All You Need to Know About TomoChain (TOMO)

What is TomoChain (TOMO)?

TomoChain is an Ethereum-based blockchain that aims to be an innovative solution to the problem of scalability in the Ethereum blockchain. It is widely known that even though Ethereum’s PoW algorithm makes the network fair and secure, it has difficulties processing transactions throughputs of more than 25 txps. Ethereum’s creator Vitalik Buterin has been working on solutions to fix this problem with solutions such as the proposed Casper protocol, Plasma, and Raiden Network.

What Problem Does TomoChain Solve?

TomoChain seeks to solve the following problems:

  • Ethereum’s high transaction fees.
  • Most of the blockchains out there are highly centralized and are not interoperable with Ethereum system.

TomoChain Consensus Algorithm

There are still quite a few problems with the current popular blockchain architecture that TomoChain consensus algorithm is expected to solve:

  • Confirmation times: It takes up to one hour on average for Bitcoin to confirm a transaction because the confirmation of a Bitcoin block requires the creation of 5 subsequent blocks to follow it. On Ethereum, block-times are smaller with an average confirmation time still on the high side of up to 15 minutes. These long confirmation times make it difficult for important applications to run smoothly.
  • Fork Generation: The fork chain problem consumes computing power, wastes time and creates potential vulnerabilities to attacks.

TomoChain Token — TOMO

The official cryptocurrency of the TomoChain blockchain is the TomoCoin. The supply of tokens is fixed at 100 million tokens. These tokens were formerly ERC20 Ethereum-based tokens but have since switched to the TomoChain mainnet blockchain.

  • 15% for company and advisors
  • 35% for rewards engine for masternode/ecosystem building program

The TomoChain Team

There are 30 members of the TomoChain team who are mostly based out of Singapore, although they also have offices in Vietnam and Japan. TomoChain’s CEO is Long Vuong. He is a co-founder at TomoChain, and formerly led the successful NEM blockchain project.

Roadmap

The TomoChain team is fully focused on developing the platform and are currently working on the TomoX 0.1 version which will sport the following features:

  • Creation of TomoX Orderbook APIs.
  • Settle TomoX balance.
  • Implementation of the TomoX decentralized matching engine.
  • Implementation of TomoX decentralized orders.

Conclusion

Since its mainnet launch, TomoChain has been on a relatively successful run. The team is running on a clear vision and intent which will herald the future they envision. TomoChain solves the problem of scalability with Ethereum and has a wide range of users which sees it getting more adoption in the blockchain community. With a strong team and token metrics as well as genuine hype around the project’s brand, the potential for growth is high.

Fast and Secure Digital Assets Exchange Platform https://atomars.com