Scaling has been an ever-present issue in the crypto world. For the past few years, several projects launched with the particular objective to address the problem, which has been plaguing the Ethereum blockchain perhaps even more severely than most. Scalability-oriented projects are therefore nothing new. However, few try to future-proof blockchain technology by attempting to solve both scalability complications and interoperability difficulties as well. This is, in a nutshell, exactly what TomoChain (TOMO) aims to do.
In our TomoChain guide, we explore this interesting project, its use cases, and its potential.
TomoChain (TOMO): Introduction and definition
Scalability and interoperability are at the heart of the TomoChain (TOMO) project. The first is a recurring issue with Ethereum, which regularly faces long wait times for transactions to be validated, network congestion, and relatively high transaction fees. As for interoperability, its absence prevents Ethereum from linking to other blockchains and to allow users to enjoy cross-chain interactions.
While blockchain technology does hold a huge disruptive potential, without working at scale, it will never be able to fully realize it. As it stands, it couldn’t possibly rival the speeds at which credit card payments are processed, making it inconceivable to get past its current status as an interesting but impractical feature in today’s financial world.
TomoChain (TOMO) proposes to address scalability through two novel concepts: sharding and stake voting. And the promises of such solutions are not just theoretical! Thanks to this approach, the Tomo Blockchain can currently support up to 5,000 transactions per second and a transaction time of 2 seconds. And this is the situation without sharding even being implemented. The addition of this technology to the Tomo network would take this number up to 20,000 to 30,000 transactions per second.
How does TomoChain (TOMO) work?
TomoChain (TOMO) possesses its own, independent chain (though it wasn’t always the case), which operates using a Proof of Stake Voting (PoSV) consensus and a network of masternodes. The latter allow for TOMO tokens to be minted rather than mined, something of a rarity in the crypto world. The masternodes’ role is to create the blocks and to verify them, for which they get compensated in the form of TOMO tokens. TOMO supply and rewards evolve according to a pre-agreed schedule, though a council of masternodes is able to release additional tokens every year if necessary (up to 1 million at a time). The masternodes themselves are servers whose combined computing power allows the network to create new blocks to add to the chain, which is exactly what they get rewarded for.
The Proof of Stake Voting consensus is one of the main benefits of TomoChain. This protocol is responsible for the system’s extremely fast transaction times and for its masternode architecture. It also makes its blockchain EVM-compatible. Under this protocol, all 150 of the masternodes that keep the network running are elected by stakeholders and can always be voted out if they no longer represent their interests. This also allows stakeholders to receive block rewards when the masternode they support wins the vote and becomes a validating node.
Unlike typical Proof of Work, which rewards miners based on computing power (and chance!), this governance model prevents the possibility of a monopoly ever emerging and favors true decentralization. In addition, every 900 epochs, the 150 masternodes that work as validators can be voted out, thus making the stakes quite high and encouraging them to continue to act in the interest of the network. Masternodes who want to stay in place need to remain active, to avoid ever dropping off the network, keeping up with TomoChain (TOMO)’s fast-paced blockchain.
The TOMO Token
TomoChain (TOMO) is a fairly recent project, as its ICO was held in March 2018. Its hard cap of $8.3 million was met in a single day, even though the event was scheduled to go on for 20. Originally an ERC-20 token, TOMO became a 1:1 native token as soon as the project’s mainnet went live, in December of the same year.
As we write these lines, the coin occupies rank 101 of the Market Cap and trades at $0.97 USD. The total supply is currently 100,000,000 tokens, 71,393,425 of which constitute the circulating supply.
Why use TomoChain?
TomoChain (TOMO) sees itself more as a provider of future-proof infrastructure than it does as a project whose endeavors translate into concrete use cases right now. However, what it does presently excel at is smoothing out the friction blockchain technology is still known for, which explains why the network already has millions of users and counting. TomoChain (TOMO) allows developers to build robust blockchain applications and its team still has many projects in the works.
Their roadmap includes a decentralized exchange protocol, graphical UI updates, a software development kit and much more.
How to buy TomoChain (TOMO) on Bitit?
Some exchanges do list TOMO, though Hotbit almost monopolizes the open market volume, which can pose some difficulties when it comes to daily turnover. In addition, exchanges are not known for offering a streamlined experience and can prove challenging for less seasoned users.
This is where Bitit has the advantage. This platform was created with simplicity as a core value to allow anyone to purchase the cryptocurrency of their choice as easily as if they were ordering just about anything else online. Bitit supports credit and debit cards, bank transfers and even prepaid cash coupons. The convenient interface lets you check the exchange rate for the currencies of your choice and pay for your tokens using a wide variety of currencies, imposing no restrictions as to your country of residence.
Just create an account, buy the amount of TomoChain (TOMO) you need and, within just a few moments, it will be delivered straight onto your favorite wallet.
How to store TOMO?
TomoChain (TOMO) has released its own e-wallet in the form of a mobile app compatible with iOS and Android: TomoWallet. Fairly secure, it allows you to receive, send, exchange and store tokens right from the mobile interface. If you prefer a hardware alternative, however, the Ledger Nano X has you covered and happens to be one of the most popular solutions on the crypto-wallet market. TrustWallet and MyEtherWallet are other options which also offer perfect compatibility.
TomoChain news has recently reported on the project’s P2P lending feature launching through the TomoDEX platform. The team at TomoChain (TOMO) does indeed always seem to be on the lookout for new functionalities to bring to their users, and their clear and coherent roadmap is certainly very reassuring. With sharding on the horizon, the main drawback of TomoChain – which may perhaps be that their services are not setting them very far apart from the competition just yet – may well become a thing of the past. As ever, true success can only be assessed in retrospect, and we will therefore have to wait and see if the project makes it all the way to the top.