Proof-of-stake (PoS) infrastructure platform Orbs shares the details of its latest addition to the stack of services on The Open Network (TON), a long-terms strategic partner of Orbs. The new instrument will allow every TON-based decentralized application (dApp) to integrate an on-chain governance module effortlessly.
Orbs launches governance protocol on The Open Network
According to the joint official announcement shared by Orbs and The Open Network (TON), a new on-chain governance service TON.Vote by Orbs goes live in "permissionless beta version." The protocol is designed to advance the accessibility of decentralized autonomous organizations (DAOs) as a voting instrument on TON.
New protocol TON.Vote allows The Open Network (TON) enthusiasts to organize governance referendums directly on-chain with no need for centralized elements. This advances the level of transparency and inclusivity of entire ecosystem.
Technically, every time a user submits a proposal, a new smart contract is generated. It includes a reference to the Merkle tree of all votes. The reference is stored in IPFS independently from The Open Network (TON) and Orbs; every participant in the voting can verify its results.
Currently, the protocol supports three types of votes: "yes," "no," and "abstain."
The product has been developed thanks to the collaboration between Orbs and TON Foundation. As covered by U.Today previously, the two teams have been working together since 2022 to achieve technology and marketing synergy.
In December 2022, the ORBS token was launched on The Open Network (TON) blockchain.
Proposal of TON Tokenomics Optimization approved
STON.fi, EvAA, TON Punks and Fanzee, the most trending dApps in the TON ecosystem, are invited to join the collaboration as TON.Vote launch partners. In the future, every dApp will be able to integrate its module and migrate toward 100% on-chain governance.
The new platform has already hosted two crucial referendums for TON economics. The first was a "Proposal of TON Tokenomics Optimization": TON holders were asked about their opinion about the reactivation of genesis wallets that were inactive for 48 months. The proposal passed as it garnered the support of over 70% of voters.
The second referendum was launched to develop the prize rankings for TON's recent "Hack-a-TON," organized together with DoraHacks.