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 (below) before tackling the papers. For those that want to jump straight in to the heavy stuff, I recommend reading the technical paper, the economic paper, sharding design paper and TOMOX. 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 May 10th, 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 parallelization, and hardware integration
- Novel Proof-of-Stake Voting (PoSV) consensus — a PoS based blockchain with a fair voting mechanism
- Double validation and randomization for security enhancement
- Passive income generated 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
- TomoX DEX protocol and TomoDex will be ready by Q3/Q4 this year.
What does TomoChain offer?
1. A fast, stable, scalable, totally decentralized platform — A heaven for decentralized apps
TomoChain supports all EVM-compatible smart-contracts, protocols, and atomic cross-chain token transfers. New scaling techniques such as sharding, EVM parallelization, hardware integration will be continuously researched and incorporated into TomoChain’s masternode architecture — which will provide a scalable smart-contract public blockchain for decentralized apps (dapps), token issuances and token integrations for small and big businesses.
A handful of dapps have successfully deployed TomoChain platform with one even releases its own token. They are all officially listed on Dapp.com and Dapp.review, the two largest App stores and ranking sites for dapps.
List of TomoChain Dapps (access them by opening TomoWallet > D-APP Browser)
- Finance: TomoMaster | TomoSwap
- Travel booking: Triip
- Gaming: MaxBet | TomoDice | MCashDice | TomoDome | Tomo3D | TomoBuilding | TomoFomo | TomoRain | TomoRPS | TomoBowl
2. Reward Mechanism
Not only 150 masternode owners, but stakers (users who vote for masternodes) can also earn passive income when joining TomoChain network. Annual ROI for a staker is 8–10%, and around 20% for a masternode owner.
Take a look at our economic paper for more details.
3. Unique financial products
TomoChain team has been working diligently to deliver unique, competitive products to the system. We proudly introduce the upcoming TomoX Protocol and TomoDEX that guarantee to make TomoChain stand out from traditional projects.
- TomoX is the protocol that companies /exchange builders can use for building relayers (DEXs) and interacting with TomoX on TomoChain
- TomoDEX, operated by the TomoChain team, is the first relayer on TomoChain blockchain, using TomoX protocol to enable token trading between users
Soon, TomoChain users will be able to trade and invest their digital assets at ease and without fear of insecurity.
It’s worth noting that besides the above dapps, there are some TomoChain’s built-in products that will come in handy to users:
- TomoMaster (Governance Dapp) — where users apply to become a masternode and/or login to vote/stake
- TomoStats — where users can see how TomoChain and nodes are functioning
- TomoScan — where users can check signed blocks, node rewards and status of transactions
4. Expert Blockchain Consulting
TomoChain offers blockchain solution and consultancy to enterprises who wish to expand their business by adopting the technology. Our offices are located in Vietnam, Singapore and Japan. We are strongly positioned in South-East Asia and Japanese markets, as well as Korea and China with an eventual global outlook.
TomoChain Official Sources
- TomoWallet for Android or iOS
- Technical Whitepaper | Economic Paper | Draft Sharding Design Paper
- TomoX Decentralized Exchange Protocol
- Medium | Github | Gitter Chat | Twitter | Telegram (English) | Telegram Announcement Channel (English) | Facebook | Reddit | LinkedIn
TomoChain Tech Blog
Full resources HERE and highlights as below
TomoChain establishes strategic partnerships with an emphasis on quality over quantity — facilitating short and long-term goals, as well as geographical target markets.
Tech in Asia | V-Next Software | 0chain | Kambria | ORCA Alliance | TE-Food| Triip Miles | FarmaTrust | Edenchain | Savvycom | CMC Institute of Science and Technology | Faculty of Information Technology, Vietnam National University | Portal Network | VeloxChain | Terra | School of Applied Mathematics and Informatics (SAMI) | OneLedger | The Georgian National Blockchain Agency | Axie Infinity | Alternative Investment and Security Exchange (AIS) | Constant | WisePass | BlackCat | Morpheus Labs | Lition | Japan Content Token (JCT).
Frequently Asked Questions (FAQs)
How do I connect to TomoChain network?
Follow this guidance: http://bit.ly/2A6zrC7
I left TOMO ERC20 on IDEX. How to get them back?
Please note TOMO ERC 20 is no longer in use, you can't either move TOMO out of IDEX or trade/buy TOMO on IDEX. So please go through this guide carefully. Then fill in this FORM. We will proceed with the support at the beginning of every month.
1. 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 is 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 Q3/Q4 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. The 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 58 hours after un-voting (wait for 96 epochs to complete). Stakers are incentivized to maximize their profits through a proper voting strategy. Through this voting process, only the best masternodes flourish — read more on this here.
4. What scalability solutions is TomoChain working on? Will you implement sharding?
Yes, currently, with POSV consensus with 150 masternodes, we achieve 2000 tps. 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 parallelization
- Hardware integration
5. When is TomoChain mainnet?
Mainnet was launched on 14th December, 2018.
6. Where should I buy TOMO?
7. How does TomoChain aim to differentiate itself from other blockchains?
Whilst TomoChain is a fork of Ethereum, it aims to develop its own unique ecosystem and infrastructure. At its 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 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 finalized if it is signed off by 3/4 masternodes. At the end of each epoch, the masternodes that have signed finalized 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 59 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 is 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 number 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 favorable 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
Apply to run a masternode on testnet HERE
11. Why did you change from a maximum of 99 to 150 masternodes?
This change came about post discussions around both decentralization and scalability. From a decentralization 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 some other big exchange— this will continually be re-assessed pending multiple variables, including the price for listing, etc. Will update the community once it is ready.
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.
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. Plus, scalability ~ speed and number of TPS, only appreciate when there are mainstream Dapps built on top of our platform. Therefore, we now focus more on building a strong ecosystem.
Thank you for taking your time finishing this read ❤️❤️❤️