Orbs & The Open Network Introduce Decentralised Governance On TON

Orbs & The Open Network Introduce Decentralised Governance On TON

Time Stamp: June 13, 2023 12:00 PM
Orbs & The Open Network Introduce Decentralised Governance On TON PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The Layer-3 infrastructure network for decentralized apps, Orbs, has announced the permissionless beta launch of TON.Vote, a revolutionary DAO-based governance solution for The Open Network (TON). Any TON-based project that wants to incorporate DAO-based governance may now utilize TON.Vote, according to Orbs, with STON.fi, EvAA, TON Punks, and Fanzee were among the first to accept it as official launch partners.

Following tight cooperation between Orbs and the TON Foundation, which served as its main design partner for the creation of the app, TON.Vote has been officially launched. The TON.Vote app was developed by Orbs in close collaboration with the TON Foundation to meet the needs of both The Open Network and the projects that make up its ecosystem.

All governance ideas and votes may now take place on-chain thanks to TON.Vote. The merkle tree of all votes is openly maintained on IPFS and can be independently checked by any user. Every time a user submits a proposal, a smart contract is formed that contains a reference to the merkle tree of all votes. Users of TON.Vote submit a transaction to the smart contract with their vote (yes/no/abstain), which is subsequently handled off-chain before the results are determined, according to the present implementation. Users’ votes will eventually simply need a digital signature from their wallet, and they will be protected by IPFS. In the event that a uniform wallet signature is adopted by all dApps, votes will then be verified using a wallet sign and be gas-free.

TON.Vote uses Orbs’ L3 Guardians technology to confirm that the votes presented in the UI are correct and match those kept in the smart contract’s data, further enhancing security. The Orbs Guardians ensure that there are no data inconsistencies by cross-checking the information that is shown on the front end. This adds another level of security by securing each vote with manual chain checks and independent validators, strengthening the transparent process.

After TON.Vote’s soft launch, it assisted in organizing two important community votes for the TON community and its ecosystem. First up was a “Proposal of TON Tokenomics Optimization” that sought community input on whether or not to freeze inactive Genesis mining wallets after 48 months. Due to the fact that they contain more than 20% of the whole supply of $TON, these wallets were causing a great deal of anxiety in the community. By voting “Yes” to giving out 171 Genesis wallets, 71% of the community decided to put an end to the uncertainty. More than 1.4 million votes were cast in the election.

More than 695,000 $TON holders participated in the second vote, which determined the prize rankings for TON’s recent “Hack-a-TON” x DoraHacks competition.

As launch partners, four of the largest projects based on TON have joined Vote dApp post the official launch of the TON.Vote. They include TON Punks, a top NFT and Play-to-Earn project on TON, Fanzee, the fan interaction platform, STON.fi, one of the top decentralized exchanges on TON, EVAA, a decentralized lending protocol, and the Hack-a-TON community vote winner. TON.Vote is integrated with all four dApps to decentralize governance and provide communities with the chance to participate in future decision-making.

The Open Network and Orbs are introducing a new age of decentralized governance on one of the most innovative and powerful Layer-1 networks available with TON.Vote.

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