We live in a world where things move at a very fast pace, and different landmark achievements are made every single day.
We’ve seen a great deal of technological innovation (especially during the last couple of years), among which cryptocurrency and Blockchain technology stand—the very first of their own.
In 2017 alone, numerous cryptocurrencies were created and a lot of ICOs were successfully completed in different sectors of the economy. However, only few of these relatively new cryptocurrencies can be really tagged as “having huge potential”.
In this league, you’ll find TomoChain, a new blockchain platform which seeks a solution to one of the universal issues faced by blockchain networks: scalability. TomoChain is seen by a lot of people as an upgrade to Ethereum in the performance “department”—and understandably so, since the team has worked really hard to increase its performance and make it scalable.
TomoChain was founded in 2017 by CEO Long Vuong, who was previously a project lead and founder of the hugely successful $1 billion dollar New Economic Movement (NEM) blockchain platform.
TomoChain is very similar to Ethereum but it has a lot of features and improvements which make it a more suitable option for handling a very large number of transactions, compared to the Ethereum blockchain.
TomoChain is expected to launch officially in Q4 2018, and its main token sale date will be announced on March 1st, 2018.
Value Proposition of TomoChain
According to their website, TomoChain aims to “[build] an efficient blockchain infrastructure for decentralized applications, token issuance and integration.”
Basically, they plan to support horizontal scaling by adding more second-tier blockchains (commonly known as sidechains). The platform will still run on the Ethereum network to allow implementing of Ethereum’s features such as smart contracts and atomic cross-chain transfer, while also adding its own features—performance and scalability.
The goal is to make Tomochain a network of standalone sidechains which will support instant transaction confirmation and processing, and next-to-nothing transaction rates.
In the future, it will be possible to create an unlimited number of sidechains on the TomoChain infrastructure. This would essentially allow any business user to deploy their own side chain within the TomoChain infrastrucutre, set up their own token and ICOs, and build their own decentralized applications (dApps) for improved performance and transaction processing speed. This will be a suitable solution for decentralized apps, token issuances and token integrations for both startups and large companies.
To start with, TomoChain will launch its blockchain with two native decentralized apps: TomoWallet, its cross-platform wallet which would initially host Ethereum and TomoCoin and TomoApp, its knowledge sharing application, which is basically a social media network built on top of the Tomo ecosystem.
Features of TomoChain
The TomoChain blockchain will be based on the Ethereum platform, thereby allowing interoperability between functions of the two chains such as smart contracts, scalability and tokens.
Ethereum being a major player on the blockchain space is a safe bet for the future, although theoretically, TomoChain could also support other platforms in the nearest future.
Of course, the main advantage of TomoChain is scalability. TomoChain will have fast block processing times (less than two seconds) with near zero fees thus actually allowing use cases where blockchains can work well in the future such as micro transactions. It will be capable of handling much larger transactions per second (with 1000 transactions per second already met on its testnet) than Ethereum’s capable of doing.
TomoChain will be supported by a number of permissioned nodes which TomoChain will setup and operate, these will act as masternodes and servicenodes securing the system and processing transactions at high availability and speed. This permissioned masternode system will make fast block processing times, near zero fees and improved security all possible at the cost of full decentralization.
Validation will be based on the Proof of Authority algorithm (which is based on Ethereum’s codebase and run by MyEtherWallet). With PoA, trusted validators within the network are allowed to confirm that valid transactions are added to blocks and processed; on the TomoChain blockchain, masternodes will act as the trusted validators.
One very amazing thing about PoA is that it has implemented native support for antispam mechanisms, due to its permissioned system.
Later on, TomoChain will allow other businesses and startups to operate their own nodes.
The TomoChain test network has been set up and it’s already working. Its current status can be viewed at https://stats.tomocoin.io/
Features of TomoApp
TomoApp is the knowledge-sharing application of the Tomo ecosystem.
It will be the feature application within the Tomo network. The app will be launched as a Q&A social media network, somewhat similar to Quora and Steemit but totally different because TomoApp will run on a rewards-based system. In fact, it’s the first Q&A application on the)
The application is still in beta, and is available for both iOS and Android on the App Store and Google Play Store respectively. The app is also available for desktop users as a webapp at https://tomoapp.com.
Although there is a lot of improvement to be made and a lot of features to introduce, TomoApp has a lot of amazing features which one would expect from a functional social network. Here are a few of them:
Peer To Peer Question and Open Question
With this feature, users can post a question and send it to a network of friends. They can also make an open question for everyone and get answers from experts.
Answer via 1-Minute Video or Text
Never underestimate the power of “face-to-face” interactions (even for video, it makes learning easier for a lot of people). For this reason, one minute video is a brilliant idea for answering questions from other users and getting answers to your own questions.
Instead of using one minute video, you can also answer (or get answers) via text.
