TomoChain Acquires Lition’s Enterprise Blockchain Unit
Today is a momentous day for both TomoChain and Lition.
We are proud to announce that Singapore-based TomoChain Pte. Ltd., developer of the TomoChain public blockchain, has acquired the enterprise blockchain unit of Lition. The unit, incorporated as Liechtenstein-based Lition Technology AG, has developed a scalable public-private blockchain specifically for enterprises, with features such as data privacy, regulatory compliance, and scalability.
The acquisition includes all blockchain-related assets, such as technology, human resources, treasury, and digital properties. It excludes the energy business of Lition, incorporated as Lition Energie GmbH, which will remain independent but will keep using the blockchain infrastructure for its peer-to-peer trading solution for its electricity customers in Germany.
A NATURAL FIT
Since TomoChain and Lition announced their partnership in April 2019, both companies have closely worked together to promote enterprise adoption of blockchain technology. This acquisition is the final step of a long-lasting partnership that forges a new entity that naturally complements each other. TomoChain has tremendous scale and resources, pushing the Lition blockchain to boundaries that would have never been possible alone. Lition’s sidechain-infrastructure with a European footprint, on the other hand, is a natural completion for TomoChain mainnet-infrastructure with an Asian focus, making the new entity a well-rounded global player.
NEXT STEPS / FUTURE SYNERGIES
Lition will continue operations as a key division of TomoChain, maintain the development of its side-chain technology for commercial use cases and its related business development partnerships in Europe and in Asia. TomoChain’s own enterprise division has been in operations developing blockchain solutions, pan-Asia, across the areas of healthcare, financial, automotive, food, and education among others for nearly 2 years. This competitive advantage is now further bolstered through the addition of Lition’s blockchain unit.
Championing TomoChain’s Asia-side relationships and vision for an open finance future, combined with Lition’s unique public-private blockchain technology, we have identified logical synergies for expanding development to target large scale financial institutions, government agencies and push the boundaries of DeFi. With the recent adoption of blockchain technology to empower central banks, like that of China’s DCEP, a global race is on to understand and implement similar solutions for Central Bank Digital Currencies (CBDCs). There are multiple factors to consider, including regulatory compliance with appropriate AML/KYC, privacy for users but blockchain transparency for the agency, direct control over the network’s operations to prevent misuse by bad actors, and the ability to manage records. This is where our focus will be centered.
The opportunity is ambitious, but one that suits the technology, competency, and experience of our joined teams. The next step is in continuing with our due diligence, to be followed by designing and commencing development of a pilot project.
The energy use case of Lition, which currently accounts for the vast majority of transactions and thus rewards for staked tokens, will continue to operate unchanged. As the energy use case remains independent, it allows the founders of Lition, Dr. Richard Lohwasser and Dr. Kyung-Hun Ha to concentrate even more on its growth which, in turn, increases blockchain transactions. Further, the Lition founders will keep supporting TomoChain wherever they can as advisors to further drive adoption of the technology.
WHAT IS LITION?
Lition is a scalable side-chain built on Ethereum for enterprise use, launched into mainnet October 2020. Lition’s technology framework was founded on the principle of allowing data to be both private and deletable. These two core features were developed to meet with the strict General Data Protection Regulation (GDPR) guidelines laid out by the European Union in order to give citizens control over the use of their personal data. From TomoChain’s enterprise division’s experience, these features match with the level of control large scale commercial entities expect when considering a blockchain solution.
Lition has made its name in the energy space, driving a successful multi-million dollar peer-to-peer marketplace that connects producers of renewable energy with consumers. Lition’s infrastructure was co-innovated with SAP, the world’s leader in enterprise application software. SAP is an established multi-billion company with more than 400 million users and 425,000 commercial customers in over 180 countries. Earlier this year, Microsoft officially integrated Lition as a blockchain as a service (BaaS) provider on Azure, making Lition one of the few public/private blockchains currently supported by a major cloud provider, like Microsoft.
The Lition team found an early market fit with their Proof-of-Existence pilots, which manage legal documents on the Blockchain for various EU clients, including Lawpilots and Schürmann Rosenthal Dreyer. Lition also piloted a €20 Million Loan syndicated between two of Germany’s VR Bank cooperatives and a real estate developer. Its regulation-friendly blockchain technology and brand will play well with the enterprise-based developments coming out of TomoChain in the Asia market.
Likewise, this acquisition marks TomoChain’s commercial entrance into Europe where we have identified growing interest in the applications of blockchain technology. Leveraging Lition’s expertise in navigating the regulation-heavy European markets, we will be exploring opportunities for our collective enterprise expansion there.
