TomoChain – The Most Efficient Blockchain for the Token Economy
TomoChain is described as an ‘innovative solution to the scalability problem with the Ethereum blockchain and other current blockchain platforms.’ The Tomo Blockchain is highly secure, has low latency with near-zero transaction fees. Security, stability and chain finality are guaranteed via novel techniques such as double validation, staking via smart-contracts and uniform randomization processes.
TomoChain have a unique Proof of Stake Voting (PoSV) consensus system which features 150 Masternodes. A TomoChain holder can use their coins to Vote for a Masternode of their choice which will see them stake their coins towards their chosen node and receive token rewards in the process. This unique system is explained in the video below:
Whilst there are many projects in the Crypto ecosystem that offer high performance Blockchain capabilities, there are very few who have made such a statement about their intent to succeed as a business than TomoChain. The team are extremely driven and determined and this is evident in the amount of partnerships they have forged in the burning embers of 2018’s bear market. Whilst news and announcements from other projects seemingly disappeared altogether, TomoChain were frequently announcing new partnerships and strategic collaborations – before Mainnet was even released! The infographic below demonstrates some of the solid partnerships formed by TomoChain:
The TomoChain team are highly competent in hitting their Roadmap goals which is a huge lure for potential investors in the space. After a successful Mainnet launch back in Dec 2018, the team are looking forward to 2019 with an exciting list of goals and objectives which should see huge improvements to the already powerful Blockchain. Key upcoming components of this future Roadmap to look out for are TomoX protocol (a decentralised exchange protocol), associated tools and products for an open finance system – TomoChain have identified the gaming and finance sectors as key industries that can be revolutionised by their product.
Looking slightly further into the future we will see the implementation of Sharding which will see an upgraded 2.0 Mainnet that will ensure even faster transaction times and performance. An impressive feat considering the average transaction time is currently only 2 seconds.
In Conversation with Long Vuong
I sat down with Long Vuong, CEO of TomoChain, to discuss the project further.
When did you first hear about Crypto and what was it that drew you into space?
I first entered the crypto zone in early 2014 that founded NEM. I left NEM to complete my studies at University of Massachusetts Amherst. After NEM, I went to NYC for a computer science course and started embarking deeply in the tech zone before coming home and built TomoChain in 2017.
We are still at the very early stage of blockchain field and there are many more exciting things waiting for us ahead. As a firm believer, I feel blockchain technology will bring the breakthrough into several industries and change the way they operate, such as finance and logistics.
Before founding TomoChain you were already well known in the space as the Co-Founder of NEM. What was your decision in leaving and deciding to start your own project?
The initial idea was to build the knowledge sharing application where everyone would be rewarded for what they contribute to the community based on the quality of content. At that time, CryptoKitten jammed the whole ETH network, the fee went up rapidly and users waited for hours to complete the transaction. It was time I realized that building the public scalable blockchain for mass Dapp adoption should be prioritized and I started digging into it.
2018 was a tough year for the Crypto market. However, from a tech perspective, we witnessed even more innovation and advancements than ever before. Can you talk about the progress you made last year?
The most significant milestone we gained last year was a successful mainnet launch on 14th December. The whole team had constantly designed, built and improved products for a year, received feedback from the community and been responsive to them via multiple testing programs, both internal and external. It was a tough time but we made it. After the 2-week launch, we were happy to welcome 150 masternodes and thousands of voters joining and governing the network. The first hard-fork adopted by all masternode operators has made meaningful progress in the system performance and benefited more value to everyone.
Firstly congratulations on the success of the Mainnet release. As it stands today over 35% of the circulating supply is locked up in either MasterNodes or from Staking. Were you anticipating this much interest?
Up to now, nearly 50% of the circulating supply is locked up. (https://scan.tomochain.com/address/0x0000000000000000000000000000000000000088) Logically, the interest will keep going up in the sense that node owners will try to maintain their rank. The race to get to top 150 will get fiercer and fiercer. As my observation, being in the top 150, a masternode needs to acquire the capacity of at least 146k TOMO at the moment.
Q1 sees the introduction of Mainnet 2.0 which will have sharding enabled. Can you share any updates on the progress of this?
Good tech takes times and the majority of the engineering effort in 2019 will be on delivering TomoX’s protocol, associated tools and products for an open finance system on TomoChain. The estimated time is not finalized yet. By the end of the day, we all wish to launch a complete product that solves certain issues. And where sharding matters is mostly scalability, speed and number of TPS, which only appreciates when there are mainstream Dapps built on top of our platform.
You already have an impressive and growing list of partnerships. Are you seeing an increase in demand from projects wanting to work or collaborate with you in some way?
With the live mainnet and current products on the on-going improvement, we are ready to partner up with developers, projects and enterprises across industries who are looking for an innovative and practical solution to combat problems where blockchain technology is a good fit. The beauty of blockchain area is to bring people together and hand in hand build a strong ecosystem no matter who. TomoChain is always open to new collaboration opportunities and welcome new parties to join us.
In 2018 you expanded your offices into Japan from your initial bases in Vietnam and Singapore. Going forward are there any plans for expansion outside of Asia?
We won’t only develop the business in Asia but expand our influence all over the world. We will update you once everything is finalized and ready. Stay tuned.
What can we expect from TomoChain 2019? Are there are many surprises around the corner?
Mostly related to product development. We expect to launch TomoX Protocol and DEX at some point this year, probably Q3 and Q4 this year. The new roadmap will display where we are at, what we do and when it will be accomplished.
TomoX is a decentralized exchange protocol based on the TomoChain blockchain infrastructure that will be integrated into the core TomoChain blockchain consensus layer. DEXs built on the TomoX protocol will be able to bypass the need to create smart contracts in order to build decentralized order books. This is because with TomoX, masternodes in the TomoChain ecosystem will be the ones managing the order book database, matching engine, and trade execution mechanism.
Another highlight is we keep endorsing Dapp development and focus on one of the interesting sectors which is blockchain gaming, one of the most practical blockchain use cases can reach mainstream users. More activities will be revealed very soon.
What are your views on Crypto as a whole for 2019?
IMHO, I still see the bear market will be going on this year. Taking a long-term view, the crypto industry is still at the starting point and in an upward trend.
Can you summarise your ultimate vision for TomoChain?
TomoChain is a public blockchain and we are building an efficient platform for developers and enterprises to benefit from the advantage of this advanced technology. Reaching mass adoption is our ultimate goal in the long run because we see the future where blockchain is a part of our life, just like Internet nowadays.
I sincerely thank Long for his time.
For Long Vuong’s interview with Brad Laurie visit this page
For Malone’s UX Review visit this page
If you would like to learn more you can find TomoChain’s relevant information below: