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.
However, it seems that TomoChain has swooped in with their own solution: a scalable blockchain that can process thousands of transactions per second in the upcoming Internet of Value (IoV). The Internet of Value is visualized as a blockchain-based internet marketplace of values, digital assets, and information that is secure, transparent, programmable, and accessible globally. TomoChain will support horizontal scaling, creating a network of chains offering instant confirmations and very low transaction fees, as well as acting as the ideal solution for decentralized apps, issuance of tokens and token integration for small and large businesses.
What Problem Does TomoChain Solve?
TomoChain seeks to solve the following problems:
- Network congestion on Ethereum (which causes low transaction time).
- Ethereum’s high transaction fees.
- Most of the blockchains out there are highly centralized and are not interoperable with Ethereum system.
Blockchain is one of the most disruptive technologies that powers decentralized applications. Proponents of blockchain have been fast-tracking it into the industry 4.0 era. To reach this goal, the current blockchain infrastructure should rival any of the offerings mainstream technologies like Visa and MaterCard provide for financial services. At the moment, the reality isn’t up to scratch, with Bitcoin and Ethereum only able to process 7 to 15 transactions per second, respectively. Visa and Mastercard are able to process 5,000–6,000 transactions per second.
TomoChain is still on the look-out for more scaling solutions. In this regard, on-chain scaling, sharding and Proof-of-Stake based consensus can greatly improve the performance of transaction processing while maintaining the security of the system. TomoChain’s transaction fees are low and confirmation time is around 2 seconds. Also, TomoChain can process up to 2,000–5,000 transactions per second (TPS) and, upon enabling sharding, TomoChain is expected to reach 20,000–30,000 TPS.
TomoChain Consensus Algorithm
There are still quite a few problems with the current popular blockchain architecture that TomoChain consensus algorithm is expected to solve:
- Efficiency: Bitcoin and Ethereum throughput hinders the widespread adoption of these cryptocurrencies.
- 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.
There is a reward system within the project that is used to motivate masternodes to “stay in line” and continue to perform their duties as validator in a non-harmful way.
Developers and early adopters of the network will enjoy the reward system, as an economic incentive to create valuable content to bootstrap the social network’s knowledge base until a network effect kicks in. TOMO, the projects token, will drive the entire rewards system.
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.
However, this supply might not remain fixed as the Masternode Council can decide to increase total supply by up to 1 million TOMO yearly. After TomoChain’s initial sale, the remaining amount is scheduled for distribution as follows:
- 50% for crowdsale investors
- 15% for company and advisors
- 35% for rewards engine for masternode/ecosystem building program
The TOMO token has a market cap of about $37 million, with a daily trade volume of around $1 million and 59,461,225 TOMO in circulation. TomoChain can be traded in pairs with ETH and BTC on exchanges like KuCoin, Hotbit, DDEX, Gate.io, and Dex.top. TOMO has potential for financial growth as it is yet to be listed on the major trading exchanges.
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.
Long is not alone in founding TomoChain. There are three other co-founders which are Le Ho, experienced finance expert who doubles as CFO, Son Nguyen who is CTO and is a former director of Engineering and founder of the 800-member strong Blockchain Development group, and Gung Hoang, an experienced FullStack Developer who is Product Manager of Tomo Wallet.
Besides the founding group, TomoChain also has a large group of experienced developers who are responsible for the success of the project.
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:
- Support for canceling orders.
- Creation of TomoX Orderbook APIs.
- Settle TomoX balance.
- Implementation of the TomoX decentralized matching engine.
- Implementation of TomoX decentralized orders.
Currently, the team is also working on new products such as TomoMaster, TomoScan and the TomiX Dex server, with updates released from time to time.
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.
On the other hand, most of the TomoChain project’s success is dependent on other projects in the space. If Ethereum finds a solution to its scaling problem, then one of the TomoChain’s biggest selling points will be lost. The project will soldier on, but by then it should have developed its unique niche. It seems the TomoChain team know this and have formed a long-term plan to make TomoChain more of an independent protocol.