WHAT IS TOMOCHAIN?
TomoChain is a scalable blockchain, powered via Proof-of-Stake Voting (PoSV) consensus and used commercially by companies globally. With offices in Vietnam, Japan, and Singapore, TomoChain works alongside companies in tourism, F&B, loyalty points, supply chain, health care, and the financial sector to help solve real problems using TomoChain technology.
TomoChain’s mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits. Its product ecosystem allows businesses to build high-performance, feature-rich projects to support speed, privacy, usability, and liquidity. TomoChain achieves 2000 TPS, 2-second block-time, and ~$0 gas fees without compromising decentralization. Secured by 150 Masternodes, TomoChain’s masternode operators include heavyweights like CoinGecko, Binance, Kucoin, HashQuark, and others.
TomoChain flagship products are:
- TomoZ — Zero Friction Protocol: the first on-chain protocol that offers the ability for token issuance where users pay transaction fees with the same token.
- TomoX — Decentralized Exchange Protocol: Launch a permissionless DEX in minutes, along with shared liquidity across DEXs and high-performance end-user experience.
- TomoP — The Privacy Suite: The fastest way to send privately and anonymously (2–4 seconds) with support for major blockchains. Issue Private tokens with regulatory compliance. Dapps can be built with privacy functionality included.
- LuaSwap — Multi-chain Liquidity Protocol: Liquidity and swapping features that will be launched across multiple blockchains.
TomoChain’s ecosystem partners operate blockchain-powered businesses with thousands of users each, including:
- Bacoor — The owner of the largest Ethereum wallet in Japan migrated their ecosystem of wallets, Dapps, and an NFT marketplace over to TomoChain. It’s social wallet, Pantograph, is regularly the #1 Social Dapp on Dapp.com
- Coin98 — A Vietnamese Finance Mobile App is powered by the C98 token, issued on TomoChain, with a user base of over 100,000.
- Triip — Sustainable travel startup & SharkTank Vietnam alumnus, Triip was the first ICO on TomoChain. Their business reaches millions of users from across the world through key partnerships with Booking.com, Agoda, and others.
TOKEN AND COMMUNITY
TomoChain is excited to welcome the Lition community into the TomoChain family. A brand new Lition website has been launched to commemorate the acquisition and provide updated information on Lition’s direction. However, all Lition social properties will be maintained, and Lition’s dedicated community will be fully supported across the exact same channels. TomoChain will also be working with the Lition team to provide technical assistance to all Lition Validators and ensure that their operations are uninterrupted.
The acquisition is structured to align incentives with Lition (LIT) token holders for the long term. We believe in the value of LIT and it will remain as an ERC20 token on the Ethereum network to power the Lition side-chain, as originally intended. The Lition treasury will be maintained as well, with all vesting and unlocks proceeding according to the preceding schedule laid out by the Lition team.
Our shared goal is to continue to generate awareness of and use for the Lition brand and side-chain. LIT holders will benefit from TomoChain’s broad geographic and industry-level relationships across Asia. We will be exploring meaningful integrations and business development partnerships, exchange listings, and commercial work that will benefit the Lition community.
TIME FOR CELEBRATION
We are looking forward to introducing both the TomoChain and Lition communities to one another. Our teams have planned some exciting activities to break the ice, reward community members, and celebrate this incredible milestone.
Long Vuong, Founder and CEO of TomoChain said, ”Lition’s integration into TomoChain’s Enterprise division is a bold step to highlight TomoChain’s position in our consultation services & product development for large-scale enterprises, as well as for the government. We intend to optimize Lition’s core technology as a base to further extend digital money and other financial products.“
“This is a great day and a defining moment for Lition,” said Richard Lohwasser, Lition founder and CEO. “The separation of Lition’s energy use case lition.de and Lition’s blockchain infrastructure lition.io with its subsequent acquisition by TomoChain is a clear step forward for the blockchain space. It results in totally new opportunities on the infrastructure side that would have never been possible otherwise, but also more personal focus on the Energy use case. This leads to more transactions and thus more rewards for anyone who staked their LIT tokens. I look forward to supporting this new and unified business, and we have never been more optimistic about our prospects going forward.”
From both the TomoChain and Lition teams, we wish to thank our communities for the years of loyalty and support. Working together we’re looking forward to expanding our operations globally and building enterprise-grade blockchain solutions that can make an impact on a massive scale.