TomoChain: An Efficient, Scalable Blockchain For The Token Economy
Scalability is one of the biggest challenges that emerged in the wake of the blockchain revolution. This problem was particularly dire for Bitcoin, the pioneer cryptocurrency. So much so that there now exist Bitcoin forks to counteract this issue.
Ethereum too has faced this challenge. As a matter of fact, Vitalik Buterin, Ethereum founder, announced plans to fully switch to proof of stake mining by 2020 to counteract this issue. This is a move that aims at making Ethereum competitive again. That said, a project like TomoChain is already paving the way.
TomoChain is a project that fits exactly into this problem solving mold. This innovative solution intends to provide the antidote to the scalability problem with the Ethereum blockchain. How does TomoChain intend to achieve this? The idea is essentially to support horizontal scaling by adding more second layer blockchains. These additions have good performance and are integrated with Ethereum to provide backup and atomic cross-chain transfer.
Scalability issues can manifest themselves in important areas like transaction speeds. For example, the Bitcoin blockchain worked well initially but as usage rates went up, transaction speed went down dramatically. This holds true for the Ethereum blockchain as well. Indeed, speeds of 7 or 20 transactions a second aren’t really a plus for an innovation meant to be the hallmark of the digital revolution.
Tomocoin makes the former two pale in comparison. At transactions confirmation speed of up-to 1667 transactions per second, which is identical to Visa speed, this project is certainly a trailblazer.
Therefore, you can look at the TomoChain project as an update of the Ethereum blockchain. This will make Tomocoin the most efficient blockchain in the token economy. As such, TomoChain offers low transaction speeds and a high speed time for transactions. Verification of transactions is simple and possible.
Proof of Stake (POS) and Masternodes
The secret to efficiency for the TomoChain project is a system of 150 Masternodes with Proof of Stake Voting (PoSV) consensus. Masternodes are essentially decentralized servers that aid in transaction verification and provide stability for a blockchain network.
The Masternodes make the near zero transaction rates and fast confirmation times possible. The development team has put in place measures like double validation, staking via smart-contracts and “true” randomization processes to further improve the network stability and security.
In view of this TomoChain is a highly stable and secure network. The Masternodes also provide an alternative investment option for those who seek to diversify their portfolio. Masternodes are a great investment because they are a constant income source given the constant rewards for verification of transactions.
Features of TomoChain
- Low transaction fees to send Tomocoin as well as a high speed of confirmation. The confirmation time is as low as 2 seconds.
- Smart contract templates ideal for both small and large businesses and a built in exchange protocol. Smart contracts are the best thing to emanate from Ethereum innovation and TomoChain pays a perfect tribute to the mother chain in this regard.
- Cross-chain capabilities are also present with transaction between Ethereum and TomoChain possible.
- TomoChain also features node protection against spamming algorithm.
- Mining and cashing out based on smart contracts. There is also the option of developing and using gaming applications on the platform.
Tomocoin price at the time of writing was about $0.46 on a circulating amount of just over 59 million Tomocoin. This token provides liquidity for the TomoChain system. The price held pretty steady in the past few months despite the downturn in markets through much of 2018. This is a display of impressive stability on the part of management.
TomoChain also has a mobile app known as Tomo App which enables personalized interaction between TomoChain participants and also easier integration of Tomo wallets. The Tomo App also facilitates the adoption of this platform as mobile applications have a wider reach.
In summary, TomoChain is a project that seems to be destined for greater heights. The combination of a great team, coupled with advisors like NEM founder Long Vuong, and a real world value is a winning formula. This project is a solution to Ethereum scalability issues but provides excellent value in its own right. Any keen investor would certainly give this project a second look.