TomoChain is a scalable public blockchain that supports high transaction speeds. At the same time, it does not compromise network security or decentralization. It is used for the development of dApps and is quite popular in the fintech sector.
Briefly about Tomochain
This ecosystem was created by Long Vuong, an expert on blockchain technology and economics. The goal of the project is to create a decentralized future that is powered by blockchain technology. Its ecosystem consists of TomoChain Lab, TomoMaster DAO, and the community of TOMO token holders. TomoMaster DAO is the governance dApp of the network, and it makes decisions regarding the ecosystem.
A fast blockchain that is powered by proof of stake voting consensus and have low transfer costs.CryptoLists.com
TomoChain uses an innovative consensus mechanism that is known as proof of stake voting. This consensus mechanism is based on proof of stake and features a fair voting system. For a block to be appended on the chain, a majority of the staking nodes or validators have to agree on the proposed block.
Utility of Tomochain?
This blockchain is used by developers of dApps, and it is Ethereum Virtual Machine (EVM) compatible. It is mostly used in the fintech sector as it features near-zero transfer fees. It is also highly scalable, meaning it can process lots of transactions in a second. Another reason why it is gaining popularity among dApp developers is that it does not consume a lot of energy and is great for the environment. With TomoChain, all transaction details will be completely secured, and customer information will be held confidentially.
Tomochain
Tomochain Consensus Method: Proof of Stake Voting
Release Date: August 6, 2020
Advantages at Tomochain
+ The TomoChain network is highly scalable.+ TomoChain transfer fees are almost non-existent.
+ It is EVM compatible.
+ TomoChain is fully decentralized.
Disadvantages
- The network experiences tight competition from Ethereum.- Its native cryptocurrency still has a rather low market cap.
- Proof of stake voting hasn’t been tested sufficiently for security.
- It is light on features.
Costs
▪ Rated at 10/10Many transactions on TomoChain cost $0 gas fees, and whenever you need to pay a fee, it will be negligible. This is one of the biggest advantages the network has over Ethereum. On Ethereum, the fees have historically gone up to around $196, although they average at between $20 and $40.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
TomoChain has received positive reviews from many crypto experts and publications. Some of these are Forbes, Nasdaq, Coin Telegraph, and News BTC. It also has a sizeable online community. For example, its Twitter account has more than 78,000 followers, and that means this social media platform would be great for discussions regarding the network. The main issue people have with this blockchain is the fact that it uses the proof of stake voting mechanism. Although this mechanism is great for energy conservation, it has not been tested sufficiently for security.
FAQ
Who created TomoChain?
This blockchain was developed by Long Vuong, the current CEO of TomoChain Pte Ltd. He has previously served as the CEO of CityMe and was a co-founder of the NEX (XEM) blockchain.
Is TomoChain proof of stake?
TomoChain uses an advanced validation method known as the proof of stake voting mechanism. This is based on the proof of stake system, so it consumes very little energy.
Will TomoChain overtake Ethereum?
No, it is very hard for this blockchain to overtake Ethereum. At the moment, Ethereum has become extremely popular and is the second largest blockchain. It also enjoys the first-mover advantage.
What is TomoChain coin?
This is the native cryptocurrency of the TomoChain ecosystem. To become a masternode candidate, you would have to hold 50,000 TOMO coins. If you are selected as a masternode, you will earn TOMO coins in proportion to the number of blocks you manage to sign.
Screenshots from Tomochain
