Friday, May 24, 2024
Blockchain

Tomi Raises $40M for Decentralized Web Alternative

Tomi, a decentralized cloud computing network, has announced that it has raised $40 million in a funding round led by DWF Labs, Ticker Capital, and Piha Equities, as well as Japanese crypto investor Hirokado Kohji. Tomi aims to provide an alternative to the traditional internet by creating a decentralized autonomous organization (DAO) that governs a “surveillance-free alternative” to the internet. The funding will be used to attract publishers and further develop its network.

Tomi was launched in 2022 by an anonymous group of crypto industry veterans who sought to create a version of the internet governed by a DAO. The tomiDAO is responsible for network governance, including voting on code alteration proposals and managing content that violates community guidelines.

The spokesperson for Tomi clarified that all monetization efforts on the network are facilitated through the network’s native token, TOMI. The token is used as the primary currency for various activities within the network, such as buying domains, paying transaction fees on tomi’s layer-2 network, and participating in voting activities.

Decentralized autonomous organizations (DAOs) are blockchain-based entities with no central ownership that are governed by self-organizing communities. Their utility has grown over the years as more organizations look to implement bottom-up decision-making without hierarchical management. The Marshall Islands have recognized DAOs as legal entities, making them more accessible for organizations to adopt.

Decentralizing the internet can enhance digital ownership by promoting open services powered by decentralized apps instead of centralized applications controlled by major technology companies. This push for decentralization is currently being led by Web3 companies that have raised billions in venture capital to advance their version of Web3.

Tomi’s project seeks to provide an alternative to the tech titans and re-educate the masses that they can have control again. The network’s surveillance-free nature appeals to content creators looking for a more secure and decentralized platform to share their content. Tomi’s unique approach to decentralization through its DAO and native token could disrupt the centralized nature of the internet, empowering users and promoting digital ownership.

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