Tomi, a Web3 infrastructure governed by a decentralized autonomous organization (DAO), has launched auctions for top-level domain names on its tDNS platform.
Tomi aims to create an alternative internet ecosystem that is free from surveillance and respects user privacy. The anonymous project led by eight big names in crypto raised $40 million earlier this year for its DAO-governed alternative internet network in a funding round led by DWF Labs.
The traditional internet has become increasingly defined by government and corporate surveillance, limiting user privacy since the U.S. Patriot Act was enacted in 2006.
Tomi introduces a new vision for the internet, where domain ownership is transformed. Users can create domains that are then sold through public auctions to the highest bidders, maximizing the potential to own valuable addresses on Tomi’s alternative internet network. The winning bidder acquires the domain through a minted partner NFT, rather than a centralized registrar, and has complete ownership of the .com or .tomi domain.
The auction process involves minting a domain name NFT and becoming a 25% partner by staking $100 worth of TOMI tokens. The first minter receives a Partner NFT with lifetime royalty rights.
Anyone can participate in the auction by outbidding the current owner with a minimum 15% increase in TOMI tokens. Sellers receive a refund of their purchase plus 20% of the price difference, while the Partner receives 25% of the royalty difference. The highest bidder at the end of the auction on May 15, 2024, permanently owns the domain and associated NFT without any renewal fees.
Since Tomi operates as a decentralized domain system in a parallel digital universe to the traditional internet, it is not subject to the regulatory framework of the Internet Corporation for Assigned Names and Numbers (ICANN) governing the existing internet. Only TomiDAO, the governing DAO of TomiNet, can establish regulations for the network. This allows Tomi to operate independently and free from the regulations imposed on the traditional internet.
In terms of intellectual property (IP) and trademark laws, domain names are considered intangible assets rather than intellectual property. Therefore, there are no inherent IP or trademark rights associated with domain addresses.
Tomi’s alternative internet ecosystem provides an opportunity for users and businesses to secure desired domain names in a surveillance-free environment, governed by the community and respecting user privacy.
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