TomoChain: An overview
This post is intended to provide an overview of TomoChain, including all relevant links and frequently asked questions. I have compiled the information below, as well as FAQ’s and answers based on papers, AMA’s, team answers in telegram etc.
There is a lot of information, if you are new to TomoChain I recommend reading the Elevator Pitch and then skipping to the FAQs before tackling the papers. For those that want to jump straight in to the heavy stuff, I recommend reading the technical paper, then the economic paper and sharding design paper. The Tech Blog on medium also has some resources to supplement these papers.
There is no price discussion, charts or buy recommendations below, it is simply a compilation of all available information and resources. This post will continue to be updated. Disclaimer: I own some Tomo.
Updated Jan 9th, 2019
TomoChain Elevator Pitch:
- Public EVM-compatible and scalable blockchain — every Ethereum smart contract can run on TomoChain. Developers are able switch between TomoChain and Ethereum with ease.
- Almost instant transaction confirmations with near 0 fees — Mainnet is LIVE!
- >2000 TPS on testnet with a view to 20–30k TPS with scaling solutions — including sharding, EVM parallelisation and hardware integration
- Novel Proof-of-Stake Voting (PoSV) consensus — a PoS based blockchain with a fair voting mechanism
- Double validation and randomisation for security enhancement
- Strategic partnerships with emphasis on quality over quantity — facilitating short and long-term goals, as well as geographical target markets
- Offices in Vietnam, Singapore and Japan — strongly positioned in South-East Asian and Japanese markets, as well as Korea and China with eventual global outlook
- Potential to earn passive income via masternodes (maximum 150 MNs) and staking
- CEO Long Vuong — co-founder of NEM, backed by an experienced team who are transparent and available for discussion
- TomoChain DEX integration planned 2019 — run and supported by the masternode infrastructure with a percentage of fees going to masternodes
What is TomoChain?
TomoChain is a public EVM (Ethereum Virtual Machine) compatible blockchain with the following advantages: low transaction fees, fast confirmation times, double validation, and randomisation for security guarantees.
TomoChain is an innovative solution to the scalability problem with the Ethereum blockchain, and other current blockchain platforms. TomoChain relies on a system of 150 Masternodes with a unique Proof of Stake Voting (PoSV) consensus that can support near-zero fee and 2-second transaction confirmation times. Security, stability and chain finality are guaranteed via novel techniques such as double validation, staking via smart-contracts and “true” randomisation processes.
TomoChain supports all EVM-compatible smart-contracts, protocols, and atomic cross-chain token transfers. New scaling techniques such as sharding, EVM parallelisation, private-chain generation, hardware integration will be continuously researched and incorporated into TomoChain’s masternode architecture — which will provide a scalable smart-contract public blockchain for decentralised apps, token issuances and token integrations for small and big businesses.
Tomocoin (TOMO) is the native token for the Tomochain infrastructure.
“I think it is important to focus on TomoChain’s own strengths, and look for the ‘blue ocean’ instead. The world is a pretty big place, and startups often kill themselves because they cannot make a desirable product, not because of the competition. At the moment, aside from the core TomoChain platform, we want to focus on a few quality Dapps with use cases that can make a difference. Quality > quantity. I also think our core blockchain solution like the state sharding proposal is of very high quality, and potentially better than multiple high profile attempts at scaling currently. This solution is also very unique to the TomoChain masternodes design, which will remain our competitive product advantage for a long time. There are also several other product solutions in design stages, which also integrate with TomoChain’s overall design. These product innovations are some of the core competencies we have that make TomoChain very unique compared to other big projects.”
Long Vuong, CEO of TomoChain
TomoChain Official Sources
- TomoWallet for Android or iOS
- TomoMaster — Apply to become a masternode and/or login to vote/stake!
- TomoStats — Check how TomoChain and nodes are functioning!
- TomoScan — Keep an eye on signed blocks, node rewards and check status of transactions!
- Technical Whitepaper
- Draft Economic Paper
- TomoX Decentralized Exchange Protocol
- Draft Sharding Design Paper
- Gitter Chat
- Telegram (English)
- Telegram Announcement Channel (English)
- ****Mainnet token swap instructions****
- TomoWallet Announcement
- TomoMaster Introduction (video)
- How to vote on TomoMaster from A to Z (written)
TomoChain Tech Blog
- TomoChain: How a Stable Ecosystem is Created
- Slashing mechanism explained — A must read for all masternode operators!
- TomoChain vs EOS
- Blockchain Comparison Overview: EOS, Casper FFG, Cardano, Tendermint and Tomochain
- The Strategic Partnerships of TomoChain: an Overview
- Tech in Asia
- V-Next Software
- Midas Protocol
- ORCA Alliance
- Big Bom Eco
- Triip Miles
- CMC Institute of Science and Technology
- Faculty of Information Technology, Vietnam National University
- Portal Network
- School of Applied Mathematics and Informatics (SAMI)
- The Georgian National Blockchain Agency
- Axie Infinity
List of Videos/Interviews
- TomoChain PoSV Explained
- TomoChain PoSV In-depth explanation
- TomoChain Masternode Introduction
- Vietnam Office Introduction
- Japan Office Introduction
Frequently Asked Questions (FAQs)
- How do I stake from my Ledger?
