What is TomoChain (TOMO) and how can I buy it?

 

Price and capitalization of Tomochain

Find below the main information concerning the price and the capitalization of TOMO with in particular:

  • the price: in dollars and in bitcoin , as well as the price variation over the last 24 hours
  • the rank: world ranking of TOMO compared to other crypto-currencies (the ranking is based on the market cap of each crypto)
  • the market cap: it represents the capitalization of the TomoChain in dollars, that is to say the total amount of tokens in circulation
  • the volume: which corresponds to the total amount of TOMO tokens exchanged over the last 24 hours (in dollars)

What is TomoChain?

TomoChain is a blockchain which wants to solve the scalability problems encountered by other blockchains, like Ethereum . At the time of writing this article, the ETH network, the most widely used blockchain for smart contracts and the DApps (decentralized application), only allows 15 transactions per second . This number is ridiculously low and has caused concerns in the past: network congestion and exorbitant transaction costs.

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To solve this problem, TOMO wants to authorize a number of transactions per second which will ultimately be larger than what VISA allows (between 10 and 20,000 transactions per second) . TomoChain has already tested it by making over 2,000 transactions per second using a new transaction verification system called Proof of Stake Voting (PoSV) . We’re still a long way from beating VISA, but it’s still 100 times faster than Ethereum.

The project developers have huge ambitions for the project and if these come to fruition then TOMO could become one of the most interesting blockchains on the market.

Here are a few features of TomoChain:

  • Confirmations for almost immediate transactions (2 seconds)
  • Transaction fees close to 0
  • An innovative system of smart contracts which allows decentralized applications
  • The creation and distribution of tokens  
  • The implementation of a token system for small and large businesses

Now let’s see in more detail how TomoChain works.


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How does TomoChain work?

As already explained previously, TomoChain wants to revolutionize the world of blockchain by proposing a solution which solves all current problems. To do so, the project revolves around several objectives that we will explain point by point.

The PoSV consensus

The two most used consensus currently are the PoW (Poof of Work) and the PoS (Proof of Stake) . PoW is really secure, but uses a lot of power to keep transactions secure and is slow. PoS does not offer the same security, but offers similar guarantees with low transaction fees. TomoChain decided to use a hybrid system called PoSV (Proof of Stake Voting) .

There are many similarities between PoSV and other consensuses such as DPoS (Delegated Proof of Stake) from EOS . In the hybrid system chosen by TOMO, double validation will be used to create, verify and vote for the blocks. This double validation coupled with a random selection mechanism reduces the probabilities of having invalid blocks on the blockchain.

In order to avoid any risk of fork , when several blocks are in competition, the one with the longest chain will be chosen, as is goes into PoW systems.

Masternodes

The masternodes create the blocks and are rewarded with TOMO tokens. In order to be able to create a masternode, you must meet the conditions following :

  • Block 50,000 TOMO
  • Receive votes from the TOMO token holders. the 150 masternodes with the most votes may exist. If you are not in the top 150, then you will not be allowed to run your masternode

In order to avoid the handshake attack (when the creator of the block and the one responsible for verifying it decision to validate a fraudulent block), the person responsible for verifying the block is chosen randomly from among the 149 other masternodes. Before validating the block, another person is chosen from among the 148 other masternodes in order to confirm the validation of the block. If the block is not valid, a new one is created instead.

When a person decides to vote for a masternode, they do so by sending TOMOs via smart contract. The more TOMO this person sends, the more rewards they will receive when a block is validated.

If TOMO owners are not happy with the work of a masternode, they can withdraw their vote and vote for another masternode. This way, we ensure that only the best masternodes will remain active.

Distribution of rewards

In order to ensure that the selection of masternodes that will check the blocks is indeed random , each masternode must send an encrypted number from its public key on the blockchain via a smart contract. When all the masternodes have sent their encrypted number, an equation will determine the order in which the masternodes will check the blocks.

