Cryptocurrencies are certainly the talking point in this digital era. The use of online and digital transactions has grown tremendously in recent times. The world is progressing towards a cashless society and hence, use of online money transactions is increasing day-by-day. Tomochain is that blockchain project which is not much noted but, is gradually creeping up the ladder in the list of top cryptocurrencies in the world.
- Tomochain overview
- Team of Tomochain
- Tomochain have low transaction fees
- Tomochain is based on Masternodes
- Tomochain uses PSV
- The governance of tomochain
- Tomo Tokens and Trading
- Tomo Wallets and development
Now, let’s see why tomochain is the perfect cryptocurrency to invest your valuable bucks.
Tomochain overview :
Tomochain is a fast and efficient public blockchain project. It is a project that focuses on solving the issues of blockchain scalability. Along with the aim of solving the scalability issues of Ethereum blockchain, Tomochain also focuses on solving interoperability problems as well. Interoperability is actually the ability for Ethereum blockchain to link with other blockchains. Tomochain has a smart contract which works on tomochain and as well as on Ethereum. Tomochain is a blockchain which developers can use in order to build the decentralized applications. The network stats of tomochain observed this year is pretty impressive.
Team of Tomochain :
It is a project which has been set up in Singapore. The official offices of tomochain are also located in Japan and Vietnam. The CEO of tomochain is Long Vuong. He also previously worked as the project leader of the NEM blockchain project. Tomochain was launched in December 2018. The co-founder of this project is Le Ho. She has over 10 years of experience in the field of finance and investment. Son Nguyen and Tung Hoang work as CTO and Product Manager respectively.
Tomochain have low transaction fees :
Tomochain is able to complete a transaction in less than 3 seconds which is way better when compared to that of Ethereum which takes 15 seconds to complete the transaction. Tomochain has the ability to put through around 5000 transactions per second which is absolutely sensational. Tomochain provides low transaction fees to its users. The transaction fees are almost equal to zero. The Tomo fees are just 1 % when compared to that of Ethereum transaction fees. More than 10 million transactions took place in tomochain in less than a year. They are seeking sharding and stake voting solution to solve scalability issues and once they introduce sharding, the team of tomochain claims that it can reach up to 20K to 30K transactions per second which are quite impressive.
Tomochain have enough read of more than 40K transactions every day. Tomochain mobile apps are available which is very easy and friendly to use. Tomochain apps are widely used and the tomochain team have witnessed more than 50K downloads.
Tomochain is based on Masternodes :
Tomochain has switched to masternodes which made it a mintable cryptocurrency. The masternodes are a crucial part of the tomochain ecosystem. The masternodes are the servers which contribute power to the network for signing the blocks. It is also used to create and verify the blocks and the user also gets compensated for doing so. The compensation will be 250 TOMO for the first couple of years. Tomochain uses a maximum of 150 masternodes.
In order to become a masternode candidate, you should first deposit 50K TOMO. After that, you must be in the top 150 candidates who have been voted in an epoch. And once you are chosen as a masternode, you are assured to receive TOMO rewards from tomochain.
Tomochain uses POSV :
Tomochain is based on masternodes as mentioned above. The masternodes use POSV (Proof Of Stake Voting) in order to reach consensus. This is a unique feature which differentiates tomochain from that of other crypto-based projects. The blockchain of TOMO functions as EVM compatible as POSV allows it. It also allows immediate transaction process. With the help of POSV, the stakeholders can vote for 150 masternodes for the purpose of the creation of blocks. Tomochain can be used to build your own apps. The external developers can use their developer portal to build their decentralized applications.
The governance of tomochain :
This is another important component in the Tomochain ecosystem. The masternodes are decentralized in nature. The token holders themselves can determine who can secure the network. Moreover, there is a system in place in order to make sure that these masternodes servers remain online. It has to show activity or it will be replaced. This is great as it ensures that the network is running in full capacity and hence, fully secured. As there are 150 masternode operators in Tomochain, the network is more secure than other proof of state blockchains that have a limited number of block producers that can control the network.
In order to remain as a part of the masternode, the server must respond and it needs to show activity. In case of a masternode being inactive or constantly not getting proper network, it will soon be replaced by a more reliable and effective network. The network of Tomochain evolves faster than usual and it works like the blockchain.
Tomo Tokens and Trading :
Tomo token is another central component of the tomochain project. This is the utility token that acts as a fuel on the network and remunerates the masternode operators. These Tomo Tokens were sold at a crowd sale which took place in March of 2018 which is around 9 months before the launch of tomochain. They were able to raise about a total of 8.5 million $ in that sale. These tokens were initially issued on the Ethereum blockchain as ERC 20 tokens. However, they were transitioned into a native token when the mainnet went live in December 2018. The Tomo token saw a huge decline in its value in December 2018 but, it made a solid recovery and is trading at around 0.61854 as of July 2019.
As far as trading of TOMO is concerned, Tomo is listed on a handful of top exchanges in the world. These include the likes of Binance DEX, Kucoin, Hotbit and others. Binance DEX is a decentralised exchange. For those people who prefer to avoid centralized exchange, Binance DEX is a good option to go ahead. When it comes to volume, there are pretty reasonable numbers across the top exchanges.
Tomo Wallets and development :
Tomo tokens can be stored in Tomo Wallets. For those who are going to be staking and voting their TOMO, the best served is using the proprietary TOMO Wallet. This is available on App store and Play store in iOs and Android respectively. For those who are just looking to store their Tomo tokens, you can use the Trust Wallet (Multi-currency mobile wallet) and as well as Ledger hardware wallet for storing your TOMO Tokens.
The team of tomochain seems to have a clear vision going forward. It is also witnessing rapid development since its launch in December 2018. The transactions is also increasing on a regular basis as tomochain possesses low transactions which is close to zero. So overall, the development of the project is going pretty well.
Tomochain has been successful so far and with the aim to achieve sharding is only going to strengthen its base going ahead. If they can manage to introduce sharding quickly, they can make a big statement in the blockchain revolution. The networks stats are observing great results since the launch of mainnet. The team is moving faster than most of the other projects.
By looking at all the facts stated above, Tomochain is one of the ideal cryptocurrencies to invest your money. This project is quite impressive and is surely going to have a great future ahead.