TomoChain is a blockchain-based platform aiming to resolve the scalability issue inherent to many other blockchain solutions, especially those that are based on Bitcoin and Ethereum. Its system comprises 150 Masternodes with Proof of Stake Voting (PoSV) consensus making it possible to conduct transactions with 2-second confirmation time and near-zero fees. It is fueled by a native utility token TOMO.
Initially based on Ethereum, Tomochain integrates second layer blockchains with the main network. Thus, it can conduct atomic cross-chain transfers and resolves the problem of interoperability making it possible for different blockchains to communicate with each other. Its mainnet went live on December 14th, 2018.
Tomochain relies on the Proof-of-Stake Voting consensus which helps to resolve the scalability issue and at the same time allows deploying Ethereum-based smart contracts. In order to scale even more, TomoChain works on implementing Sharding proposal into its architecture and is also researching other scalability solutions such as EVM and Plasma.
The Tomo wallet which is available for download at Google Play Market, App Store and TomoChain’s official website, can be used not only for storing Tomo tokens but also for voting on the blockchain for masternodes. In addition, it supports all ERC20-compatible tokens as well.
Some of the first decentralized apps (dApps) built upon Tomo blockchain and listed on its website are the following:
Tomobowl - a social gaming arena featuring the games where players can interact with each other directly without having to rely on any centralized intermediary
Maxbet - a decentralized dice game running on Tomochain
Tomo building - a marketplace of virtual apartments
Tomo 3D - an app where users can make passive income by purchasing T3D tokens
Initially launched as an ERC20 token, Tomo token deployed a separate protocol when the mainnet went live. In many ways, it is similar to Ether and it can be used as cryptocurrency as well as for issuing tokens on Tomochain.
The public ICO started on March 1st, 2018, and helped the team to raise the required hard cap of 8.5 million USD in a matter of 3 days. With the total supply of 100 million tokens, only 4% of those were distributed via a public sale, 32% were given away during the private funding round while 15% were left for the team and advisors and 35% staked for the rewards.
The token is available for trading on many top exchange platforms including Binance, Bitforex, and Kucoin. As the project has already launched its mainnet, tokens can no longer be stored on Ethereum-compatible wallets and are only supported by Tomochain’s native wallet which has already been mentioned above.
Among its notable partners and investors, Tomochain lists Signum Capital, HyperChain Capital, Coefficient Ventures and many other names.
With the company located in Singapore and two more offices in Japan and Vietnam, the Tomochain team counts more than 25 members and 2 advisors on its website at the time of writing. The company itself was established in 2017.
The project’s CEO and Founder Long Vuong has a lot of experience not only in this position but also in the blockchain industry in general as he was one of NEM co-founders. Le Ho, Tomochain’s Co-founder and CFO, has also participated as a Director in a few financial projects. Prior to joining TomoChain, she has worked as a Senior Manager in a Vietnamese investment company for more than 8 years.