Introduction of New TOMI Tokenomics, Return of Moshe Hogeg as Senior Advisor, and Refocusing on Decentralizing the Web
Background:
tomi was founded with a powerful mission: to create a decentralized internet that upholds and protects the fundamental freedoms of its users. The project has always aimed to give control and ownership of the digital space to individuals, ensuring that freedom of expression is safeguarded against censorship. This vision resonated strongly with the community, propelling tomi to early success.
tomi was widely covered by top-tier industry media and influencers, engaged with key partners, and received significant attention within the industry. The TOMI token reached an all-time high of $6.42 in June 2023, reflecting widespread enthusiasm for the project. TOMI’s presence on major cryptocurrency exchanges such as Gate.io, Bybit, and KuCoin further strengthened its accessibility and visibility on a global scale. At its peak, TOMI’s market capitalization exceeded $350 million, placing TOMI among CMC’s top 100 projects and demonstrating the project’s significant potential.
Despite this early success, the project has encountered several challenges, including difficulties in maintaining momentum, resource shortages, and concerns within the community about transparency, token inflation, and governance. These challenges have impacted TOMI’s growth and traction.
In response to these concerns and out of a deep commitment to the community, we are proposing strategic changes that we believe will address these issues, reignite the project’s momentum, and make TOMI great again. These changes are part of a far-reaching plan to regain the project’s momentum. We understand that continuing with the same tactics and minor adjustments will not lead to a different outcome, and therefore, a major change is needed. The proposed changes include the adoption of a revised whitepaper (with community approval), a change in product and development approach, strengthening the project’s marketing efforts, and more.
Introduction of New TOMI Tokenomics
The proposed adjustments to TOMI’s tokenomics are designed to introduce new mechanisms and a refreshed vision aimed at driving the project forward. This proposal is crafted with careful attention to the community’s concerns, addressing issues such as token inflation, governance transparency, and resource allocation. Key elements of the new tokenomics plan include:
- Cancellation of the Pioneer System and Transition of DAO Control:
- The daily issuance of Pioneers and the entire Pioneer system will be canceled.
- The primary function of the Pioneers, which was to control the DAO and vote on project decisions, will be transferred to the broader community. This means that the DAO will now be controlled by all TOMI token holders, ensuring a more decentralized and democratic governance structure. A revised set of DAO operation rules will be determined in the updated project whitepaper.
- As compensation for canceling the Pioneer system, each of the 1,500 Pioneers will receive a one-time issuance of 15,000 TOMI tokens, resulting in the creation and issuance of a total of 22,500,000 new TOMI tokens to the Pioneers.
- In addition, the Pioneers’ entitlement for allocation of 0.5% of DOP’s total token supply shall be annulled, and the Pioneers’ allocation shall become part of the general community allocation as set forth in the General Community Allocation section below.
- Transition of the Development Fund to Monthly Issuance:
- Currently, the Development Fund issues the equivalent of $10 million in TOMI tokens annually in Q1. We propose changing this to a monthly issuance of $1 million in TOMI tokens. This ensures consistent funding throughout the year for the project’s development, marketing, and promotion efforts.
- The number of tokens issued will be determined by a smart contract that checks the exchange rate between USDT and TOMI tokens at the time of issuance.
- These tokens will be specifically allocated for the overall needs of the project, including salaries, marketing, development, outsourcing, and grants for ecosystem development and other essential activities that contribute to generating value for the community and ensuring the project’s long-term success.
- Cancellation of Daily Issuances and Airdrop Fund:
- As per the existing tokenomics, there is a reserved daily issuance for auctions of Pioneers and artDAO rewards. As these initiatives were not launched, the concepts of artDAO rewards and daily Pioneer auctions will be canceled, and the tokens issuable for such purposes (accumulating to ~97,000,000 TOMI tokens as of the date hereof) shall be removed from the tokenomics.
- As per the existing tokenomics, 10,000,000 TOMI tokens which were planned to be issued for airdrops and community purposes, which tokens were never issued. This issuance will be annulled and canceled. Future airdrops campaigns will be budgeted separately.
- Usage of DOP Tokens for Token Burn and DAO Issuance:
- As outlined in tomiDAO resolution #18 and in the first section of this document, the TOMI project is entitled to DOP tokens in an amount equal to 10% of DOP’s total supply, vested over 18 months.
