what is tomochain

what is tomochain
what is tomochain

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TomoChain is a fully decentralized landscape for developers offering a range of software development kits (SDKs), and protocol applications, with a choice of public or private transaction storage. Powered by a Proof-of-Stake Voting consensus through the TomoChain Masternode network, TomoChain has partnered with Vietnam’s Ministry of Education, to secure, record, and validate graduation certificates and diplomas. Moreover, the TomoChain roadmap shows continuous development and progress for the TomoChain ecosystem. But, how does TomoChain work under the hood, and how does the TOMO coin ensure the network is decentralized?

In this article, we’re going to explore the TomoChain ecosystem and discover the variety of decentralized applications (dApps) within the infrastructure. Moreover, we’ll deep dive into the protocols of TomoChain, in addition to discovering the use cases of TOMO coin. We’ll also cover the roles and functions of the TomoChain Masternode network too. Finally, we’ll look at the TomoChain roadmap, and what lays ahead for the project. 

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what is tomochain

TomoChain is an efficient and scalable blockchain that utilizes a Proof-of-Stake Voting consensus to create applications for real-world use cases. TomoChain has created a blockchain development landscape that is host to an array of products and applications running on the TomoChain blockchain. 

Powered by the native TomoChain coin (TOMO), the TomoChain ecosystem is cultivating a broad and varied blockchain community that is accelerating the adoption of blockchain-based applications by removing much of the friction that has inhibited blockchain adoption for many years.

TomoChain is an active blockchain with a variety of development protocols available for developers to take advantage of. Moreover, TomoChain has designed and deployed its own open-source and permissionless decentralized applications (dApps) for developers to build on. Additionally, TomoChain’s dApps are designed for enterprise adoption, offering simple and user-friendly blockchain-based business solutions.

The TomoChain core blockchain is operated and secured by the TomoChain Masternode network. The core layer of the blockchain is governed by a Proof-of-Stake Voting consensus algorithm. This enables a fully decentralized, optimized, and cost-effective transactional system for developers to create innovative, scalable applications with minimal-cost on TomoChain. We discuss the TomoChain Masternode network in more detail further on in the article. 

TomoChain’s ICO for the TOMO coin was in March 2018. Initially planned to last 20 days, the hard cap of $8.5 million was raised within just 24 hours during the public sale, with TOMO priced at $0.25. Originally, TOMO was released as an ERC-20 token created on Ethereum. However, following the launch of the TomoChain mainnet in December 2018, holders could convert their TOMO coins at a 1:1 ratio to the native TRC-21 token standard. 

TOMO is the heart of the TomoChain ecosystem, facilitating decentralized governance of the platform. From the launch of the public sale, TOMO increased in value before peaking at $2.09 in April 2018 according to CoinGecko. The coin bottomed out in March 2020 lower than its ICO price at $0.19. However, in 2021 the TOMO coin has gone from strength to strength, smashing its previous all-time-high, sitting at around $3.31 at the time of writing.

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  • TomoChain is EVM (Ethereum Virtual Machine) compatible. This makes it easy for developers to deploy any Etherum-based smart contract-based decentralized application (dApp) with near-instant finality and transaction fees. 

    Also, TomoChain can be easily integrated with several industry-standard development tools such as Truffle Suite, Remix, and Web3 wallets such as MetaMask. 

    Furthermore, TomoChain helps developers to get dApps into action quickly, without compromising on security. This is achieved with the help of TomoChain software development kits (SDKs), TomoP SDK, TomoX SDK, and TomoWallet SDK.

    Moreover, TomoChain is highly scalable. Boasting 2,000 transactions per second (TPS) and two-second confirmation times, the TomoChain blockchain has the capacity and throughput to make it secure and stable, even during times of high network congestion.

