The TON Foundation just dropped something big — the Society DAO. This new governance model is all about pushing decentralization to the forefront and giving power back to the users. But is it all sunshine and rainbows? Let’s break it down.
The Open Network (TON) is stepping up its game with this Society DAO thing. They announced it on November 1, and it's clear they're aiming for a more decentralized future. The core idea? Addressing centralization risks that have been creeping into the ecosystem.
The founding members of this DAO are a mixed bag: TON Core, TON Society, Wallet in Telegram, and a fresh collective called TON Studio. Together, they’re supposed to steer the ship toward more transparency and community empowerment.
One of the first things I noticed was their focus on centralization risks. Steve Yun from the Foundation and Jack Booth from TON Society pointed out that many projects have been heavily reliant on the foundation — almost like it's a capital hub. That kind of dependency can lead to trouble if something happens to that "central" entity.
To counteract this, they're rolling out some tools and models designed to redistribute power back into the hands of community members. One such tool is called Community Model, which basically says: “Hey, respected community folks! You get to decide how resources are allocated.” Sounds democratic enough.
Another goal of Society DAO seems to be improving token liquidity and market access. By making decision-making more decentralized (ironic?), they hope to boost circulation of TON tokens. But here’s where it gets tricky: token-based governance can easily lead to centralization if a few whales accumulate most of the tokens.
They claim that by emphasizing community participation, they’re reducing that risk. But let’s be real — we’ve seen other DAOs where that didn’t work out so well.
Now onto something I found pretty interesting — Wallet on Telegram is getting an upgrade! It’s moving from being purely custodial to integrating self-custodial options through something called TON Space. This space has been in beta since September 2023 and apparently has over 100 million users already.
The idea is simple yet powerful: give users control over their assets while also providing an easy-to-use third-party custody option for those who prefer it. Andrew Rogozov from The Open Platform said they want TON Space to be a gateway for everyone into the broader ecosystem built on TON.
This whole self-custody thing could shake up how we think about crypto exchanges and DeFi protocols. On one hand, having complete control aligns perfectly with crypto's ethos; on the other hand, it puts all responsibility squarely on you if you lose your keys.
Self-custody wallets allow direct interaction with decentralized applications (dApps), which means no middlemen taking cuts or holding your assets hostage — but also no safety nets if you mess up.
And while self-custody opens doors to potentially risky DeFi landscapes (hello unaudited smart contracts!), it also requires users to be savvy about what they're getting into.
So there you have it — Society DAO aims for decentralization while addressing some pressing issues like centralization risks and liquidity concerns in an ecosystem that's still finding its footing.
With self-custody options becoming mainstream thanks to platforms like Telegram Wallet, we're at an interesting crossroads in crypto governance models.