- The DOP tokens will be converted into USDT and shall be used as follows:
- Token Burn: 50% of the sales revenue will be allocated to purchasing TOMI tokens, which will then be burned, reducing the total supply of TOMI tokens.
- DAO Fund Allocation: The remaining 50% of the sales revenue will be contributed to the DAO’s fund, to be utilized in alignment with community-driven proposals.
- Staking Rewards Program:
- To further compensate and reward existing token holders for their trust in the project, 25,000,000 new TOMI tokens will be minted and placed in a staking pool to be distributed as rewards over the course of one year.
- This program will provide a highly meaningful APY for those who lock and stake their tokens, incentivizing long-term commitment to the project and contributing to its overall success.
- Decentralized Cloud Node Operator Compensation:
- To attract and incentivize node operators in the decentralized cloud network, users will pay a competitive price for storage or computing services, estimated to be significantly lower than the rates offered by centralized providers.
- Node operators will receive payment both from users and from the protocol in TOMI tokens. Subsidy of the node operators is necessary to incentivize them to operate nodes even if no user is purchasing their services.
- To prevent potential abuse of the protocol, node operators will be restricted from providing more than double the actual demand for their services. This ensures that resources are allocated efficiently and that the protocol remains sustainable.
- A separate whitepaper will be issued to detail the technicalities of node operations and the associated compensation mechanisms.
- The node operations business model shall include a TOMI token buyback mechanism or another mechanism that will benefit the community.
- 50,000,000 TOMI tokens shall be reserved for the subsidization of node operators and shall be created and issued following the launch of the tomiNode product in accordance with the tomiNode’s whitepaper.
- Retention of Existing Token Allocation:
- The project’s team (including the seed investors) will retain the existing allocation of 208,500,000 TOMI tokens locked in a vesting mechanism as a long-term incentive to ensure the continued growth and success of tomi. The team tokens are attributed to the team and shall be used at the team’s discretion.
- One-Time Allocation for Team:
Under the existing tokenomics, the team was entitled to a daily allocation of tokens linked to the Pioneer auctions. With the new proposal, these daily allocations will be discontinued. In recognition of this, the team will receive a one-time allocation of 45,509,000 TOMI tokens, which will be locked in a smart contract. These tokens will be subject to linear vesting over a year or will vest according to specific token value milestones—$0.25, $0.50, $0.75, and $1—whichever occurs first.
Refocusing on Decentralizing the Web
We believe it’s crucial to return to our origins and focus on our core mission: building the tools needed to decentralize the web. To achieve this, we propose the following:
- Concentrating Efforts on Essential Tools:
- We will concentrate our focus and efforts on developing the essential tools for decentralizing the web, eliminating any other projects that were in development.
- Our efforts will be dedicated to building a robust, decentralized infrastructure that empowers users by supporting privacy, security, and freedom of expression, fully aligning with tomi’s core mission.
- Decentralized and Open Development:
- Development will be carried out by different teams across various global locations, ensuring a diverse and resilient development process.
All developments will be open-sourced and made available on our GitHub, ensuring transparency and community collaboration.
Return of Moshe Hogeg as Senior Advisor
Moshe Hogeg, one of the original founders and key advisors, played a major role in tomi’s early success. Due to controversy and community critique, the team asked him to step down more than a year ago, even though he was never indicted or found guilty of any wrongdoing. Looking back, we now believe this might have been a mistake.
A fundamental principle is that a person is innocent until proven otherwise. Moshe was investigated, but he was neither indicted nor found guilty of anything. Knowing Moshe and working with him, we have no doubts about his integrity and his world-class professional skills. Therefore, we have asked Moshe to return as a senior advisor, with the promise that his role in the project can only be reconsidered if he is ever found guilty of anything.
We wish for justice to prevail, and as long as Moshe remains innocent, he will continue in his role as a senior advisor, contingent on the community’s decision. This decision will be made transparently and by the community of the project.
Conclusion:
These proposals aim to recalibrate tomi’s path forward by introducing a forward-looking, innovative tokenomics model and bringing back a key figure from our past. With the introduction of new tokenomics and the return of Moshe Hogeg, we believe tomi can once again become a beacon of digital freedom, empowering users and ensuring a resilient and free internet. We ask the community to support these changes to ensure our collective success and to make tomi great again.
Voting Options:
– Approve both the New TOMI Tokenomics and the return of Moshe Hogeg as a senior advisor.
– Reject both proposals.