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    The TomoChain blockchain relies on Masternodes to secure the network. TomoChain Masternodes are full-nodes that play a crucial role in the TomoChain ecosystem by creating, verifying, and validating newly-generated blocks. To become a TomoChain Masternode candidate, applicants can deposit 50,000 TOMO and earn staking rewards. Candidates are free to resign when they please. However, all staked coins are locked for 30 days when a resignation is submitted.

    Candidates are eligible to become TomoChain Masternodes when they rank among the top 150 candidates voted for each epoch. TomoChain Masternodes can also resign and the 30-day lock-up period still applies. Furthermore, the rewards received by Masternodes are proportional to the amount of signatures they sign.

    TomoChain offers developers and businesses the opportunity to securely encrypt transactions for private or sensitive data. This is achieved through TomoChain Privacy, offering anonymous transactions through double validation security enhancements, randomization, and obfuscating transactional data including wallet addresses and transaction values.

    The TomoChain Protocols layer is host to various decentralized applications (dApps) that run on the TomoChain blockchain. These dApps are designed to be extremely user-friendly, with a focus on user security and privacy. These include:

    TomoX is an application that facilitates the building of decentralized exchanges (DEXs) in a smart way. Developers with limited technical knowledge can harness the power of TomoX to quickly build and deploy DEXs with minimal costs. Furthermore, DEXs built using TomoX are completely decentralized. 

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    TomoZ is a protocol whereby tokens can be issued and fees are paid for using said token. Using TomoZ, tokens can be issued quickly and easily, without friction. The TomoZ protocol utilizes the TomoChain TRC-21 token standard for token issuance. This allows users to pay transaction fees without requiring cross-chain transfers, creating a seamless user experience.

    The TomoP privacy protocol enables ultra-fast, private transactions, and cross-chain support for a range of decentralized applications (dApps). Also, TomoP supports private token issuance with a focus on regulatory compliance.

    Built on TomoChain to facilitate safe, untraceable transactions, users of TomoP can rest assured that the wallet addresses used for sending and receiving transactions are anonymous and that the value of transactions is private.

    TomoChain is also host to a varied range of blockchain products. Each of the products below is an essential element of the TomoChain ecosystem, creating an all-in-one platform for a range of different use cases.

    TomoWallet is the native wallet used across the TomoChain ecosystem. Secure, and easy to navigate, TomoWallet can be used for storing the TomoChain coin (TOMO), and any TomoChain-issued tokens.

    Also, TomoWallet is used to track user rewards, voting for TomoChain Masternodes, and interacting with decentralized applications (dApps) and crypto gaming platforms built on the blockchain.

    TomoMaster is an application used for staking, tracking rewards, and voting on which Masternodes will be eligible to secure the TomoChain blockchain. Furthermore, TomoMaster provides statistics relating to the performance of 150 Masternodes.

    TomoScan is the native TomoChain block explorer. Similar to Etherscan, but with additional enhancements, TomoScan provides transparent on-chain analytics displaying technical visualizations of network activity.

    TomoBridge is a token swap and bridge application that allows TomoChain to interact with other blockchains. With TomoBridge, users can swap tokens from one blockchain to another using a simple graphical user interface (GUI).

    TomoRelayer is the dashboard used to register, launch, and maintain a decentralized exchange (DEX) built using the TomoX Protocol.

    LuaSwap is a cross-chain liquidity protocol that enables users to make swaps between the TOMO, ETH, and various ERC-20 and TRC-21 tokens. Furthermore, LuaSwap enables users to earn a passive income with crypto. This is achieved by providing liquidity, and staking the native LUA token.

    TomoIssuer is an application that uses TomoZ protocol for issuing TRC-21 tokens. It provides a user-friendly dashboard and back-end functionality to issue TRC-21 tokens quickly and efficiently.

    TomoStats is the TomoChain dashboard for network status. This is where you’ll find important metrics such as the current number of TomoChain Masternodes and how they are performing. Other metrics include block time, confirmation time, transactions per second (TPS), and transaction finality.

