BUILD, WORK HARD AND DELIVER – THIS IS TOMOCHAIN
One concern of many industry pioneers is the issue of combining blockchain and scalability. The past few years, the urge for adoption in the industry is continuously increasing. In practice, it’s impossible to reach with the current network status of many projects. Tomochain has made scalability its core focus. Whereas Ethereum reaches no more than 15 transactions per second, Tomochain currently can reach 5,000 tps and is aiming to increase this number to 20- to 30,000 transactions per second once sharding is successfully integrated into their protocol.
The technology Tomochain utilizes consists of several innovative products that are supported by the core idea of the Proof-Of-Stake Voting Consensus. Without getting too technical, the difference to regular staking is a more fair voting system, increased security to external threats and a decreased chance of forks. A detailed description can be found in their technical whitepaper or through much other documentation presented by the company in an attempt to remain fully transparent.
In this review, we will dissect the project to find out what the current state is. See where the technology is at, whether the team is changed since the start and if the promises that were made during the ICO have been lived up to. Thereafter, we take a look at the future, where is Tomochain heading and what do they have in store.
The current state of the project:
Tomochain currently has a set of products live including their native wallet, a blockchain explorer, an interface that allows anyone to run a masternode and a transparent platform displaying all the blockchain’s statistics. Besides that, there are two protocols that can be integrated,
- The TomoZ protocol; The first on-chain protocol that offers the ability for any user to pay transaction fees with the same token the user is holding.
- The TomoX protocol; An easy way of setting up your Decentralized Exchange
The Tomochain mainnet is live and is currently processing over 1000 transactions per second with 2 seconds of confirmation time. There are over 150 masternodes up and running with the availability for anyone to start their masternode.
Team and advisors:
The team behind Tomochain has not changed dramatically since the start. Long Vuong, the co-founder of the NEM project, is still in position as CEO alongside his other co-founders. They have opened offices in Japan and Vietnam since starting in Singapore in the meanwhile.
The advisors have slightly changed. The biggest name, Roger Lim, general partner at NEO Capital, is still on board. Willis Wee, the man behind the Asian version of Techcrunch, is no longer listed as an advisor. In his place, Thuc Vu currently lists as an advisor on the team’s page. Vu is a serial entrepreneur that has launched companies that were acquired by Google and Weebly.
In all honesty, there have not been that many significant partnerships outside of the cryptocurrency industry for Tomochain. Their previous advisor helped to establish a partnership between Tomochain and TechInAsia that is no longer existent. An overview of some recently announced partnerships can be found on their blog
- Tomochain x Binance Chain — Creating a cross-chain bridge bringing TOMO to the Binance Chain
- Tomochain x AIS — The first Mongolian Cryptocurrency exchange
- Tomochain x Constant — Bringing the first stablecoin to Tomochain
- Several other partnerships
Tomochain is going after some serious competitors. While claiming to be the solution that enables other blockchains to solve their scalability issues, these blockchains can not do so without integrating with Tomochain. The moment these competitors wish to remain autonomous without the assistance of Tomochain, which is the most likely case, tons of competitions rises. The most notable names are Ethereum, Tron, EOS and other smart-contract platforms that enable developers to run Dapps.