Plug in your ledger and open the Ethereum App.
Go to Tomomaster at https://master.tomochain.com
Login to Tomomaster and select Ledger from the drop down menu. Change the HD path to m/44'/60'/0'
You should see your Tomo balance.
To see a list of nodes click on the Tomomaster homepage button top left corner.
Next to each node should be a ‘vote’ button.
When voting you will need to confirm transaction on your ledger.
- Is TomoChain compatible with Ethereum?
Yes. D-apps currently running on the Ethereum blockchain will be able to run on TomoChain. Developer tools provided by Ethereum and by the Ethereum community will also be compatible with TomoChain, so developers can switch between Ethereum and TomoChain easily.
2. Does TomoChain have masternodes? How do they work?
Yes — there are a maximum of 150 masternodes. Masternodes create, verify and validate new blocks in TomoChain’s platform.
In order to become a masternode candidate you must deposit 50,000 TOMO to the Voting Smart Contract and must have enough votes from stakers (coin holders) to be in the top 150 of all masternodes. A candidate can resign, but the tokens will be locked for the next 30 days (1,296,000 blocks) after the resignation.
The rewards a masternode receives in each epoch is proportional to the number of signatures it signs. Masternodes will also receive fees from the TomoChain DEX, which is planned for development in Q1 2019.
3. What is the role of coin holders/stakers? Will they also receive rewards?
These are everyday users that use the network and own and/or transfer TOMO. These users send their TOMO to the masternode candidate smart contract on the Voting DApp. Coin holders who vote for the masternodes will receive TOMO in proportion to the amount of TOMO they have staked.
While the masternodes produce and validate the blocks, the stakers ensure that they are properly doing their job, based on three metrics: 1. CPU/Memory charts (workload); 2. Number of signed blocks (work performance) and; 3. The last signed block (to determine activity).
At any time, stakers can un-vote a masternode who haven’t performed adequately and can vote for other masternodes. Though their tokens will be locked for 48 hours after un-voting. Stakers are incentivised to maximise their profits through a proper voting strategy. Through this voting process, only the best masternodes flourish — read more on this here.
4. What are the projected rewards or ROI for masternodes and stakers?
There is more information regarding this in the economic paper.
Please also note, the economic paper is in a draft phase and is not yet finalised.
One example is outlined below.
Scenario: 150 Masternodes, 12.5 million tokens voting, a total of 20 million token locked.
Approximate reward achieved per week:
- By a Masternode = 224 Tomo
- By a Voter with 1K Tomo staked = 2.1 Tomo
Approximate reward achieved per year:
- By a Masternode = 11,680 Tomo
- By a Voter with 1K Tomo staked = 109.5 Tomo (10.95 percent annually)
- Total reward for a Masternode with a 50K Tomo deposit: 17,155 Tomo
5. What scalability solutions is TomoChain working on? Will you implement sharding?
Yes, sharding is one of the primary scaling solutions we are working on. The sharding design paper can be found here.
However there are also other scaling techniques continually being researched, such as:
- EVM parallelisation
- Private-chain generation and;
- Hardware integration
6. When is TomoChain mainnet?
Mainnet is scheduled for Q4 2018, likely December.
7. How does TomoChain aim to differentiate itself from other blockchains?
Whilst TomoChain is a fork of Ethereum, it aims to develop it’s own unique ecosystem and infrastructure. At it’s core, TomoChain proposes Proof-of-Stake Voting (PoSV), a Proof-of-Stake (PoS) based blockchain protocol with a fair voting mechanism, rigorous security guarantees and fast finality.
Proof-of-Stake-Voting (PoSV): Proof-of-Stake Voting consensus enables TomoChain to become an EVM-compatible and scalable public blockchain — PoSV features an architecture of 150 masternodes. The most voted candidates are selected as masternodes for block creation within a period, called an epoch. Each masternode takes its block creation in a round-robin manner every 2s and follows the double validation technique for security reinforcement. A block is finalised if it is signed off by 3/4 masternodes. At the end of each epoch, the masternodes that have signed finalised blocks are rewarded.
Transactions per second (TPS): With our proposed PoSV consensus protocol, TomoChain can reach at least 2,000 TPS whilst still enhancing security through double validation. With current 2-second block-times and based on current network bandwidth, a transaction in TomoChain can be confirmed within almost 4 seconds. Furthermore, TPS will be higher (aiming for 20–30k TPS) once the sharding solution is enabled.
