The Open Network (TON), a blockchain platform developed by Telegram, recently unveiled a significant initiative on May 22. They introduced TON Accelerator Program which is an ambitious project to foster growth within the ecosystem.
TON has established a fund worth $25 million to support this endeavour to finance projects built on its Layer-1 blockchain.
Under the TON Accelerator Program, selected projects will receive investments ranging from $50,000 to $250,000 per venture. In addition, participants will also benefit from invaluable partnerships and mentorships facilitated by the experienced staff at TON.
This comprehensive program aims to nurture and empower innovative projects within the TON ecosystem.
Justin Hyun, the Head of Incubation and Growth at TON Foundation, stated about the program:
“We are delighted to unveil the TON Accelerator program as our ecosystem continues to evolve and attract new talent. This is the beginning of many different incubators that will be supported. Funding forms part of our local hubs rollout strategy, and our ecosystem will work to attract new developers and successful repeat founders based across various key global locations.’’
The funding will primarily target projects that took part in a recent TON hackathon, with a particular emphasis on nurturing decentralized finance (DeFi) initiatives. Apart from being built on TON, these projects should have a minimum viable product (MVP) already developed and seek assistance in marketing, business, and technology.
The Open Network comprises multiple components that form a decentralized and open Internet platform. These components include TON Blockchain, TON DNS, TON Storage, and TON Sites.
TON Blockchain is the fundamental protocol linking TON’s underlying infrastructure, establishing the expansive TON Ecosystem.
TON’s primary objective is to attain extensive cross-chain interoperability within a secure and highly scalable framework. It is engineered to handle millions of transactions per second (TPS) actively, aiming to accommodate hundreds of millions of users.
Since 2020, TON has transformed into a community-driven initiative, operating as an open-source project. Its innovative design facilitates substantial scalability and processing capabilities, allowing for handling millions of transactions per second.
During April, TON achieved a significant milestone by securing an initial investment commitment of $250 million from prominent companies, establishing the TONcoin Fund to bolster its ecosystem.
Notably, upon its introduction, Cameroon, the Democratic Republic of the Congo, and the Republic of the Congo expressed their intentions to embrace the TON blockchain by implementing it within their respective systems.