Ethereum brought a ton of possibilities to the blockchain space. Before it, the world didn’t know that blockchain could be used for so much more than a digital currency platform. The Ethereum initiated support for decentralized applications (DApps) – a new kind of applications that are totally free of any kind of centralized control. This means users also have total control over their privacy and data.
Thanks to DApps, totally unprecedented types of markets are now in play. From virtual real estate to the ability to breed cute virtual cats, we’re seeing the idea of games and making money pushed to new and exciting boundaries.
But as with any emerging technology, Ethereum faces serious scalability issues. No single event illustrates this better than the CryptoKitties saga, where the game grew so popular as to nearly bring the Ethereum network to its knees.
Several solutions have emerged in the past few years to address this issue. Most of these are independent blockchain projects that want to support DApps in a far more scalable environment than Ethereum’s.
One of these solutions is Singapore-based TomoChain. Launched in Dec 2018 and, TomoChain intends to tackle the problem of blockchain scalability. So, how is it different? What unique solution does it bring to the table? In this guide, we’ll answer those questions in a detailed version. We’ll also look at the platform’s native crypto: TOMO.
TomoChain is a public blockchain ecosystem that aims to support the highest levels of privacy, usability, and speed for various projects. The TomoChain team wants to accomplish this while still adhering to the tenet of decentralization. To do this, they’ve deployed a Proof of Stake Voting (PoSV) consensus mechanism.
TomoChain says their mission is “to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of blockchain all the while retaining its underlying benefits.”
To achieve this, TomoChain employs a variety of features, including:
- A PoSV Consensus: this is a consensus mechanism enabling fair voting, fast confirmation times, and rigorous security
- Double Validation: This involves confirming the authenticity of a block twice. When a masternode creates a block, another randomly selected masternode must verify it before it’s added to the blockchain.
- TomoZ: A frictionless payment protocol through which users can pay for transaction fees
- TomoZ: A highly-secure and decentralized crypto exchange protocol
- TomoP: A privacy-oriented transaction protocol featuring an anonymizer and high transaction speeds
We’ll be looking at these features in more depth from here on out.
TomoChain’s PoSV and Masternodes
The TomoChain network is maintained by 150 masternodes via the PoSV consensus. Masternodes are participants in the network who are chosen by token-holders to produce and confirm blocks. To become a master node, you need to stake at least $50,000 TOMO tokens.
Each block creation period is known as epoch. Masternodes take every block through the double validation process. After every epoch, voters who voted in the participating masternodes are rewarded, as are the masternodes.
Generally, for every block, the rewards are distributed as follows:
- 40% for masternodes
- 50% to voters, with each voter’s reward based on how much contribution the masternode they voted for, has made for the last 900 block
- 10% goes to the Masternode Foundation
TomoChain utilizes a double validation process to achieve an almost unassailable security level. When a block is produced by a masternode, it must be verified by one more masternode before it’s pushed to the blockchain. The second verifying master node is randomly selected from the pool of masternodes.
The double validation mechanism enhances the security and stability of the TomoChain platform. It reduces the probability of hard forks, nothing-at-stake attacks, and ”garbage blocks”.
Some Decentralized Apps by TomoChain
- TomoMaster: this is a staking DApp that allows token-holders to vie to become a masternode, or to vote for such candidates. This is accomplished through the use of wallets such as TomoWallet, Ledger, MetaMask, and so on
- TomoSwap: this is a decentralized exchange protocol integrating Kyber Network. With TomoSwap, users can seamlessly exchange assets among each other and various applications
- TomoPool: this is a service that allows users to earn dividends on their staking yield
- MaxBet: this is a decentralized, secure, and transparent gambling game
What’s Tomo Token?
TOMO is the native cryptocurrency of the TomoChain network. It was initially created as an ERC20 token before moving to the mainnet in Dec 2018. TOMO plays essential roles in the TomoChain ecosystem, for instance:
- As a reserve currency for DApps
- As funding for the future development of the TomoChain protocol
- As an incentivizing mechanism for developers to contribute to the ecosystem
- As a governance mechanism of the network
TOMO was distributed in the following manner:
- 15.65% went to the seed sale
- 31.45% went to the private sale
- 4% went to the public sale
- 15.9% went to the team and advisors
- 16% went to the token treasury reserve
- 17% went to the mining rewards reserve
Key Metrics of TOMO
As of September 3, 2020, TOMO traded at $0.813238, with a market cap of $58,396,765, a 24-hour volume of $10,737,756, a circulating supply of 71, 807, 725 and a total supply of 100 million. TOMO’s highest-ever and the lowest-ever price is $2.30 (April 29, 2018), and $0.140721 (March 13, 2020).
How to Buy and Store TOMO
TOMO token can be purchased from a range of exchanges, including Binance, BitForex, MXC, KuCoin, TomoDEX, WazirX, VINEX Network, Gate.io, CoinDCX, Beaxy, BitAsset, FTX, ATOMARS, and more.
TOMO tokens can be stored in any of these wallets: TomoWallet, Atomic Wallet, Coinomi Wallet, MetaMask, Trust Wallet, and industry favorites Ledger Nano and Trezor.
TomoChain brings new concepts to the blockchain space like PoSV consensus and double validation. These and more innovative protocols by the TomoChain team sets it apart from the sea of projects looking to best Ethereum. It remains to be seen whether the project can thrive in the ultra-competitive crypto and blockchain space.