Gate.io AMA with TOMI-Making Freedom a Reality
Time: Apr 20th, 2023, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with Dag,Community & Content specialist at TOMI in the Gate.io Exchange Community.
Official Website: https://tomi.com/
Twitter: https://twitter.com/tomipioneers
Follow TOMI on Telegram and Discord
Guest
Dag — Community & Content specialist at TOMI
Q&A from Gate.io
Q1: Could you please introduce yourself to our audience?
Dag: My name is Dag, I’m the community & content specialist from tomi. I’m very happy to get to meet all of you guys and to talk about all the exciting stuff surrounding tomi. And in a way I guess I am a reflection of the true spirit of tomi, since we are a community driven project. I was actually scouted from the community to take on this role and become a part of the tomi team. I don’t know most of the team since it’s an anonymous project, but we’re all working together towards a collective goal, decentralization.
Q2: I believe that most of the audience already knows about Tomi, but for those who don’t, could you tell us a bit about the project?
Dag: Of course, as I already mentioned, we are community-driven, but the core idea behind tomi is to create decentralized products to liberate people from the constraints of the centralized world we live in today. Some examples, how your data is being sold to 3rd parties to create targeted ads from your browsing history, or perhaps even more importantly. Give people living in countries where the internet is censored or controlled, a platform to express themselves freely.
Q3: The unique thing about tomi is that you are truly working on a wide range of products to create an entire infrastructure of products that provide privacy and enable freedom of expression. Can you share some of these products and briefly explain them?
Dag: Sure, the biggest product for me must be our decentralized internet that we are developing. tomi’s vision is to create the infrastructure needed to have a fully decentralized platform to restore people’s freedoms. And on that we have tomiPAY, our multi-chain wallet, we have our browser to this decentralized internet, the tomiNET, we also have tDNS, which is our decentralized domain naming system. And all of these products are live, most are in their test phase but still, you guys can try them out. I mean the list is even longer than this, tomi’s goal is to cover all areas to provide our community members with a fully decentralized and private alternative to hopefully one day, decommission the centralized system we live and use today. This is one of the main reasons why we have been developing the TPL and why I’m here today so excited to talk to you guys about it.
Q4: You talked about TPL and tdUSD which was announced a few days ago. It’s amazing, and we are eagerly waiting for the development to be completed. What can you tell me about them?
Dag: I agree, it’s all very exciting! Yeah, like you said it’s not fully functioning yet, but we’re well on our way to bringing a truly life-changing solution when it comes to crypto transactions and financial privacy. If you think about it, it’s pretty strange how we’ve gotten used to how every transaction on the blockchain is public. You would probably feel very disturbed if I were able to see exactly what you have in your bank account, or what assets you hold in your bank deposit. So why should it be any different with your crypto?
Q5: How does it work technically? (In case it was not explained in the previous answer)
Dag: So basically, to get a bit technical, to access the TPL and discover the world of private crypto transactions you will use your tomiPay wallet. There we’re gonna have a dedicated TPL tab, where you’re able to bridge your USDT/USDC to tpUSD. And when you push the button to bridge USDT, we lock them up, and we stake them. You’re ofc gonna get your equivalent of tpUSD existing on our TPL! And the rewards for this staking is being used to buy back tomi tokens that then goes to the further development of the ecosystem. But ofc, to prevent any delays, we always keep 20% of the users’ assets unstaked, so that they can access it super quickly!
Maybe mention if there’s time: The idea for these products came from the actual needs of users, we’re seeing a gap in the market and these two products come together perfectly to support our future vision of decentralization.
Q6: Recently, there has been a lot of talk about CBDCs in the headlines. For those who are not familiar, CBDCs are digital currencies issued by central banks, which means they are very centralized currencies. Does Tomi provide a real solution to the privacy problem?
Dag: Absolutely, I mean we’re all for global crypto adaptation, but we find it highly problematic to see the government trying to CENTRALIZE DEcentralized assets. As we all probably know, Bitcoin came about after the 2008 financial crisis as a result of how the public no longer trusted governments and centralized authorities to manage their assets. So I mean that is also one of the reasons why tomi exists, to create decentralized options to fully support the individuals’ ability to exist not depending on these centralized systems!
Q7: How do you plan to maintain the stability of the tpUSD exchange rate?
Dag: Maintaining the stability of a stablecoin’s exchange rate is of course crucial to its success. There are different types of stablecoins, including collateralized, crypto-collateralized, and algorithmic. Each has its own advantages and disadvantages.
Collateralized stablecoins are backed by real-world assets or actual dollars, providing a high level of stability. For example, USDT is a collateralized stablecoin that is pegged to the US dollar.
Crypto-collateralized stablecoins, such as DAI, have cryptocurrency backing and are managed by a DAO.
Algorithmic stablecoins, on the other hand, use software algorithms to control supply and demand to maintain the peg. It’s worth noting that algorithmic stablecoins can be more risky than collateralized or crypto-collateralized stablecoins.
The collapse of a stablecoin, such as what happened with Terra Luna on the Cosmos network, can destabilize an entire ecosystem. In the case of tpUSD, we have chosen to adopt a crypto-collateralized approach. So each tpUSD will be backed by one USDT/USDC, providing a high level of stability. This means that the price of tpUSD will be maintained at a stable 1-dollar exchange rate, giving users confidence in the value of their holdings.
Q8: Your project is entirely based on DAO, and your aspiration is for true democracy. Can you tell us how these developments are integrated with your community?
Dag: Exactly, well firstly, all tomi pioneers holders, our governance NFT, have the ability to suggest and vote for proposals in a DAO to change the governance of tomi. They could fire team members if they’d deem it to be necessary, or gain funding to create events to promote tomi, the sky’s the limit really. But you don’t actually need to hold an NFT to suggest new proposals to the governance of tomi, it’s all a collaborative process where everyone in the community takes part, if they’d like. And as long as you would find a pioneer’s holder and collaborate with them, you could change the governance of tomi without holding a Pioneer NFT.
Q9: Speaking of the community, what steps are you taking to grow the community?
Dag: Actually, the first proposal that was voted through, was that of the tomiARMY, its platform for any community member to join and be able to earn tomi tokens for doing certain tasks to promote the company. It’s super fun and engaging, so I really recommend you all to check it out. And it’s a great way to earn free tokens too! We also just launched our japanese tomi community, so they have their own twitter page and all, and ofc we hope to see this grow even more to welcome more community members to engage in their native language. Our focus is always on the community and growing it, since, in the end, the governance of tomi comes from our community members.
