On Monday, Hong Kong-based gaming software company Animoca Brands, blockchain giant The Open Network (TON), Moca Network, and MOCA Foundation announced a novel partnership aimed at accelerating the adoption of the Open Network ecosystem and cementing its position in GameFi and Web3 gaming.
MOCA and Toncoin Reserve
According to announcementAs part of The Open Network Foundation’s partnership, Mocaverse and MOCA Foundation will collaborate to create a $20 million MOCA coin and Toncoin the reserve, native token of the Layer 1 (L1) blockchain.
This reserve will encourage developers and users to leverage the Open Network ecosystem through collaborations such as The Open League, hackathons, and accelerator programs. to support cross-functional development and enhance activity in the TON community.
In addition, to facilitate cross-pollination of users, the Foundation and MOCA will leverage their market resources and tokens 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 confirms that TON has become the platform of choice for games and social applications. The reputation system we are building together will become a powerful opt-in platform through which users can express their identity and values on-chain. We are excited to take a step forward with Animoca Brands towards the mainstream adoption of blockchain applications.
Expanding the User Base for TON Blockchain
A key outcome of this collaboration is the introduction of the “TON Society ID”, a decentralized identity identifier that will enable Open Network users to leverage Layer 1 blockchain-based governance privileges.
In order to reach 500 million TON users by 2028, the Society ID system aims to enable users to build a “meaningful digital identity” and participate in the novel Open Network Society community management framework.
Mocaverse will support the development of the reputation scoring system on The Open Network, contribute data from its gaming systems and content to the Society ID initiative, and provide Technical Support. Yat Siu, CEO and Co-Founder of Animoca Brands, said:
The unique partnership between Telegram and the TON Foundation and the collaboration revealed today opens up the possibility of bringing Moca ID and Realm Network SDK to Telegram’s 900 million users, which we believe has the potential to exponentially enhance all of our network effects.
The announcement also revealed that the partnership is expected to provide each ecosystem with novel tools, users, and funding, leading to mass user adoption of Web3.
At the time of writing, the Open Network’s native token, Toncoin, has not responded to the announcement and is trading at $6.96, down over 2.7% and 5.8% in the 24- and 7-day timeframes respectively.
Featured image from DALL-E, chart from TradingView.com
