What is TomoChain?
TomoChain is a scalable blockchain with Proof-of-Stake Voting consensus and used commercially by companies globally. It aims to accelerate the worldwide adoption of blockchain technology while solving the known scalability problems of Ethereum, ensuring the network keeps low transaction fees along with fast confirmation time, double validation, randomization for security guarantees, and a fair voting system.
How does TomoChain work?
Proof-of-Stake Voting (PoSV) consensus
TomoChain differentiates itself from the Ethereum blockchain by proposing a Proof-of-Stake Voting (PoSV) consensus. PoSV is a hybrid (closer to PoS though) protocol with a fair built-in voting mechanism and security guarantees with double validation.
The Proof-of-Stake voting system allows TomoChain to utilize less PoW-related energy consumption compared to PoW, but provide similar guarantees with very little cost. PoSV also enhances its transaction capacity which boasts over 2,000 transactions per second (TPS). Meanwhile, the double validation system decreases the probability of having invalid blocks in the TomoChain blockchain.
TomoChain is based on PoS protocol, hence, it does not have miners as in the PoW systems such as Bitcoin and Ethereum. Instead, the network implements the concept of masternodes, which are servers using their computing power to sign blocks and receive TOMO (the native token of TomoChain) as a reward. In order to run a full masternode, a candidate must deposit a minimum of 50,000 TOMO to the voting smart contract, and must have enough votes from Token Holders to be in the top 150 of all masternodes.
TomoChain also instruments the Randomization and Double Validation mechanism to reduce the threat of cooperative attacks among masternodes. Unlike typical single validation models which require only one block validator to verify a block, double validation requires two masternodes to do so. The masternode validating the most recent block would be chosen randomly and not via fork generation.
In case a block issuer and the randomly selected masternode (block validator) are both trying to attack the network and the block on its surface appears valid, before the next block is created, another masternode (Double Validation) will ensure the block is indeed valid. If not, the masternode discards the block and creates a new block in its place.
Token Holders who own TOMO in the network can vote for the masternodes. They can send their TOMO to the masternode candidate’s smart contract via Tomomaster or Voting Dapps. In return, they will receive TOMO in proportion to the amount of TOMO they invested via the ballots.
Token Holders ensure that masternodes are properly doing their job. Whenever a masternode does not perform adequately, Token Holders can unvote at any time, and can give their votes to other masternodes.
TomoChain has partnered with many reputable partners within the crypto space such as Binance, Kucoin, FTX, etc.
To celebrate the partnership between #TomoChain @pantograph_io, we’re thrilled to roll out a lucky draw event on PantoDraw w 20TOMO/each, total 100 $TOMO— TomoChain (@TomoChainANN) June 16, 2020
⏰End 6/8/10:00 AM (UTC)
3⃣Tap the URL https://t.co/9JQdTmogwi
Goodluck guys! 🎉 https://t.co/HtlEwzQDKE
On June 16, 2020, TomoChain officially announced a strategic partnership with Bacoor Inc. – a blockchain company known for their HB Wallet. The wallet is recognized as the Top Ethereum Wallet in Japan with over 300,000 downloads. The partnership will mainly focus on developing communities and applications on TomoChain through Pantograph.
What to expect in the future of TomoChain?
TomoChain is the fastest Ethereum compatible chain with very low fees which may be attractive to some dApp makers. It tackles many issues like Nothing at Stake issue with PoS and obtaining a high level of TPS with decentralization.
In addition, TRC21 token standard allows users to pay transaction fees in the token itself. The feature greatly reduces onboarding friction, making TomoChain an excellent candidate for onboarding newcomers into the world of crypto.
On May 8th, 2020, TomoDEX – the first fully decentralized exchange powered by TomoX was officially live. TomoDEX includes 3 components: TomoDEX Trading, TomoDEX Lending, and TomoBridge. Upon the launch, TomoChain aims to broaden their ecosystem by making decentralized finance (DeFi) accessible by users around the world.