Every 900 blocks (either 1800 seconds or 30 minutes – also called epoch ), a “checkpoint” block will be created in order to distribute the rewards. Transaction validation signatures are counted from the previous epoch and the rewards are prorated to the signatures as follows:

  • 40% for the masternode 
  • 50% for people who voted for the masternode, distributed in proportion to the number of TOMOs used to vote among the total number of TOMOs who voted for this masternode
  • 10% for an account controlled by the Masternode Foundation

Decentralized Applications (Dapps)

Due to its volume of transactions per second, which is significantly higher than the competition, the TomoChain network is ideal for the use of decentralized applications.

The big current problem with dApps is that they mainly use the Ethereum blockchain to operate. As this blockchain is currently limited to around fifteen transactions per second, the performance of these applications decentry is limited.

TOMO’s goal is to authorize more transactions per second than VISA. If these goals are indeed achieved, then TOMO could become the number 1 blockchain for the use of dApps.

Inter-blockchain transactions and programming language

TomoChain has decided that its programming language will be Solidity . This is the exact same language that Ethereum uses. Therefore, ETH smart contracts and ETH Dapps will be compatible with TOMO. Atomics swap are also available between these two cryptocurrencies. You can swap ERC-20 tokens for their Tomo versions.

But TomoChain doesn’t want to stop there. The purpose of the project is to allow the various existing blockchains to communicate with each other. This is called interoperability . However, it will take some work to make projects using a different programming language compatible. But this is expected in the more or less near future.

ICO, total supply and distribution of tokens

The TomoChain ICO took place from March 1 to 4, 2018 and enabled the ‘equivalent of $ 8,500,000 . There is a total of 100 million TOMO.

When it arrived on the exchanges, 55 million tokens were in circulation. The remaining 45 million TOMO will be released as follows:

12 million are reserved for the team and will be released over a period of 4 years

  • 16 million are reserved for strategic partners and to build the ecosystem
  • 17 million are reserved as rewards for the validation of blocks over 8 years

The number of tokens in circulation at the end of the 8th year will be 100 million TOMO.

After the mainnet  launch, the block rewards are distributed as follows:

  • First and second year: 4 million TOMO per year .
  • 3rd, 4th and 5th year: 2 million TOMO per year.
  • 6th, 7th and 8th year: 1 million TOMO per year.
  • After this 8 year period, the rewards will cease or will be a maximum of 1 million per year. The decision has not yet been made

About TomoChain Masternodes

We have already mentioned the master nodes and they are an essential part of the TomoChain ecosystem. Basically, they are nothing more than servers that contribute to the network’s computing power for signing blocks. For running this service, the master node receives TOMO as a reward.

TomoChain uses a maximum of 150 master nodes, and these 150 master nodes use POSV to achieve consensus. There are a number of requirements required to run a TomoChain master node.

  1. To become a master node candidate, you must first deposit 50,000 TOMO. Candidates can resign, but THE TOMO remains locked for 1,296,000 blocks (30 days) after resignation.
  2. Once you’re a candidate, the next step to the master node is to be in the top 150 in an epoch.
  3. If you are selected as the master node, you will receive TOMO rewards relative to the number of blocks signed. Master nodes should also receive fees from the decentralized TomoX intermediary.

Owning a master node not only guarantees TomoChain rewards, but is also the best way to support the network.

The epoch in the Tomochain network. Image from technical white paper

While we are at the master nodes, it is good to also discuss the consensus model of the proof-of-stake vote (POSV). This is a feature that is only available on TomoChain and distinguishes the project from others. This allows the blockchain to function not only as an EVM-compatible, but also the near-immediate transaction times and the entire master node architecture.

PoSV allows stakeholders to vote for the 150 master nodes they want to participate in block creation. This means that although the block creation aspect is centralized, the master nodes themselves can be easily voted out if they do not represent the interests of stakeholders.

And after the first two years, stakeholders can also receive block rewards if the master node they voted for wins and becomes a validating node.

TomoChain Governance

Governance is a big deal for decentralized networks, and there are many different approaches to making this work. Some have claimed that a master node network is the best way to control a blockchain network, and the wider the network of master nodes, the better.

Not only does TomoChain include a network of master nodes, but it also allows stakeholders to vote for the master nodes and select those they want to use as validation nodes.

This is at odds with the popular proof-of-work consensus mechanism, which rewards those with the greatest computing power, leading to centralized mining cartels and monopolies. The decentralization of the master node architecture allows everyone to be part of the network, not just those who can afford high-performance hardware.

