On June 26th, 2019, TomoChain and Kucoin successfully co-hosted an AMA where we untangled all confusion and questions about our company as well as our vision. The AMA involved great engagement and support from the Kucoin India community, and we really appreciate for that. Thank you Kucoin India Community for putting forward great questions!
Below is the AMA summary:
1. Staking is beyond a passive income; it is a very active system in which the user is rewarded for voting for the best nodes with the least amount of votes. One can take advantage of the system by making use of new nodes/ nodes that lost voters, while still be able to put in market orders. However isn’t it because of the 48-hour withdraw rule that, if a swing up happens, voters’ chance to earn will be limited?
The key idea of TomoChain’s MN staking is for the voters to support certain MN candidates that contribute to the ecosystem, and help the MN generate an income over the long term. The system is better to have relative stability, therefore it is designed to have a two-day lock of tokens after voting. Voters should be deliberate in choosing the MN they want to support.
2. How many finance apps are you guys developing on your chain? Are they secured? How secured and efficient are your apps compared to popular financial system like PayPal? I read a lot about TomoChain, all are positive and good. But my question is what is behind TomoChain that maintains its accuracy and ensures the whole system is working as per requirement? Is there any centralized server to check whether everything is working fine?
So TomoMaster and TomoSwap are the two most used finance dapps we’re having on TomoChain. TomoMaster is developed by our own team, while TomoSwap is developed by a team from KyberSwap. They both follow the highest security standard in development and are audited to ensure end users good experiences. We can also verify smart-contract written on chain by third parties as well.
For the sake of decentralization, there is no centralized server for checking. But some services like TomoScan is developed and maintained by our team which uses a regular server.
3. When is Tomo next meetup in India? Will it be in Rajasthan, Jaipur (the pink city)?
We would love to be there! Do you know that we’re having a new team member from New Delhi? Meet our new CBDO Kyn Chaturvedi!
4. Currently, the chain has stored up to an approximate 1Gb per day. It’d take years to reach 1TB. I am fairly certain some types of pruning can be achieved before the storage becomes a real problem. Please have a comment on this.
That’s correct. Data storage is not an urgent concern at the moment. Ethereum blockchain is close to 2TB now, so we have time to work out a solution.
5. I want to know why you wait this long to get on a major exchange like Binance? I see everyday updates partnerships from TOMO but the Volume on KuCoin is to less to bounce off. Tomochain is the hardest working team in the crypto space in my opinion! So many people are confident and believe in TOMO just like me.
A lot of things are not in TomoChain team’s control. Exchanges are examples, as they sometimes have other objectives such as promoting IEO instead. Things are getting together soon though. By the way, Kucoin is already a great exchange! It will even get better with other new products like KuMex.
6. Considering TOMO is running on its own blockchain and have already identified its use cases, I am interested to know when the building of Dapps would be public. Also, I’d like to know more about the EVM technology and the Staking Protocols of TomoChain?
To stake, you acquire TOMO and vote for a Masternode Candidate you support. Then you will receive the reward every epoch, which lasts around half an hour.
7. So what will make Tomochain special and different from other competitors like Ethereum or EOS in the future, since they are already doing a good job in this regard?
We have a few special things that differentiate TomoChain from others: 1) POSV consensus which empowers our staking mechanism; 2) TomoZ, fee by any token protocol and TRC-21 token standard; 3) TomoX protocol for building an exchange relayer in 10 minutes while costs only 100$ per month.
Furthermore, we have a strong presence in South East Asia with a big community of developers to help us build the ecosystem.
8. How will Tomochain compete with other projects like ETH and EOS?
We have to be very strategic in this regard. Focus on a few quality apps that have users, and more relevant to the ecosystem.
9. Since Tomochain claims itself as the solution for Scalability problems on Blockchain platform, what can we expect from Scaling techniques like Sharding, EVM- Parallelisation, Private-Chain generation, hardware integration? Are they efficient enough? If yes how are they better than other scalability techniques?
These are some research directions we are looking at. Each has its own unique properties, and we will bring the latest research into production as time goes on.
10. What is Tomochain’s future plan? How will personnel issues be resolved?
The plan is to make TomoChain very successful 😉 We have about 40 people now, a good size to achieve some great things.
11. Will TOMO ever increase TPS in the near future?
Not near future as there is already more than enough. TomoChain is on par with FaceBook’s Libra network.
12. Is TRC-21 on TRX blockchain?
No, it’s on TomoChain’s blockchain (TomoChain Request for Comment)
13. How easy is the Tomo accessible to layman users? As we know it takes time for users to understand the technology and adopt blockchain. There’s no doubt TomoChain is attractive to devs and tech guys. But what is your plan to attract mainstream users?
Blockchain is new, and so is cryptocurrency. We are doing more to educate end-users.