Multi Language Community
Backed by a strong team of translators, TomoApp is available in various languages.
The personalization feed is a News Feed-like feature which allows users to view content from other users on network. The feed will be customized based on every user’s needs, so as to deliver tailored content to them.
Users are allowed to create their own channels where they can publish content and spread their story. Also, other users can subscribe to updates from these channels. You can also subscribe to other channels, or just be an active “lurker”.
Just like every other social network on the Internet, TomoApp allows users to meet new people, chat with friends and communicate directly with people they’re interested in. Since TomoApp is built on TomoChain, users have no need to worry about their information being stolen by unauthorized personnel or something similar.
Basically, security and privacy is a key part of TomoApp’s instant messaging feature.
Friends and Followers
The Friends and followers feature allows TomoApp users to keep in touch with friends and connect with their followers. Users can also follow experts on a particular topic and their favourite celebrities.
Comment and Mention
Users can join discussions, comment (non-)anonymously and mention other users who are/will be interested in the current topic(s) they’re following.
On TomoApp, quality content is rewarded using TomoCoins, which can be used for payments on other apps within the TomoChain network.
It can also be used by users within the app itself to boost their posts and/or videos, pay for access to private channels, make purchases on the marketplace and send tips to video streamers.
TomoChain is planning to launch a user-friendly wallet for its users to store TomoCoin and all other ERC20 compliant tokens (Ethereum included).
Also, users who create their apps and launch their own tokens on the TomoChain infrastructure will be allowed to use the TomoWallet to store these tokens. This will eliminate the need for a third party wallet and reduce the stress of exchanging coins or having multiple wallets (TomoWallet will support a lot of tokens, remember?)
Obviously, the wallet will allow users to send to and receive tokens from their friends. Plans are already in place to develop APIs which will allow further integrations of TomoWallet into third party apps.
For those who are interested, the wallet demo can be viewed at https://wallet.tomocoin.io/
Token Sale and TomoCoin
TomoCoin is the native cryptocurrency that powers all the apps and features of the Tomo ecosystem. The private token sale quota has already been met, and the public token sale will commence soon.
TomoCoin’s hard cap is $8.5 million, however a maximum of $7.5 million was available in a private pre sale (no one knows if all the $8.5 million USD worth of TomoCoin was sold in the private event). The final token sale will be made public sometime in early March or thereabouts. For the public token sale, a minimum of $1 million will be available for participants.
The total supply of TomoCoin will be 100 million tokens, and the token supply allocation is as follows:
- 50% will be available in for sale in the pre-sale and main event;
- 35% will be used to facilitate the rewards system and
- the remaining 15% will be reserved for the TomoChain team and its advisors, part of it will be used to further develop and improve TomoChain with a 4-year development schedule.
Unsold tokens will be kept locked up for a year, although the likelihood of this is very low, because of the very low hard cap.
To cap it all, the hard cap is a very reasonable amount. However, a major concern for investors is the fact that a greater part of the total coin was sold to private individuals during the token pre-sale, with the details of said sale yet to be released to the public. It would help allay such fears if the details of the private token sale were made public.
Team behind TomoChain
The TomoChain team is one of the things which made it stand out of the numerous ICOs on the Internet.
Having a strong team behind a project – a team which can be trusted to get results – is more valuable than anything else.
TomoChain is led by Long Vuong, who is also the CEO of TomoChain and founder of TomoApp. Vuong is a blockchain expert who has been involved in a lot of blockchain projects: the development of the NXT framework and also the New Economic Movement (NEM) which he co-founded (surely, majority of us have heard about NEM).
The rest of the team are also experienced professionals, with their names listed below:
Son Nguyen, CTO: Director of Engineering of TomoApp, Son is an experienced and accomplished technical leader, founder of the Blockchain Developer group with more than 800 active members. He has a master’s degree in Engineering.
Minh Chu, Blockchain and Cloud Lead: Chief Cloud Architect of VCCloud – one of the biggest “AWS like” local cloud service in South East Asia. Minh has a deep technology research expertise and is a security expert.
Tung Hoang, PM & Co-founder: Co-founder of TomoApp. Product manager, frontend engineer, open-source contributor. Tung is a versatile engineer who get almost everything done in the fastest time possible.
Even though they’ve got eight experts as advisors, the fact that there are only four people on the TomoChain team is enough to raise a few eyebrows—and understandably so.
While the “all star team” might be all they’ll need to get the job done – they have already released several prototypes, so they’re really confident of achieving their long-term goals – it would be much safer to have a large team working on the project.
Right now, what they need is a strong marketing/business relationship manager to collaborate with other businesses and adopt the platform, since this is the whole point of the network.
Maybe they’re trying to concentrate on development at the moment and will hire further marketing managers when the project has been officially launched—who knows?