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'Alternative Internet' Builder Tomi Raises $40M to Attract Content Creators
Tomi's aim is to "kick off a clean slate for the internet," using its DAO governance model to promote freedom of speech and access to uncensored information
Updated May 9, 2023, 4:11 a.m. Published Mar 21, 2023, 4:00 p.m.
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Decentralized autonomous organization (DAO) tomi, which is aiming to build an alternative internet network, has raised $40 million led by digital asset market maker DWF Labs.
Tomi's aim is to "kick off a clean slate for the internet," using its DAO governance model to promote freedom of speech and access to uncensored information, in contrast to the "government and corporate surveillance and censorship" of the world wide web, it said on Tuesday.
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"The community-led tomiDAO governs the alternative network and votes on proposals about everything, ranging from code alterations to censoring content that doesn’t meet the network’s community guidelines," tomi said.
A DAO is a blockchain-based form of organization governed by holders of its native crypto token, who vote on matters related to the running of the organization.
The funding will be used to court content creators for the network.
"With its DAO-governed alternative network, tomi is paving the way for a censorship-free environment where users can access high-quality content without compromising their privacy," DWF Labs managing partner Andrei Grachev said.
"We believe that the team’s commitment to fair monetization and development of technologies ensuring privacy will make tomi the go-to destination for content creators and users alike."
DWF Labs' leading of this funding round continues the market maker's recent flurry of investments in Web3 projects, following a multi-million dollar purchases of the native tokens of blockchain infrastructure provider Orbs Network and derivatives protocol Synthetix.
Read more: How to Use a DAO to Build a Web3 Community
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