    TomoStatus is the TomoChain system monitoring dashboard. It provides both historical and real-time data along with key insights about the system performance of the TomoChain product range.

    As stated in the TomoChain whitepaper, the team has proposed creating a community-run Masternode Council. The proposal includes coordinating a non-profit body, receiving a fixed amount of income from the TomoChain network. This income would be solely in the interest of the development of the TomoChain ecosystem. 

    Moreover, the TomoChain Masternode Council would be able to assist with governance and update proposals from all TomoChain Masternode candidates. The Masternode Council would govern collective votes and discussions from the network. In turn, this would help TomoChain become a self-sustainable fully decentralized operation. Although there have been several statements in 2020 about the upcoming Masternode Council, there has yet to be an update or confirmation of the formation in 2021. However, the TomoChain roadmap may soon shed some light on the subject.

    The TomoChain roadmap offers detailed product development insights for users and potential investors in the project. The TomoChain roadmap website displays regular updates with projects completed, in progress, plus a feed of the latest commitments. Moreover, users are able to clearly view the stage of completion of the updates in progress. 

    In Q2 2021, according to the TomoChain roadmap, we can expect to see upgrades to the TomoX SDK, with added new functions and facilities. Additionally, TomoChain v2.2.0 is scheduled for May 2021 before the further release of TomoChain v2.4.0 scheduled in late June. These technical updates under the hood of the project will improve the user experience on the front end. Moreover, these key milestones form part of the expansive TomoChain roadmap.

    what is tomochain

    TomoChain is one of the few chosen blockchains to already be adopted by enterprises. The blockchain offers near-instant transaction finality with minimal fees. Moreover, the breadth of decentralized applications (dApps) available alongside the easy-to-navigate development tools, gives TomoChain high utility and functionality.

    Also, TomoChain can facilitate both public and private transactions, using an encrypted algorithm to ensure privacy around transactional data. This makes TomoChain a great choice for businesses wanting to keep sensitive data private and secure, with TOMO coin ensuring a fully decentralized network.

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    Tomocoin (TOMO) is marketed as a unique token designed for use in the Tomochain. The coin is the native cryptocurrency to Tomo network, which includes the Tomo infrastructure, Tomo application, and Tomo wallet. So, what is Tomochain and how does it work.

    What is Tomo network?

    Tomochain is the blockchain infrastructure solution for scalability problems that the blockchain technology faces.  According to Tomo website, “Tomochain is a public permission blockchain with integrated smart contract functionalities (currently based on the Ethereum code-base) which allows for nearly zero fees & instant transaction speed with public auditability of financial transaction records. Tomochain opts to use Proof of Authority and build nodes in multiple locations to make sure the database is in a highly secure, immutable state.”

    what is tomochain

    The network wants to become the leading force in designing its infrastructure and building the internet of value. It’s also working towards creating an alternative more secure, efficient, inclusive, equitable and transparent financial system for everyone.

    Tomo Network features

    The Tomo Network feature includes:

    Tomochain: this feature is used for scalable blockchain infrastructure, fast and easy token integration and trustworthy by auditability and transparency. The Tomochain Testnet on MyEtherWallet includes:

    Tomowallet: the Tomowallet focusses on the security and UX of the network Sending/receiving multiple token and messages and APIs for third-party apps. The wallet is secure and user-friendly giving users the financial control. This is the most important aspect of the infrastructure of the “internet of Value”.

    TOMOApp: the TomoApp is for contributor’s network, mining by contributing, users privacy and built for zero fee micropayment. The application is known as the Tomo knowledge-sharing application. It’s flagship consumer application with the network. The App is available on Google Play Store and on Apple App Store.

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  • The team

    The Team includes co-founders Long Vuong, CEO, CTO Son Nguyen, CFO Ho Le, and Product Manager Tung Hoang. Long is the former project leaf of a successful NEM blockchain. He holds Ph.D. in economics. Son on his side is an experienced and accomplished technical leader and founder of a blockchain developer group. With more than 10 years of experience in finance and investment, Ho is a CFA charterholder and Tung is a versatile engineer.

