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Blockchain technology is certainly synonymous with efficiency. This has obviously become a central theme in the industry in the era of widespread tech disruption.
However, as usage increased, even seemingly scalable and versatile platforms like Ethereum struggled with load management. It goes without saying that developers of decentralized applications are churning out products in record numbers.
Accordingly, scalability, and in significant amounts is an ever pressing need for blockchain apps. Tomochain is an invention out of this necessity for providing efficiency to the token economy.
Tomochain is a unique blockchain platform that intends to provide scalability solutions to current blockchain networks, especially the Ethereum blockchain. Accordingly, the network will support horizontal network through adding second layer blockchains. These have good performance integrated with Ethereum essentially facilitating backup and atomic cross-chain transfer.
As such, Tomochain is but a network of chains that supports instantaneous confirmations, lower transaction fees and smart contracts. This makes the project a valuable addition to the dApp landscape and can support token integration for small businesses. In general, it provides an infrastructure and governance framework for blockchain application interactions.
The platform relies on 150 Masternodes with Proof of Stake Voting (PoSV) consensus. These decentralized nodes can support near-zero fees and 2-second transaction confirmation times. Accordingly, the platform is able to guarantee security, stability and chain finality for the token economy.
The platform has a native token called the Tomochain coin or simply Tomocoin (TOMO). Basically, TOMO provides liquidity for the platform and is the medium for service within the Tomochain ecosystem. Notably, the project has set up base in Singapore. That said, it has a strong Vietnamese influence since a decent part of its management team hails from there.
The project founder and CEO is Long Vuong from Vietnam. He is a versatile and experienced technologist, entrepreneur and product manager. He was previously CEO at CityMe and is the Co-founder of the NEM blockchain project.
Son Nguyen is the CTO and Co-founder. He is an engineer with many years of experience in the IT field, infrastructure IT, IoT, Fintech and Web.
Other Key figures are Le Ho, also CTO and co-founder, Kyn Chaturvedi, Tung Hoang, Nguyen Bui, and Tu Nguyen.
Notable advisors are: Roger Lim, a general partner at NEO Capital Global, and Thuc Vu who is the CEO and co-founder of Kambria and OhmniLabs.
Tomochain is busy developing new products for the token economy. In the past month, the platform launched two products. These are the TomoX-SDK- UI – v.0.4.0 which came out on the June 3 and the TomoX-SDK – v.0.6.0 which was released in June 30, 2019. These products serve important functions like Integrate Real-time Markets API and implementing stop market limit order respectively that are useful in the token economy.
Going forward, the team intends to launch TomoIssuer – v1.0.0 for issuing TRC-21 token later this month. Finally, the TomoX-SDK – v1.0.0, for the TomoX ecosystem which is simply a decentralized exchange application based on the TomoX protocol, is due for September 2019 release.
Noteworthy partners include Veloxchain, which is a reputable open source protocol, seeking to democratize the global mobility market. This network can facilitate more research into the Proof of Stake Voting (PoSV) consensus mechanism.
Besides, there is the Portal Network, which will work to improve usability and user experience, Vietnam National University, Faculty of IT, Engineering and technology, CMC Institute of Science and Technology and Savvycom, a Global app developer and software provider.
Others include Midas Protocol, the GBIC (Global Blockchain Innovative Capital) which is a multi-strategy crypto fund with offices in New York, Shanghai and Seoul, Lition, Contentos and Morpheus Labs.
Tomochain conducted its ICO in March 2018. During the successful ICO, each TOMO, an ERC-20 compliant and utility token was sold at $0.25 during the public sale. The team set a hard cap goal of $8.5 million which was realized. The accepted currency during the ICO was Ether (ETH) and 40 million out of the 100 million in total was set aside for investors.
At the moment, the Market capitalization is roughly $43 million from a circulation of 61,906,225 TOMO. The total supply available of TOMO tokens is 100 million. This token has definitely appreciated since launch changing hands at $0.69 as per data drawn from most coin trackers.
This represents a return of Investment (ROI) of: X2.83 against the USD, 7.66X versus ETH and 2.34X relative to BTC. At the time, the markets were in a bit of a freefall at the start of the bear market that lasted the rest of 2018. Ethereum had perhaps taken the biggest hit hence the seemingly disproportionate return.
Token distribution went as follows:
- 40 percent went to token sale.
- Another 40 percent went toward the reward engine.
- The remaining 20 percent went to the team, advisors and bounties.
Fund distribution was as follows:
- 50 percent went to product engineering
- 30 percent to marketing
- 10 percent to cover arising legal issues and for general administration
- 10 percent was put in reserves
Short-Term Price Catalysts
In the short-term, Tomochain has a few factors that will likely impact its price positively. Simply put, can effectively disrupt the smart contract space moving forward. This is because is management team has the vision to steer the platform to exactly where it belongs: atop the scalability solutions chart.
Therefore, first, the platform has a big community on account of its useful token. Accordingly, the team has a bold goal of swapping two million TOMO in coming months. If they manage to accomplish this, it will have a seismic impact on prices.
Moreover, the listing on the Binance decentralized exchange is great for prices. This is because the listing on the world’s largest crypto exchange gives TOMO visibility and market presence for investors to capitalize.
In addition to that, staking Tomochain is live. Masternodes are an investment opportunity themselves and add revenue to the POSV platform. Finally, the scheduled product releases bode well for prices. This is because the products like TomoX/Dex and Tomoissuer for issuance of TRC-21 tokens offer more investment opportunities for the Tomochain and blockchain community at large.
Long-term price catalysts
Overly, Tomochain intends to replicate the success of Ethereum but in a grander, more sustainable way. Accordingly, Tomochain intends to have its own TRC20 ecosystem much like the ERC20 ecosystem. Ethereum has dominated the smart contract platform field but has struggled with scalability problems in the recent past. Cross chain scaling, particular in essential in this endeavor.
Therefore, Tomochain can effectively carve a niche in this market and be a springboard for many new blockchain platforms in the token economy. The issue of scalability is and will continue to be a problem in the blockchain space. Were Tomochain able to successfully provide solutions long-term, it will definitely be able to separate itself from competitors like NEO ICX and ETH. Such unique placement is exceptionally great for prices in the long-term.
Additionally, Tomochain already has global ambitions in the blockchain scalability field. This is because the platform has an ambassador, a partner and a global partner program. Positioning itself at the crossroads of future innovation in the blockchain space is precisely what Tomochain should be doing.
Already, its mainnet is live and plans to be build this efficient token economy in the crypto verse. The optics is therefore great since Tomochain needs these developers to utilize its scaling solutions. As such, the symbiotic need by developers for such solutions and Tomochain needing to increase its community and dynamism can bode well for prices moving forward.
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