What is TomoChain?
TomoChain (TOMO) is a next generation Proof of Stake coin that aims to solve the scaling problems of platform-based blockchains like ETH. It plans to achieve this by providing a highly scalable, independent blockchain on which Ethereum-compatible DApps can be developed. Tomochain supports the Ethereum protocol by also using the same standard for smart contract development so that DApps built for Tomochain can also run on Ethereum. Tomochain also enables a token swapping between the its blockchain and that of Ethereum. Using its next gen blockchain technology, TomoChain has plans to become an ideal, scalable smart contract blockchain for DApps, token issuance and token integration for businesses big and small.
History of TomoChain
Founded by Luong Vong, TomoChain was originally announced on the Bitcoin Forum by the initial developer of the NEM platform, utopianfuture, on July 15th, 2017. In a somewhat mysterious fashion, this date was exactly 3 years after utopianfuture’s last post, who claims to have a great deal of involvement with the project. TomoChain has offices in Japan, Singapore and Vietnam The ICO for TOMO lasted for 5 days, beginning March 1st, 2018, and raised a total of 1,250 ETH. TOMO was listed on its first major exchange on March 9th, 2018, and briefly surpassed a market capitalization of over $100 million within 2 months time. Its rise was rather extraordinary given the declining crypto market sentiment at the time, and it continues to have an extremely active development team and community. In the second half of 2018, TomoChain released their main net and application, with plans to integrate more features the next year.
How TomoChain Works
TomoChain works using a system of 150 masternodes with a Proof of Stake Voting (POSV) consensus algorithm. This enables it to support low fees which are approximately 1/100th the size of Ethereum’s and 2-second transaction confirmation times. The network’s security and stability are provided by novel software implementations, one of which is known as Double Validation. It also performs its staking with smart contracts (unlike most previous POS coins) and a “true” randomization processes. Once the sharding features of TomoChain have been implemented, it is exepcted to be able to handle between 2,000 and 5,000 transactions per second, putting it ahead of both bitcoin and Ethereum by leaps and bounds in this regard. In addition, TomoChain supports all EVM-compatible smart-contracts, protocols, and atomic cross-chain token transfers.
As a next generation platform coin, TomoChain stands out against against most other, as well as Ethereum itself. Some of its advantages over Ethereum include:
- Proof of Stake. Using a POS blockchain enables TomoChain to be much slimmer and lightweight, its network requiring not nearly as much energy as Ethereum (which uses a Proof of Work algorithm) in order to maintain itself.
- Fast confirmation times. The average TOMO transactions requires approximately 2 seconds.
- Ethereum intercompatible. DApps built on TomoChain can be run on the Ethereum Network as well, and vice versa. Likewise, smart contracts are also intercompatible, and tokens developed on either chain can easily be cross-swapped from one chain to the other.
- Forward-compatible. TomoChain’s unique architecture allows it to easily integrate new features and upcoming developments in blockchain technology (such as sharding) without having to perform a hard fork.