    The team includes other experts and professional with many years of experience between them. The teams plan to build community, ICO platform on Tomochain, infrastructure upgrade and a decentralized governance in the future.

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    TomoChain (TOMO) is a hard fork from Ethereum (ETH) that offers very low transaction costs and fast execution times. It features transaction speeds that are considerably faster than Ethereum’s, and are roughly comparable to those on Tron (TRX), a blockchain well-known for its fast speed.

    TomoChain’s native token, TOMO, currently trades at $2.09, with a total supply of around 86 million tokens, for a market cap of $180 million. TOMO’s ranking, based on the market cap among all the cryptocurrencies listed on CoinMarketCap, is 284.

    TomoChain is a blockchain utilizing the Proof of Stake Voting (PoSV) block verification method to achieve cost and speed efficiencies. PoSV is essentially a form of delegated Proof of Stake (PoS).

    TOMO token holders vote for their preferred master nodes, network participants entrusted with verifying all the transaction blocks. The top 150 nodes are selected based on the vote results, and are responsible for block verification during an epoch, a time period of 30 minutes.

    what is tomochain

    To qualify as a master node candidate, a node must commit 50,000 TOMO (around $110,000). The node’s technical parameters, such as CPU and memory capacity, are listed on the chain for users to evaluate for their vote decision.

    When the selected master nodes are rewarded for each verified block, users who have voted for this node also receive rewards. Naturally, the users who have voted for the nodes outside of the top 150 do not get any rewards. This system encourages network users to carefully select the nodes with the best capacity to get enough votes, rather than voting for less capable nodes based on self-interest factors.

    To prevent master nodes from slacking off after being voted in, TomoChain uses a mechanism called “slashing.” Any master node who fails to verify a block for a while is slashed, i.e., cut off from the verification opportunities for the next five epochs. After the five epochs, the node’s re-entry into the group of verifiers can be re-considered.

    TomoChain’s verification model helps it achieve speeds of around 2,000 transactions per second. This is comparable to the transaction speeds on Tron, about twice faster than EOS’s speeds, and is vastly superior to Ethereum’s anemic speed of just 15 transactions.

    The average transaction fees on TomoChain are also quite low, about 1/100th of Ethereum’s fees.

    TomoChain offers a number of protocols and products for blockchain developers and end-users. Currently, TomoChain has the following native protocols:

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  • These protocols power a number of decentralized app (DApp) products available on the blockchain.

    LuaSwap is the largest DeX on TomoChain and is based on the TomoX protocol. The exchange supports cross-chain functionality, and offers swaps in TOMO, ETH, popular stablecoins such as USDT and USDC, tokens of large-cap exchanges such as UNI and SUSHI, as well as a number of smaller-cap cryptocurrencies.

    LuaSwap also offers liquidity pool staking. Liquidity providers can earn a 0.35% fee on their staked amounts. Farming for yield is also available on LuaSwap.

    LuaSwap is still a relatively small project with a modest total value locked (TVL) of around $4 million. However, being TomoChain’s primary DeX, it has a good future potential if the blockchain itself grows in popularity.

    This is a cross-chain token transfer and swapping app that supports interoperability between TomoChain and popular blockchains, such as BSC, Ethereum, and Solana.

    Using a single convenient interface, you can manage your cross-chain transfers involving TOMO without having to use the interface on each chain you hold assets on.

    This app helps you quickly register and manage a TomoChain-based DeX. It leverages TomoChain’s TomoX protocol, and provides a more user-friendly way to launch exchanges compared to using TomoX directly.

    Managing your DeX is a breeze with TomoRelayer’s easy-to-use app interface. To start using TomoRelayer, you will first need to connect a supported wallet. Currently, the two supported wallets are MetaMask and Ledger Wallet.

