaming.
MOCA Collaboration and Toncoin Reserve
The collaboration includes the creation of a $20 million MOCA coin and Toncoin reserve, the native token of the Layer 1 (L1) blockchain. This reserve will encourage developer and user adoption through various collaborations like The Open League, hackathons, and accelerator programs, fostering cross-functional development and boosting activity within the TON community.
To enhance user engagement, the partnership will utilize go-to-market strategies and token resources to highlight the advantages of launching and integrating with the Layer 1 blockchain established by the Durov brothers for partners working on gaming projects. In a statement, Steve Yun, Council Chair of The Open Network Foundation, mentioned:
This partnership validates TON as the preferred platform for games and social apps. The reputation system we are developing will be a potent opt-in platform for users to express their identity and values on-chain. We are excited to progress with Animoca Brands towards broad adoption of blockchain applications.
Expansion of User Base for TON Blockchain
The partnership introduces the “TON Society ID,” a decentralized identity credential allowing Open Network users to leverage governance power based on the Layer 1 blockchain. By 2028, the Society ID system aims to attract 500 million TON users, enabling users to establish a meaningful digital identity and partake in the new community governance framework of Open Network Society.
Mocaverse will contribute to the development of a reputation scoring system on The Open Network, provide data from its gaming and content systems to the Society ID initiative, and offer technical support. Yat Siu, CEO and co-founder of Animoca Brands, expressed:
The exclusive partnership between Telegram, the TON Foundation, and the disclosed collaboration bring the opportunity to introduce Moca ID and the Realm Network SDK to Telegram’s 900 million users, potentially magnifying all network effects.
The collaboration is expected to bring new tools, users, and funding to both ecosystems, ultimately driving the mass adoption of Web3 by users.
As of the current writing, Toncoin, the native token of the Open Network, has not responded to the announcement, with the token trading at $6.96, reflecting a decrease of over 2.7% and 5.8% in the 24- and 7-day time frames respectively.
Featured image from DALL-E, chart from TradingView.com