TomoChain and Terra announce strategic partnership
TomoChain is pleased to announce that we have formed a partnership with Terra, the price-stable cryptocurrency project building the next-generation payment system on the blockchain.
Both projects will work together to implement Terra’s Cross Chain Stability Mechanism, allowing TomoChain decentralized app (dapp) developers to easily incorporate Terra as a form of payment.
The Parties are also engaging in platform evaluation and technical support for the joint purpose of providing useable and stable services to easily onboard no-coiners and accelerate adoption of blockchain technology.
Long Vuong, TomoChain Founder said, “We are excited to partner with Terra. The alliance between TomoChain — an innovation solution to the scalability problem of blockchains — and Terra — an innovation solution to the price votability of cryptocurrencies — can open the gateway to an explosion in practical large-scale blockchain applications. Stablecoin is an important part of TomoChain ecosystem. With reliable stablecoins incorporated in TomoChain, we have the power to unleash a much greater number of use cases than what we see today on the blockchain.”
Daniel Shin, Terra Co-Founder added: “We are building a universal payment system on the blockchain, and we believe that the ability of blockchain networks to interact and integrate with each other is key to achieving mainstream adoption. As one of the leading blockchain projects, TomoChain is also focused on solving scalability and usability issues, and we immediately struck a chord. We look forward to working together to implement our cross chain mechanism and develop more diverse use cases for Terra.”
Terra strives to become the first widely adopted cryptocurrency. It uses a dual-token model to fully collateralize its stablecoin Terra, with a decentralized asset and second token called Luna. Terra is backed by an ever-growing alliance of partners — including eCommerce giants in Asia-Pacific such as TMON (Korea), Baemin (Korea), Carousell (Singapore), and Tiki (Vietnam) — who will integrate its blockchain payment system to their platforms. To date, the Terra Alliance has a collective annual transaction volume of $25 billion and 40 million customers, setting the stage for Terra to reach mainstream consumers at a massive scale.
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 Proof of Stake Voting (POSV) consensus that can support near-zero fee, and 2-second transaction confirmation time. Security, stability and chain finality are guaranteed via novel techniques such as double validation, staking via smart-contracts and “true” randomization 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 be an ideal scalable smart-contract public blockchain for decentralized apps, token issuances and token integrations for small and big businesses.