    This app lets you quickly and conveniently issue your own TomoChain tokens. You can issue tokens in TomoChain’s two primary fungible token standards – TRC20 and TRC21.

    The TRC20 standard is the main fungible token standard on TomoChain. It is largely similar in functionality to the ERC20 standard of Ethereum. All the transactions involving TRC20 tokens are carried out using TOMO tokens in the background.

    The TRC21 standard allows you to create TomoChain-based tokens that have cross-chain interoperability. This is the main feature distinguishing TRC21 tokens from TRC20.

    TomoChain’s TRC20 should not be confused with Tron’s similarly named token standard. The two standards are not related by anything other than name.

    TomoChain also offers a number of apps that provide a convenient interface to manage common operations on the chain.

    TomoChain was founded in 2017 by four Vietnamese entrepreneurs – Long Vuong, Le Ho, Son Nguyen, and Tung Hoang. The platform’s mainnet version was launched in December 2018. TomoChain is officially headquartered in Singapore.

    All four co-founders are actively involved in the project. Vuong is the project’s CEO, Ho is the CFO, Nguyen is the CTO, and Hoang acts as the Project Manager. The management team, in addition to the co-founders, also includes Anh Nguyen, the head of marketing and operations.

    In March 2018, TomoChain raised $8.5 million in an Initial Coin Offering (ICO) from a total of 13 institutional investors. This remains the project’s only externally raised funding to date.

    From its mainnet launch in mid-December 2018 till around late July 2020, the TOMO token traded at levels below $1. It first broke the $1 barrier in July 2020, but could not sustain these levels, and declined to about $0.07 by the year’s end.

    2021 proved to be the breakthrough year for TOMO. From January 2021, the token started to confidently gain ground and reached its local peak price of $3.45 on April 10, 2021. The coin’s growth coincided with the overall market bubble.

    As the market started cooling off from around April-May, TOMO’s price declined to $1.27 by late May. After trading at the levels around this price for a few weeks, TOMO experienced its second rapid growth period, which took its price from around $1.30 in late June to $3.75, its highest level to date, by early September.

    The overall market correction that took place from early September affected TOMO as well, and the token has declined by now to its current price of $2.09. In general, the token’s 2021 price swings have been consistent with the overall cryptocurrency market’s performance.

    TomoChain offers a valuable alternative to Ethereum’s slow transaction speeds and high costs. So far, this has kept the project afloat and helped its growth. However, the overall outlook for TomoChain is somewhat uncertain due to one important market development – Ethereum’s planned upgrade to a much faster PoS network.

    Ethereum plans to complete the upgrade by Q2 2022. The platform will feature much faster speeds, and likely, far lower transaction fees compared to its current PoW based network. Ethereum hopes to achieve speeds of up to 100,000 transactions per second following the upgrade.

    If the speed and efficiency gains anticipated by Ethereum are realized, many projects whose livelihood hinges on being faster and cheaper than Ethereum may be challenged. TomoChain is among these projects.

    TomoChain is an innovative platform offering great speeds and very low transaction costs. The PoSV model, based on the 150 master nodes doing all the heavy lifting of block verification, is instrumental in maintaining the efficiency of the platform’s operations.

    However, a big cloud that hangs over the shorter-term future of the project is Ethereum’s upgrade to a PoS platform. With Ethereum achieving far higher speeds, compared to TomoChain, after the upgrade TomoChain’s key market advantages may simply dissipate.

    If TomoChain manages to adapt to this change and continues to grow, the project’s longer-term future looks very promising.

    Moreover, another potential challenge could be reliance on just 150 verifier nodes. While this may not be a problem from the operational point of view, some blockchain users still carry a sense of distrust towards platforms with lower levels of decentralization.

    To maximize its future growth, it is important for TomoChain to persuade these potential users that the platform’s verification model is no threat to the concept of blockchain decentralization.

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    what is tomochain
    what is tomochain

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