Orbs & The Open Network Kick Off A New Era Of Decentralized Governance On TONExternal - Press Release
By: Chainwire • Loading...External PR
Tel Aviv, Israel, June 13th, 2023, Chainwire
Orbs, the Layer-3 infrastructure network for decentralized applications, has announced the permissionless beta launch of TON.Vote, a new DAO-based governance solution for The Open Network (TON). Orbs said TON.Vote is now available to use by any TON-based project that needs to integrate DAO-based governance, with STON.fi, EvAA, TON Punks and Fanzee among the first to adopt it as official launch partners.
The official launch of TON.Vote follows Orbs’ close collaboration with the TON Foundation, acting as its primary design partner for the development of the app. Orbs worked closely with the TON Foundation to build the TON.vote app in accordance with the customer requirements of both The Open Network and its ecosystem projects.
TON.Vote enables all governance proposals and votes to occur on-chain. Each time a user submits a proposal, a smart contract is generated that includes a reference to the merkle tree of all votes, which are transparently stored on IPFS where they can be verified independently by any user. In its current implementation, TON.Vote users send a transaction to the smart contract with their vote (yes/no/abstain), which is then processed off-chain before the final results are calculated. In future, users will only need to sign a digital signature from their wallet, with their vote being secured in IPFS. Votes will then be validated via a wallet sign and be gassless, pending the adoption of a standard wallet signature across all dApps.
To further increase security, TON.Vote implements Orbs’ L3 Guardians technology to verify that the UI's displayed votes are accurate and match those stored in the smart contract’s data. By cross-checking the information presented on the front end, the Orbs Guardians verify that there is no mismatch of data. This creates an additional layer of assurance, with each vote also secured by independent validators and manual chain checks, reinforcing the transparent process.
Following its soft launch, TON.vote helped to facilitate two community votes of fundamental importance to the TON community and its ecosystem. The first was a “ Proposal of TON Tokenomics Optimization” that asked the community whether or not they should freeze genesis mining wallets that had been inactive for more than 48 months. These wallets were creating a lot of uncertainty in the community as they hold more than 20% of the total supply of $TON. The community voted to end that uncertainty with 71% voting “Yes” to free 171 Genesis wallets. That vote saw more than 1.4 million $TON cast.
The second vote took place to determine the prize rankings for TON’s recent “Hack-a-TON” x DoraHacks contest, and saw more than 695,000 $TON holders cast their votes.
The official launch of the TON.Vote dApp has been joined by four of the biggest projects building on TON as launch partners. They include STON.fi, one of the leading decentralized exchanges on TON, EVAA, a decentralized lending protocol and the winner of the Hack-a-TON community vote, TON Punks, a top NFT and Play-to-Earn project on TON, and Fanzee, the fan engagement platform. All four dApps are integrating with TON.Vote to decentralize governance and give their communities the opportunity to take part in the decision-making process going forward.
With TON.Vote, The Open Network and Orbs are ushering in a new era of decentralized governance on one of the most exciting and capable Layer-1 networks around.
Founded in 2017, Orbs is a public, open, decentralized blockchain infrastructure powered by a network of permissionless validators using Proof-of-Stake (PoS) consensus. Using a multi-layered blockchain stack, Orbs acts as a separate decentralized execution layer operating between existing layer-1 and layer-2 solutions and the application layer. This approach opens up a new horizon of capabilities for Web3 segments, including DeFi, NFTs, and GameFi, as it delivers a decentralized backend for smart contracts.
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