Double Validation: Double validation provides an additional trustless validation layer for security enhancement. When a block is created by a masternode, it must be verified by another masternode that is randomly selected, before being added to the blockchain. Double validation strengthens TomoChain’s security, reduces fork and nothing-at-stake attacks, and makes TomoChain unique among other Proof-of-Stake-based blockchains.
8. As TomoChain is a fork of Ethereum, can other Ethereum forks copy TomoChain’s sharding design?
Our sharding design is dependent on TomoChain’s unique masternode architecture. It is not compatible with the current direction of Ethereum, or other Ethereum forks, even though other projects are able to take ideas from the design if they wish.
The TomoChain masternode community will be very valuable, and difficult to replicate. From a broader perspective, the voter/staker community will also be very important.
9. What is the total supply of TOMO? What is the emission schedule?
There is a total of 100 million TOMO. Currently there are 55 million TOMO in circulation.
The total amount of tokens at the genesis block was 55 million TOMO tokens which are currently in circulation. The remaining 45 million TOMO are to be used for:
- 12 million are reserved for the team vested over the next 4 years;
- 16 million are reserved for strategic partners, and an ecosystem building fund;
- 17 million are reserved as block rewards for the next 8 years
The amount of tokens in circulation at the end of the 8th year will be 100 million TOMO.
After mainnet launch, the block rewards are as follows:
- 1st and 2nd year: 4 million TOMO annually
- 3rd, 4th and 5th year: 2 million TOMO annually
- 6th, 7th and 8th year: 1 million TOMO annually
After this, the block rewards will be halted, or activated at a number less than or equal to 1 million Tomo annually.
10. Who can run a masternode? What are the hardware requirements?
Anyone that meets the requirements of 50,000 TOMO can in theory run a masternode. However it will be favourable for the network for those running masternodes to have a long-term vision and provide stability to the network, ahead of hobbyists who may turn nodes off at any time. There is a plan to eventually form a ‘Masternode Council’ to make decisions and provide governance to the network going forward.
Hardware requirements for a masternode (full details here):
- Must be facing internet directly (no NAT, public IP)
- Must have at least 16 cores
- Must have at least 32GB of RAM
- Must use an IaaS (“cloud”) provider of your choice (AWS, Digital Ocean, Google Cloud, etc.)
- Storage must be SSD
11. Why did you change from a maximum of 99 to 150 masternodes?
This change came about post discussions around both decentralisation and scalability. From a decentralisation perspective — 150 is better than 99. Of greater importance however is scalability — a greater number of masternodes will better suit the sharding solution which is being developed.
12. Where is TomoChain at with regard to exchanges?
TOMO is available on a number of exchanges at present, these are listed in the exchange section of this document.
TomoChain is currently in discussions with Binance, Bittrex, Houbi and OKex — there is a plan to be listed on at least one big exchange prior to mainnet launch, though this will continually be re-assessed pending multiple variables, including price for listing etc.
13. I have heard that TomoChain is targeting the Japanese market, what does this mean?
TomoChain does plan to continue working in the Japanese market, though it is still early in this process. Having said that, the TomoChain team has made trips to Japan already and attended conferences and had meetings with BCrypto, Soft Bank and Mitsubishi — as well as some other private meetings which will be disclosed in the future. There is a goal to have at least one good project from Japan working on TomoChain by the end of the year.
TomoChain also plans to have an office and representatives in Japan by the end of the year.
South East Asia and Japan are two of the key markets for TomoChain initially, as well as China and Korea.
14. Is your code available to view on Github?
TomoChain will publish the source code of projects (TomoChain, TomoScan, TomoMaster and other activities using TomoChain). This is publicly accessible on Github. You can find it at Github.com/tomochain. For the TomoChain source code, the link is github.com/tomochain.
There is some source code being developed privately on Gitlab.
There is also a Gitter chat available to the public for any technical questions or concerns they may have. It can be found at gitter.im/tomochain/tomochain.
15. Some ICOs in 2018 have reportedly run into problems with finances due to the bear market, how is TomoChain positioned in this regard?
TomoChain has adequate funding to continue development for the next 3–4 years as planned, irrespective of market conditions.
16. How does TomoChain compare with other available blockchain projects, which blockchain(s) are TomoChain’s main competitors?
On the one hand, all base layer blockchains such as Ethereum, EOS, NEM, NEO, TomoChain etc are competitors because app developers/token issuers will generally choose only one blockchain to work on. On the other hand, it is too early to focus on competition as it is more important to expand the whole blockchain ecosystem rather than to compete.
TomoChain has a unique position in which it adds value to the Ethereum ecosystem by addressing scalability and governance issues while keeping the same smart-contracts and general architecture.
In terms of TPS, 1000 or 1 million TPS are just numbers, if others can do it, then TomoChain will be able to achieve similar in a reasonable amount of time — masternodes will scale very well. Though it is more important to keep in mind what the technical trade-offs are.
17. What exchanges is TOMO available on currently?
TOMO is currently available on: