Although most blockchain technology companies are promising disruption across multiple industries, Vitalik Buterin, the widely accredited crypto-genius and creator of Ethereum, believes that for blockchain to reach mass adoption, it must first solve the “scalability trilemma” – the three essential factors which the perfect blockchain must provide.
Perhaps the single most pressing issue persisting between blockchain and widespread use is the lack of blockchains which offer scalability, security and adequate decentralization in equal measure.
At present, most blockchains can only offer meaningful solutions to two of these three essential requirements. But now, it seems one blockchain company is coming close to solving the trilemma issue.
Blokt caught up with the Tomo team, to shed light on their scalable blockchain solution, which offers instantaneous transactions and leading security features.
The TomoChain Project
TomoChain is a blockchain protocol project headquartered in Singapore, which has recently celebrated the launch of its mainnet in December 2018.
With additional offices in Vietnam and Japan, TomoChain is strongly positioned to capitalize on the South-East Asian blockchain market.
TomoChain was founded by Long Vuong, co-founder of the successful NEM blockchain, alongside three other co-founders with strong academic and financial backgrounds.
Since the launch of its mainnet, TomoChain has received a high level of interest from the blockchain community, due in part to its impressive masternode passive staking rewards, near zero fees, and its answer to scalability problems.
How Does Tomochain Address the Scalability Trilemma Problem?
One of the main attractions of the TomoChain blockchain is its reported solution to the scalability problems faced by other chains such as Ethereum. This allows for both secure and fast transactions with low fees, while still maintaining decentralization.
TomoChain achieves this via a unique distribution of 150 masternodes, which TomoChain call Proof-of-Stake Voting (POSV).
TomoChain achieves an average block time of just 2 seconds, making transactions virtually instant.
The Tomo team told Blokt that:
“Firstly, instead of POW, TomoChain employs the unique POSV consensus, with randomization and double validation, placing the system in the hand of 150 fully decentralized masternodes. Not only does this speed up TomoChain’s network performance, but it also guarantees a more decentralized and secure network when compared to other POS-based blockchains, like EOS.”
The Tomo team added that in the future when the TomoChain network is operating at full capacity, TomoChain developers will implement unique sharding solutions to scale the TomoChain blockchain further.
It’s hoped that following the successful implementation of sharding, TomoChain’s transactions per second (TPS) will rise from 2000, up to a staggering 30,000 TPS.
The TomoChain Product Family
TomoChain has several stand-alone products to complement its blockchain.
These include the TomoWallet, which is available on Android and iOS, the TomoScan blockchain explorer, and on-chain governance dApp TomoMaster; as well as a host of dApps in development.
The TOMO coin will power transactions within these products.
But the most highly anticipated product launch from the TomoChain team is TomoX, a decentralized exchange (DEX) protocol shipping in 2019.
For DEXs who build on TomoChain, there’s no need to create tailored smart contracts for decentralized order-books, as instead, TomoChain masternodes will execute and match trades, and maintain order-books.
The TOMO Coin
The TOMO coin is the native cryptocurrency of TomoChain, with a fixed supply of 100 million coins, and a non-inflationary nature.
TOMO is currently trading on Kucoin, Gate.io, Hotbit, and KKcoin.
Explaining the utility of the TOMO token, the Tomo team says:
“TOMO is the protocol token for the TomoChain infrastructure, and will be needed by all parties utilising TomoChain to build apps or issue and integrate cryptographic tokens into their apps.”
Expanding further, the Tomo team discussed the essential role of TOMO in managing on-chain governance and voting mechanisms:
“TOMO, together with our POSV consensus, ia a key governance tool for the TomoChain network. Our reward mechanism ensures all Masternodes are incentivised to maintain the system.”
Underperforming masternodes, and their associated voters will lose income or face other penalties for inadequately maintaining the blockchain.
The Tomo team explains that this makes the network stronger, by encouraging fair participants.
TomoChain’s platform has attracted a wide range of dApp developers, especially in the gaming sector, who are building decentralized solutions on the network. TomoChain has also announced the launch of its first ICO.
Discussing the range of dApps building on TomoChain, the Tomo team told Blokt that:
“Our platform has been utilized for dApp games such as Axie Infinity and MaxBet. We’ve also been working with our partners Tefood, Kambria, Terra, and Stably before their launch on the TomoChain mainnet.”
The Tomo team also discussed the exciting development of the first TomoChain ICO, Triip Protocol, a decentralized travel system. The integration of Triip will be announced later this year.
Triip Protocol utilizes blockchain technology to offer customers quick, cost-saving, and sustainable traveling solutions. After winning several prestigious startup awards, Triip is now an official partner of TomoChain.
Likewise, TomoChain has committed to growing the blockchain gaming industry, by announcing workshops, hackathons, contests and meetup events to help grow the developer community building on the TomoChain public chain.
In addition, the Tomo team states that as the TomoChain code is open source and accessible via GitHub, developers can easily start building games on TomoChain.
Blokt asked why the Tomo team thought blockchain gaming was such an important area of focus, to which they replied:
“Research shows that dApp market has grown almost ten folds in 2018 within only two years, with gaming apps accounting for a great majority. The decentralized nature of blockchain ensures security and transparency, where in-game assets are stored safely, and fraudulent activities are minimized. Undoubtedly, blockchain holds a bright future for gaming”
The Tomo team also added those game developers looking to raise funds for innovative new games could easily do so through an ICO on the TomoChain network.
The Future of TomoChain
Going forward, TomoChain has a proactive approach to developing lasting partnerships and staying one step ahead of its competitors.
We asked the Tomo team what the future holds for TomoChain, where they see partnerships forming, and how they will overcome competitive challenges in the future.
With offices in Singapore, Tokyo (Japan), and Hanoi (Vietnam), three huge hubs of Asian tech activity, TomoChain are well placed to connect with key industry players.
Focusing on the Japanese markets, the Tomo team said:
“TomoChain is targeting lucrative Japanese technology markets. We’ve had meetings with BCrypto, SoftBank, and Mitsubishi to name a few. Since Japan is a leading country in technology, we are working closely with Japanese firms with a hope to accelerate TomoChain penetration in these markets.”
When asked what industry TomoChain was most likely to establish itself as a leading authority in, the Tomo team remarked:
“TomoChain stresses focus on the gaming segment. Increasing the number of gaming dApps is our strategic, long-term plan, so the public should expect more connective events from TomoChain to extend our game developers and partners pool.”
For game developers looking to stay up to date on development opportunities on the TomoChain network, they can follow TomoChain’s Telegram and Medium channels to stay updated.
TomoChain’s Competitive Edge
Finally, we asked the Tomo team how TomoChain would stay ahead of the competition, and pivot their business strategy to compete with other chains, such as Ethereum, Cardano, and Tron.
In addition to its unique masternode technology which aims to solve scalability issues, the TomoChain will also have a strong ecosystem of dApps to grow the TOMO community.
By focusing on quality dApps, TomoChain hopes that even if chains such as Ethereum do manage to scale, TomoChain will still offer a unique value proposition, separate and independently valuable from other chains.
The Tomo team adds:
“At the moment, aside from the core TomoChain platform, we want to focus on a few high-quality Dapps with use cases that can make a difference. Our core blockchain solutions, such as sharding, is high quality and potentially better than multiple high profile attempts at current scaling.”
As TomoChain’s masternode solution is uniquely designed, the Tomo team believes that their solution will provide TomoChain with a competitive product advantage for a long time.
Addressing other competitors directly, the Tomo team feels that TomoChains commitment to building an ecosystem will set it apart from the closest competitors, remarking:
“With regard to other blockchain protocols, such as Cardano or Tron, they are our competitors because developers will generally build on one blockchain. However, it is more important to expand our whole blockchain ecosystem rather than to compete at this stage.”
TomoChain currently offers some of the lowest fees of any blockchain, with 1 TOMO capable of paying for 200,000 transactions, roughly 200 times cheaper than Ethereum.
With its novel approach to sharing coming soon, TomoChain believes it can solve the scalability trilemma and build a buzzing ecosystem of gaming dApps and ongoing quality token sales.
In conclusion, TomoChain is definitely a project full of promise, and Blokt looks forward to seeing what they build in the future.
TomoChain, an Innovative Solution Aiming to Solve the Blockchain Trilemma was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.