A letter from our CEO: Introducing a new Governance
To our dear TomoChain community,
TomoChain’s mainnet was launched in December, 2018. The first version of the core client started with 5 full nodes, which was quickly picked up by the community and expanded to more than 100 nodes in the ensuing two weeks. At the time, TomoChain’s mainnet hit production after about one and a half year of ideation and intense developments. It was the time when the crypto community was fairly small, probably at less than 1/10 of the size of the crypto community at the moment, and TomoChain Lab delivered what it set out to do at the beginning.
After the second major hard-fork, the TomoChain mainnet 2.0 was launched in October, 2019; followed by version 2.2 (Excalibur) launched in April, 2020 with an improvement of the PoSV consensus and the additional development of TomoX. We thought it is a clever system that incorporates novel mechanisms like slashing off-line nodes, double validation, on-chain orderbook, privacy integration with TomoP pre-compiler etc. The core client went through 13 updates since then. More remarkably, the network has been running stably for all the time it is online hosting token transfers & applications uninterruptedly.
People say 1 year working in crypto is like 10 years working in the other industries, and indeed, it feels like the core team, the engineers, token holders, and the whole ecosystem have been with each other for eternity.. Thus, both the network upgrades and the people of TomoChain are worth celebrating on this three-year mainnet anniversary. Furthermore, on this occasion, we are pleased to introduce a change in the governance’s structure, in which TomoMasterDAO will gradually step up to help steward TomoChain’s ecosystem into the future.
Decentralization is an important quality of a public blockchain that we set out to build in 2017. In the economic whitepaper published in 2018, we mentioned a Masternode Council stating that “TomoChain platform would later be coordinated by a non-profit body such as Masternode Council”. We thought hard about how to structure the eventual decentralized governance of TomoChain over the years. As a result, TomoMasterDAO was conceived over the last 9 months, and arrived at the beta version recently at https://masterdao.tomochain.com
We envisage that TomoMasterDAO will take more responsibilities for TomoChain‘s ecosystem over time, and onboard people to work on different fields such as developer relations, marketing, public education, and so on.
In this new structure, TomoChain Lab’s new role will focus on technology developing the core of TomoChain’s client and maintaining TomoChain’s Github public repositories. TomoChain Lab will continue working on other products essential to the ecosystem such as the block explorer TomoScan, the staking platform TomoMaster, TomoChain’s AMM exchange LuaSwap, the launchpad LuaStarter, and the cross-chain bridge TomoBridge amongst other things.
TomoChain Lab took many initiatives over the last three years to work on researching and building multiple product lines. Notably, the staking platform has been very successful and was ahead of the time when it was launched with the mainnet release in 2018. On the other hand, as TomoX’s order book exchange system failed to gain sufficient traction, the team decided to pivot to an AMM swap exchange in LuaSwap which is now the most used application on TomoChain. Thus, We learned from our experiences, and raised even further.
Some other works such as the research on sharding architecture or the research and alpha codes of Tomo Privacy is likely to stay as experimentations instead of going into production due to various constraints in regulations, market demand & operational capacity. TomoChain Lab is currently streamlining all engineering work on the TomoChain ecosystem and will produce a full report in 2022.
It is expected in the future that TomoMasterDAO will be the main body to coordinate the ecosystem initiatives. This new structure will bring more aligned people to the ecosystem. Resources will also be prioritized more efficiently, and allocated to where it is most beneficial. TomoChain Lab, TomoMasterDAO, the core team & other dedicated token holders will continue to collaborate and foster the growth of TomoChain’s ecosystem.
Let’s go to TomoMasterDAO’s website to learn about it, and participate in the voting of the first DAO’s governance board in the near future.
Yours truly,
Long Vuong.
On behalf of TomoChain’s founding core team, and TomoChain Lab.
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