In 2018, Blockchain burst into the limelight with ICOs and STOs raising around $6.8 billion USD globally. Unfortunately, many money-making schemes and outright scams emerged from the misuse of these fundraising initiatives. For many, cryptocurrency and ICOs were a simple investment vehicle — with the promise of future tangible products and ROI. As we now know, a large bulk of these promises were broken.
While our community is still weathering the storm, our belief in the technology itself remains intact. The truth is, blockchain is a promising young technology that has yet to prove and establish itself. Governments around the world are still discussing ways to regulate it along with cryptocurrencies. It is also becoming increasingly clear that blockchain will not disrupt every single industry and their IT systems as was promised only a couple of years ago. Rather, blockchain will provide tangible solutions within certain verticals that would benefit from adopting the technology. This vision is already in motion, particularly within the realm of financial services.
In 2019, we believe that the challenge and drive will have an entirely shifted focus. Our view is that adoption of blockchain by enterprises and legacy institutions coupled with the development of tangible products will drive the technology to the next level, while providing it with much-needed detailed and complete technical documentation in the process. This entire process starts with corporate training as well as educative initiatives for industry professionals. As a community, we are still weeding out the bad projects from our space and striving to promote the good ones.
In the scenario where a plethora of viable blockchain projects take a foothold in everyday life and become traditional processes, everyone wins. Making trustless connections with strangers online may be a late 90’s soccer mom’s worst nightmare but it will inevitably turn into reality thanks to blockchain. The technology’s offerings won’t revolutionize the world as we know it, but it will definitely enhance some industry operations — to the benefit of the user. Imagine being able to sign up for health insurance or changing your plan simply and securely via a mobile app. This may seem like extensive convenience for some, but for others it may be a great incentive to cover themselves and their loved ones. The tedious process itself is a barrier to getting a valuable service like insurance for many that don’t live in a developed country with proper access to financial and health services.
Introducing TomoChain: a public Ethereum Virtual Machine-compatible blockchain with low transaction fees, fast confirmation time, double validation and randomization for security guarantees. TomoChain uses a Proof-of-Stake Voting (PoSV) consensus model, a PoS-based blockchain protocol with fair voting mechanisms. Using this model, the blockchain gains a low probability of forks, fast confirmation times, added to the contributions and benefits derived from masternodes being fair in the sense that the probability distribution function become uniform. The project is HQ’d in Hanoi, Vietnam.
What can businesses and developers accomplish with TomoChain that they cannot with Ethereum?
- Ethereum has become expensive and slow. TomoChain represents a fresh start, a system that is not bogged down.
- TomoChain is much more scalable due to the nature of its network, with a carefully thought-out consensus model. The development of DApps can be done at a larger scale.
- With lower transaction fees and low block time, business-facing applications will run faster, all while enabling more complex and interactive DApps and gaming models.
- TomoChain is Solidity compatible, so it will be relatively easy to find developers ready to use the network.
With the blockchain industry and the infrastructure of the Internet of Value being built rapidly globally, TomoChain is proving itself a leader by seamlessly merging an ecosystem of applications with cryptographic tokens used by millions of mainstream users with a unique blockchain infrastructure that allows for fast, secure, frictionless, and trusted payments/storage of value. Projects with realistic vision and tangible value like TomoChain are those that will prevail.
That being said, we are proud to announce that Alpha Consulting has been chosen to become the first training and solution provider of TomoChain.
As part of our education initiatives, we are dedicated to sharing our knowledge and to growing Southeast Asia into a well-established global technology hub, we have decided to partner with TomoChain to become their training partner in the region. Working closely with the TomoChain team, we are in the process of creating an intensive course that includes a Hackathon. Our objective is to build training curricula and train developers and enthusiasts to use this promising platform. Initially, this course will be made available only to Vietnamese students, and we expect to grow this educative network to Thailand, Malaysia, Singapore, and Canada within the next 9 months.
What does TomoChain give developers that isn’t readily and widely available in terms of blockchains? It’s faster both in terms of latency and bandwidth than its competitors. It lets you build DApps that can handle a larger amount of users and the latency required to allow you to meet their expectations in terms of cost and speed. Find this exciting? Join our TomoChain DApp development training in early April. Take it even one step further and sign up to take part in our Hackathon happening later in the month!