The Open Network (TON) has announced the launch of its groundbreaking TON Accelerator Program. This program will allocate up to $25 million in funding to projects poised to make a significant impact in the rapidly growing TON ecosystem.
TON Accelerator Program to Funnel $25M into Emerging Projects
DUBAI, United Arab Emirates, May 22, 2023 10:00 AM UTC – The Open Network (TON) has announced the launch of its groundbreaking TON Accelerator Program, aimed at consolidating all blockchains and Web2 internet into a unified open network. This program will allocate up to $25 million in funding to projects poised to make a significant impact in the rapidly growing TON ecosystem.
The funding will be provided by TONcoin Fund, a dedicated $250 million ecosystem fund established to support visionary entrepreneurs building on TON. The capital injection will be directed towards selected projects in various fields, with a special emphasis on decentralized finance (DeFi). Each project will receive an investment ranging from $50,000 to $250,000.
In addition to the financial support, the TON Accelerator Program will foster collaboration and mentorship through strategic partnerships with several accelerator organizations. Notable partners include Gotbit, a hedge-fund and Market-Making company specializing in trading and risk management solutions, Web3port, a developer of tools connecting Web3.0 startups and contributors to accelerate innovation, Tonstarter, the primary fundraising platform on TON, TEB, a South Korean incubator for Web3 developers, and Cypher Capital, a UAE-based multi-strategy crypto investment firm.
Furthermore, the pool of accelerator partners is expected to expand as the TON Foundation forges alliances with major accelerators in the web3 space.
Justin Hyun, Head of Incubation and Growth at TON Foundation, expressed enthusiasm about the TON Accelerator program, stating:
We are thrilled to introduce the TON Accelerator program as our ecosystem continues to evolve and attract new talent. This is just the beginning of numerous incubators that will receive support in the future. Funding is an integral part of our local hubs rollout strategy, and we aim to attract developers and successful founders from diverse global locations.
Bill Qian, Chairman of Cypher Capital, highlighted the program’s uniqueness within the web3 universe, noting:
The TON Accelerator program takes the incubator principle, renowned in the Web2 ecosystem, and refines and evolves it using the best practices of Web3 protocols and methodologies. We are delighted to contribute to this next-generation program.
The initial funding round will prioritize projects that participated in the Hack-a-TONx DoraHacks, a two-month-long virtual hackathon organized in collaboration with DoraHacks, a leading global hacker organization that bridges the gap between hackers and entrepreneurial ideas.
Submissions are currently being accepted, and eligible projects must be built on TON, supporting TVM & TON smart-contract language. Moreover, projects should have a minimum viable product (MVP) ready while requiring assistance in marketing, business, and technology. Teams in the proof-of-concept or prototype stage seeking greater technical support can apply for earlier-stage grants.
About The Open Network
TON, the Open Network, is a groundbreaking technology that aims to bring together all blockchains and the Web2 internet, creating a unified open network. Its primary objective is to empower billions of Telegram users with authentic Web3 capabilities.
Initially conceptualized by the Telegram team, TON embodies the principles of freedom and openness that define its parent platform. Since 2020, it has evolved into an open-source community project.
At its core, TON boasts a layer-1 architecture designed for scalability, capable of accommodating up to 2 to the power of 32 workchains. Each workchain can further be subdivided into up to 2 to the power of 60 shardchains. This innovative structure enables TON to process millions of transactions per second, virtually instantaneously.
While Telegram has played a significant role in keeping people connected, TON is set to revolutionize communities by transforming them into vibrant economies.
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