TomoP AMA Recap— the Man behind the Mask
An AMA recap to a clearer picture of what TomoP can offer.
What is TomoP?
In simple words, TomoP is a comprehensive privacy suite delivering the fastest privacy transactions, Dapp integration, multi-chain support, and private token issuance with regulatory compliance.
So what does it mean exactly? How and what TomoP can be used for?
TomoChain threw out an AMA session on 25 March in order to better clarify our users’ concerns and explain the key features. Let’s dig in by checking out our answers to some of the most brilliant questions from our AMA session below.
Guest speaker: Mr. Tuan Anh — Blockchain developer at TomoChain.
“Coming into blockchain is very unexpected for me, but it didn’t take long until I got hooked on this technology. Blockchain opens new doors for the movement and storage of transactional data inside and outside of global enterprises. Although being only in the early stages, I believe its use cases will lead to the future of fintech”.
Q: Can you elaborate on how TomoP uses/benefits from TomoZ and what kind of use cases do you think companies can apply this to? (@CryptoVillain_)
A: TomoP can’t be done without TomoZ. Most EVM smart contract-based private transactions require a relayer to sign a private transaction to pay the transaction gas that will eventually be refunded.
Q: What are your plans and/or roadmap for regulation compliance with the launch of TomoP? If KYC/AML will be used, will they remain optional? (@derkabu)
A: We would support a private view key (derived from the private key) for viewing balance/transactions only so you can use it for complying relevant laws, taxes, policies, and regulations. Btw no KYC/AML at all.
Q: What problem does TomoP solve? What are the killer advantages of using TomoP over its competitors? (@cryptonyan1)
A: TomoP is the fastest protocol for private transactions. Normally it would take 2 to 4s per transaction, compared to Monero, ZCoin, ZCash which take some minutes. We would support Dapp, wrap-tokens such as BTC, ETH, USDT, TRC20, TRC21 on TomoP.
Q: Which technology is needed to build private transactions? Like, how does it differ from building a normal transaction system? (@TrungDao912)
A: In general we use zero-knowledge proof to anonymize the value and sender. Please have a look at our white-paper https://bit.ly/2QGrsEf for details.
Q: Can TomoP protocol be implemented on other platforms/ merchants like a dependent tool for business solution or its inseparable part of TomoChain ecosystem? (@quelinh002)
A: In the near future, TomoP will support Dapp payment, which means no one will know if you pay for specific services. We’re planning for this, stay tuned.
Q: As I know TomoP supports multi-chain by combining TomoBridge. In this case, will TomoB be a representative token for other blockchain tokens that are connected through a bridge? In which way will TomoBridge use to hold these tokens to ensure safety and decentralization? (@paraphan1992)
A: Representative tokens will be different, ie WBTC, WETH not just TomoB. Tomobridge is a semi-decentralized system for making sure any minting transaction relevant to a deposit transaction and vice-versa. Of course, TomoP would support those wrap-tokens in the future.
Q: Could you clarify the cryptography used by TomoP — is it different compared to Zcash and Monero? (@Kazcloud9h)
A: In general we use the same stacks like Monero with Pederson Commitment, Stealth address, Bulletproof, RingCT + TomoZ. The TomoP’s Elliptic Curve is secp256k1, Monero uses ed25519, Zcash uses BN128.
Q: What are TomoP’s advantages over other coins such as Zcoin, Monero? (@Victor_Ngn)
A: Very fast transaction.
Q: Can we use TomoP for anonymizing TRC20/TRC21 tokens? (@Victor_Ngn)
A: We’re planning for this, hopefully, it will be released in Q4 or Q1 next year.
Q: What kind of Dapps that could be developed with TomoP? (@Victor_Ngn)
A: All kinds of Dapp.
Q: Can I issue tokens on TomoP to make a payment system? (@Victor_Ngn)
A: We don’t have plans for this.
Q: For a privacy transaction like on Zcash, it will have 2 types of addresses. One is public and the other one is shielded. On TomoP, to make an anonymous transfer/ transaction, does it need 2 types of address and if the sender/receiver wants to check tx history, how will it be done? (@bakaborn)
A: We just have one type of address — privacy address. Tx history must be encrypted and attached to utxo/tx as metadata. Users need a private view key (derived from the private key) to decrypt that information.
Q: TomoP seemingly is the game-changer. Now from studies, Dapps and DeFi are expected to make high this year, what are TomoP’s roles in both DeFi and Dapps? (@ejioforkel)
A:
- Dapp Privacy — TomoP is going to allow for us to create a slew of brand new Dapps that are truly private. Anyone familiar with staking knows that the staker address and their holdings are public information. With TomoP, we could launch a Dapp to mask all of that information. Extrapolate from this what it could mean for any application that is built to handle customer data. True financial privacy, including from the Dapp operators themselves.
- Issue purely private tokens (TRC21p Standard) — A new token standard will be launched that is purely private. The only data available will be on its token supply. Beyond that, nothing. Think of these tokens as a faster Monero that can also meet regulatory compliance. Token issuers can optionally provide auditing access to enforcement authorities. What this means is if the next PayPal competitor can build their service right on TomoChain and meet the most basic criteria required to stay above board in many jurisdictions.
Ready to explore by yourself? No worries! Click HERE to hop on TomoP Public Testnet and begin your anonymous experience right now!
Follow the step by step tutorial video below for instruction.
https://www.youtube.com/watch?v=eDxUJGCU4Dc
Follow us on TomoChain Announcement Channel | Twitter | Facebook | LinkedIn | Reddit | Github | Sign up for our newsletter on Website
For General support: TomoChain Chat
For Technical support: Gitter
