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BlockFyre Coin Reviews: Tomochain

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Overview

Tomochains goal is to build a Blockchain infrastructure for decentralized apps, integration, and issuance. Tomochain will offer a new solution to the problem of blockchain and smart contract scalability, found in current platforms like Ethereum. The ability to handle a more significant number of transactions per second would exponentially increase the utility of smart contracts for a number use cases and applications.

“We are building the blockchain infrastructure for the Internet of Value”

  • Tomochain Website.

Product and Vision

Internet of Value describes a time where digital assets exist as information on the blockchain. To achieve this, the prominent problem of scalability needs to be solved, to do this, Tomochain proposes horizontal scaling. It does this by integrating second layer blockchains with the main Ethereum network for backup and atomic cross-chain transfers.

At the heart of TomoChain, sits a Proof-of-Stake Voting consensus which enables it as a scalable public blockchain, on which every Ethereum smart contract can be effectively run with almost instant transaction confirmation. The Tomo application was the first consumer application built on the Tomo blockchain. It is a decentralized Social media focused on knowledge sharing, where users can ask questions, publish content like videos and articles, and build a knowledge base together. It already has thousands of weekly active users and uses the Tomocoin as a native cryptocurrency.

Furthermore, there are 4 decentralized Apps listed on the Tomochain website which have already deployed on the Blockchain.

Below a list of their Tomochain’s key features, from their website:

  • Proof of Authority consensus
  • Master node system
  • 2-second confirmation and near-zero transaction fees
  • Built-in exchange protocol and ICO smart-contract templates
  • API support for token issuances and integrations
  • Zero-fee atomic cross-chain transactions between Ethereum and TomoChain

The Tomo wallet focuses on being user-friendly secure and more accessible to mainstream users. Key features of the wallet are:

  •  API for 3rd party bots and applications 
  • Stores TomoCoin, Ethereum, and ERC20 tokens created on either TomoChain or Ethereum
  • Send tokens and coins as well as messages to friends and contacts

Solution

The Tomochain whitepaper names scalability as one of the most significant issues facing current generation blockchains. The Tomochain ecosystem aims to be highly scalable and have negligible transaction fees. The testnet already achieves 1000 tx per second and atomic swaps and proved, that the bold goal of billions of transactions per day – the number TomoChain is aiming for, according to their whitepaper – could be within the range of possibility. 

Their website looks very straightforward and organized, and their whitepaper seems very polished and informative to me.

Team

The Team currently consists of 20 Members and 4 Advisors and is based in Singapore. The Founder and CEO Long Vuong is a very credible headman with lots of experience and a successful track record in the space. He was also a co-founder of NEM, a very successful blockchain project that is currently ranked in the top 20 on coinmarketcap. Furthermore, the team was able to bring two very important advisors on board. First one is Roger Lim. Roger Lim is the director of the Qlink foundation, a blockchain project that is trying to tackle the decentralization of mobile networks. The second one is Willis Wee, the CEO of media company “Tech in Asia,” the Asian version of Techcrunch. 

Tomochain is building many solid relationships and partnerships with crypto projects, which will make the project grow. The most interesting partnerships are NEO – “Ethereum of China” and NEM (XEM).

Tokenomics: What is the TOMO Token?

Tomocoin has a similar function to Ether. It is used to issue tokens on the Tomochain as well as a unit of value to make transactions. It is unclear to me if it will be needed to pay for transactions, as the team has indicated that there will be virtually no fee for the users who make transactions over the network.  TOMO was initially released as an ERC-20 token but deployed a separate protocol once the mainnet was released.

Growth Potential

The cross-chain scaling and interoperability offered by Tomochain is a noteworthy aspect of the project. The increased efficiency coupled with all the features of  Ethereum smart contracts make the project more of a compliment than a competitor. Which is an interesting approach compared to other projects aiming to disrupt blockchain scalability Any business that plans to build their product or decentralized application on Ethereum can utilize Tomochain to exploit the increased speed and reduced cost while still supporting Ethereum smart-contracts. As Tomochain continues to scale the network, these benefits will be necessary for attracting developers and businesses.

Conclusion

Tomocoin is solving a big problem by providing a scalable blockchain which aims to be faster and has lower fees. Tomochain has a wide range of use cases, and I can see it being adopted by a big part of the blockchain community.  The team is strong, token metrics are very solid, and there is already much hype around this project which shows the potential for growth.

On the other hand, a lot of the project’s success depends on other projects in the space.  Should Ethereum find a viable scaling solution one of the project’s big selling points will be lost. This doesn’t mean the project will die, but it will have to find its niche. The Tomocoin team seem to be aware of this, having formed a long-term plan to move Tomochain more and more in the direction of a completely independent protocol.

I believe that a lot of the hype around Tomochain is backed up by a solid project and team, they have developed multiple working products and have already accomplished the task of building a brand name and outstanding reputation in the crypto space. The only big downside remains that there is significant competition in the field, but if they can get their ideas into a working product, it could be a disruptive one.

Research by Jonathan Habicht and Simon Dedic.

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