Bidding For Privacy: tomi DAO Launches Domain Auctions for Alternative Internet

tomiDAO’s new domain auctions offer an alternative to traditional internet structures, one that puts privacy first.

Guy on a key, on his Tomi laptop, in a pink world.
Created by Kornelija Poderskytė from DailyCoin

tomi has built an alternative, surveillance-free internet infrastructure.

The project has launched auctions for top-level domain names.

Sponsored

The auction process allows users to bid for “.com” and “.tomi” addresses on tomiNet. 

In an era where internet privacy is a growing concern, tomi offers a potential solution; a DAO-governed alternative internet infrastructure that prioritizes user privacy and decentralization. 

Most recently, tomi launched auctions for top-level domain names on its tDNS platform. In this way, the network offers an alternative to traditional internet structures, enabling enhanced privacy options for users.  

A New Vision for the Internet

On June 21, tomi announced the opening of auctions for top-level domain names on its tDNS platform. The move represented a significant step towards the project’s intent of creating a surveillance-free alternative internet ecosystem. 

Screenshot of domains on sale on tomi
Source: tomi

Unlike the traditional internet, which has been increasingly subject to government and corporate surveillance, the community governs tomiNet via a DAO, tomiDAO. The format ensures that user privacy is respected and prevents surveillance.

Sponsored

Users can create domains, which are then sold to the highest bidder at public auctions. The winner then becomes the domain owner outright through the provision of a minted partner NFT, not a centralized registrar, allowing them to use the domain as they wish. 

The auction process will continue until May 15, 2024, giving users and businesses ample time to secure their .com or .tomi address.

How Tomi’s .tomi and .com Auctions Work

The auction process on the tDNS platform is straightforward. Here are the key steps bidders can follow: 

Any user can mint the domain with $100 of TOMI tokens. The first minter receives a Partner NFT with rights to lifetime royalties. On the first auction bid, the Partner receives 20% of the differential in price, plus 25% in royalties from the price of that sale. 

To outbid a user for the domain, further bids must be made with a minimum 15% bid increase, denominated in TOMI. At this point, sellers get a refund of their purchase, plus 20% of the delta between their price and the new buyer’s price, while the original Partner receives 25% of delta royalties. All Payments will appear in the tDNS dApp, and can be withdrawn anytime.

Once a bid is won, at a price point 15% higher than the previous bid, the previous bidder receives their money back, plus 20% of their price. When the auction closes on May 15, 2024, the highest bidder will receive ownership of the URL domain, guaranteed by a permanent NFT, and will not be required to pay renewal fees.

On the Flipside

Although tomi’s internet infrastructure protects privacy, its success will depend on user adoption. The value of its domains will depend on how many people decide to engage with the network. 

In May 2023, tomi released privacy-focused services for Ethereum, including a  stablecoin and Layer-2 solution. 

Why This Matters 

This development is significant for crypto traders as it represents a new use case for blockchain technology and NFTs. It also highlights the potential of DAOs to disrupt traditional internet structures and create more democratic and privacy-focused alternatives. 

Read more about tomi’s privacy-focused services: 

tomi Introduces Privacy Stablecoin and Layer-2 Protocol on Ethereum

Read more about bringing Bitcoin to DeFi

Bridging Bitcoin with DeFi: Kima and Syndika’s BTC-WBTC App

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.