The Case For Tomochain
Content industry is on the cusp of an inflexion point. With innovations in consensus algorithms and success of platforms like Steemit, future content winners will be platforms co-owned by its content creators, quite contrary to the Youtube’s of the world where platform owns the content creators. Tomo is one such project from the tomorrow!
By Setu Saurabh and Siddharth
Tokenization of assets and utilities will be the driver of the internet of value in the future. If anything, various implementations of the blockchain is proof that such a notion no longer belongs to the realm of academic machinations, but one of deterministic certainty. While it might be argued that a significant parts of many blockchains, their associated tokens, dapps & DAOs are rudimentary in nature, it is only a matter of time before the combined efforts of several such initiatives will inevitably usher in a new economy of equitable distribution, and reach that far exceeds the combined innovation we’ve achieved since the invention of monetary policy.
Before Bitcoin network and blockchain technology, digital assets could exist primarily only as software that delivered value through the internet. TurboTax is a case in point. You sign-up for the service, file your tax returns and submit taxes to the IRA — all of that over a network for a small fee. Software as a service, as this model is more popularly known, interchanges value by providing the end user access to tools in exchange for a fee. Arguably, these systems of value interchange derive from the real world, and represent only an incremental innovation where some level of trust/credibility needs to be established by the party seeking to deliver value before the interplay of network effects, and economies of scale allow for the business to truly unlock its full potential. This paradigm, however, has limitations in that it is amenable to digital assets — the same cannot be said of purchasing land, or say for instance, buying a car.
While it is entirely possible to purchase a house, or car off the internet — it is seldom the case that someone ever does such a thing. While there are several psychological reasons that prevent this, the main challenge, I would argue is that there has, in so far, not been a reliable way to digitize assets and trade them in a trustless economy. That’s part of the reason that I’m excited about the advent of the blockchain, and it’s myriad implementations that aim to achieve such means. One such project that holds huge promise is TomoChain. Here’s why I say so:
TomoChain is based on the ethereum blockchain, and is attempting to solve several challenges that will soon become limiting factors to true scalability from the technical point of view. The ethereum blockchain has leapfrogged the bitcoin system on many aspects in a direction that as truly enabled economies of scale. Several of the ICOs you’ve probably heard of are possible just because of the innovation, forethought, and meticulous execution of the ethereum developers. However, I am of the opinion that even the ethereum blockchain has limitations when it comes to scaling the technology to a billion people.
One has to consider the social implication of existing monetary systems to truly appreciate the scale of this problem. Through the course of human evolution, we are at a point in time where we’ve not been able to implement a truly global currency. As a community, society, or nation-state such an idea is almost analogous to political heresy, and therefore isn’t something that has been empiricially validated in the real world. However, that’s part of the reason why blockchain currency implementations such as Bitcoin & Ethereum shine. That said, if we are to embark on a truly decentralized currency of the future — a slew of challenges such as scalability, fungibility, security, decentralization of authority, and acceptability need to be addressed first. That’s part of the reason why I love the TomoChain project because these are the areas that this team is focusing on addressing.
In the TomoChain team’s own words:
Our ultimate purpose of Tomo ecosystem is to build a community that takes part actively in the worldwide blockchain ecosystem.
It is inevitable that crytocurrencies in general, and TomoChain in particular have a strong shot at laying the foundation that truly unlocks the internet of value. As such, I would like to point anyone wanting to learn more about this project to their website[1] and upcoming token sale whitepaper [2]
Also have a look at the Tomocoin Wallet application and their testnet to get a sense of the solid progress this team has made in the past several months.
On a parting note, here’s an explainer video of the TomoCoin:
Stay tuned for more information about TomoChain in the days ahead.
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