Chain production in Tomochain with master node. Image via Tomochain

 

And although there are only 150 master nodes as validators, this does not mean that these 150 have the highest power. On the contrary, they can be voted out of all 900 epochs, and there is always a close race for the victorious master node spots.

To remain part of the master node network, the server must have activity and stability. If the master node is inactive or is constantly leaving the network, it will soon be replaced with a more stable and reliable master node. The TomoChain network develops quickly and moves quickly and smoothly, just like the blockchain itself.

In the PoW system, miners invest in hardware and are disconnected from the network because they can switch mining to any PoW coin. In the TomoChain network, the master nodes are invested in the tokens, making them an inseparable part of the network.

The TomoChain team

The TomoChain team consists of 30 members and most are located in Singapore. However, the project also has offices in Vietnam and Japan. The CEO of TomoChain is Langer Vuong, He was not only one of the founders of TomoChain, but also previously project manager of the successful NEM blockchain project.

In addition to Long Vuong, there are three other co-founders. The second co-founder and CFO of the project is Le Ho, who has been active in the investment and financial sector for more than 10 years. Previously, she was Senior Investment Manager at BVIM and former Director of the Investment Banking Division at HSC Securities Company.

Next up is Son Nguyen, the project’s CTO and an experienced and accomplished technical director, former director of engineering, founder of the Blockchain Developer Group with more than 800 active members. Finally, there is Tung Hoang, the product manager of Tomo Wallet. He is also an experienced FullStack Developer & Smart Contract Developer.

In addition to the founding group, there is a dedicated, talented and experienced group of developers who have so far led the project to success.

The TOMO token

The TOMO ICO took place in March 2018 and while the public sale was planned for a period of 20 days, it ended in just one day when the team quickly reached its hardcap of 8.5 million US dollars. TOMO was created as an ERC-20 token, but switched 1:1 to a native token when the Mainnet was put into operation in December 2018.

Tokens were sold during the ICO at USD 0.25. When the token was listed and traded on an exchange, it was already above USD 0.60, although 2018 was such a bad year for cryptocurrency markets.

The market weakness led to a decline to USD 0.40 next month, and then the token declined. From the beginning of April to May, it recovered and remained above USD 1 throughout May, after reaching an all-time high of USD 2.30 on 29 April 2018. The token then fell alongside the broader market for the rest of 2018, reaching its all-time low of USD 0.146134 on December 8, 2018.

Since then, it recovered solidly and in the mean time TOMO was listed on major exchanges like Binance and its price increased even more since the recent crypto bull run.

TOMO trading and purchasing

TOMO is listed on a handful of exchanges, with by far the largest volume trading taking place on Hotbit. It is also available on Binance, KuCoin, OceanEx and BitForex.

Once you have your TOMO tokens, you probably want to remove them from the exchange. We all know the risks posed by centralized Exchange hacks.

There are few ways to save TOMO. There is a mobile wallet released by TomoChain, and you can also use the mobile TrustWallet as it supports TOMO. Ledger hardware wallet also supports TOMO. And apparently you can still use MyEtherWallet to store TOMO.

Tomochain Roadmap

Tomochain has a fairly comprehensive roadmap page This allows its users to receive an ongoing update on the progress of certain development milestones.

 If you look at it below, you’ll see the list of completed milestones on the left, and the milestones that are currently running on the right.

 

Overview of the Tomochain Roadmap
Overview of the Tomochain Roadmap

In fact, this is just a snapshot, and you can scroll down the roadmap page to see exactly how much they have completed and what are currently working on.

As you can see, Tomochain developers can look forward to the coming year. If you want to stay up to date with the latest updates, you can follow their official blog.


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Conclusion

TomoChain has had a successful run so far and the launch of the Mainnet has been both successful and impressive. The team seems to have a clear vision and direction to guide them into the future.

I see TOMO as an undervalued project, with much potential to grow in future and an altcoin we will hear about more in the future.

The real success for this blockchain will be if they implement sharding. If they can do it quickly, they should easily put themselves at the forefront of the blockchain revolution.

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