Crypto Mass Adoption & DeFi — UpBots AMA w/ TomoChain Recap
The UpBots community welcomed Justin Yan from the team over at TomoChain for an exclusive AMA. Justin joined Neil to discuss how TomoChain is helping to push the mass adoption of crypto and what they have in store within the DeFi scene.
Check out all the questions and answers during the AMA in this recap.
In the first half of the AMA, the UpBots team started things off with some questions for Justin:
What would you like to tell us about Tomochain/Introduction?
Our team is based out of Vietnam, TomoChain is probably the largest public blockchain across Southeast Asia. It’s powered by Proof-of-Stake voting consensus, highly scalable with 2000 TPS speed, 2-second block time, ~$0 gas fees, and also EVM compatibility. With all the amazing features built into it, it’s been used commercially by companies globally. TomoChain launched into Mainnet 2 years ago in December 2018. It is now secured by a network of 150 Masternodes
We’ve been focusing on developing a full suite of DeFi products, as well as providing blockchain solutions for commercial and enterprise clients. Recently we also entered a partnership with Vietnam’s Ministry of Education and Training to issue millions of diplomas on the TomoChain Blockchain. So we really have come a long way over the past 2 years. And there is tons more to achieve going forward
Can you summarize what else our community would find awesome about TomoChain?
Definitely. There are heaps of awesome products and protocols that TomoChain has built over time.
To start with, I’d like to introduce you the 3 main protocols: TomoZ, TomoX and TomoP.
- TomoZ allows users to pay transaction fees by the token itself, without having to hold TOMO.
- TomoX allows anyone to launch their own DEX in minutes without extensive technical knowledge. It can support up to 150 DEXs, and the liquidity is shared across the entire network.
- TomoP is the privacy suite that allows users to make anonymous transactions within only 2~4 seconds.
We’ve also built our own AMM protocol named LuaSwap which is currently running on Ethereum and TomoChain independently, and our own order book based DEX called TomoDEX that’s powered by TomoX protocol. We also have our own wallet named TomoWallet, and our cross-chain bridge called TomoBridge. We also have a portal for users to issue their own tokens in minutes, which is called TomoIssuer.
Overall, it’s a massive blockchain ecosystem consisting of lots of amazing products and projects built by our team as well as other teams from all over the world.
For right now though let's dive into this a bit more. Can you tell us some real world use cases of TomoChain?
we’ve provided blockchain solutions to heaps of enterprises, institutions, businesses, etc. Like Vietnamese government adopted our solution to issue educational certificates on top of TomoChain. That partnership really means a lot, not only to us, but to the whole blockchain industry.
For enterprises, we’ve provided traceability solutions for one of the biggest used car companies in Japan named UcarPAC, and also for food companies and healthcare companies.
Also there are lots of services that we offer for developers including token issuance, DEX launching, Dapp development, etc…
How have you been approaching crypto mass adoption at TomoChain?
That’s a good question. We all know that for crypto the barrier to entry is relatively high for most ordinary people. Like my parents wouldn’t know how to set up a crypto wallet. So the approach that we took was to mask the user friction in blockchain while retaining the underlying benefits. So we introduced this token type named TRC21, which is powered by TomoZ protocol as mentioned earlier. So what it does is allow users to pay the transaction fees in the token itself, without having to hold native TOMO. So for projects using our TRC21 token, it’ll give them a huge advantage to onboard new users.
And as already said, we’ve been actively providing blockchain solutions to real world enterprises and institutions so those non-crypto users would also be able to access and utilize the blockchain technology in their daily life, probably without even knowing it!
Does TomoChain support any other token types? What are their key characteristics and how are they different?
We have several token types available for developers to choose from including TRC21, TRC20 and TRC721.
TRC21 and TRC20 are both fungible tokens. The main difference between them is the fee mechanism. TRC20 tokens would require the token holders to pay the transaction fees in TOMO, but TRC21 doesn’t. So TRC21 is better in terms of onboarding new users. But TRC20 tokens are easier to integrate into dapps and get listed. So they both have their own advantages, the developers can choose whichever token they want depending on their own needs.
And TRC721 is the non-fungible token standard on TomoChain, and it can be used in lots of different ways like gaming, digital arts, software licenses, etc. And one of our dedicated partners, Pantograph, has built a social dapp/wallet and one of its amazing features is to allow users to deploy TRC721 NFT tokens in a few steps. (Big shout out to them!)
if you want to know more about the different token types at TomoChain, you can find out here:
What can you tell us about your plans or strategies for DeFi?
So DeFi has been THE hottest topic of the year and it definitely plays a huge part in our ecosystem. Most of the DeFi projects started off on Ethereum, as Ethereum is the hub for DeFi. But because of network congestion and ever-increasing fees, more DeFi projects are looking to migrate to more sustainable blockchains like TomoChain.
In May 2020, we launched our cross-chain bridge, TomoBridge, where users can swap their ERC20 tokens into wrapped tokens on TomoChain. It’s made the migration process much easier for Ethereum-based projects.
Soon after TomoBridge, we rolled out TomoX protocol, which allows everyone to launch a DEX in minutes. All the DEXs built on top of TomoX protocol can share liquidity from the same on-chain order book. One of them named TomoDEX is run by our team and several others are run by other projects and communities.
Last September, we also launched our first AMM protocol, LuaSwap, on Ethereum. And in January 2021 LuaSwap launched into TomoChain. Right now we have 2 versions operating independently. Going forward, we will keep adding more features and supporting more chains based on the suggestions and voting results of the LUA holders. So LuaSwap will be the multi-chain platform for projects to generate liquidity, and for users to invest and earn.
So we’ve rolled out quite some DeFi focused products. and it’s definitely one of our main focuses at TomoChain
What incentives or investment strategies are available for TOMO holders?
There are so many investment strategies available for TOMO holders. The easiest option is to stake your TOMO on the masternodes that you trust. you can simply do that on your TomoWallet. There are also some third party staking options that you can find. Or you can even become a masternode on our network to earn a better APY.
Or you can also stake it into one of the liquidity pools on LuaSwap, so you can not only earn the transaction fees, but also farm the LUA token at the same time. Right now, with the TOMO algo bot available on Upbots, it gives TOMO holders another investment option
Do you have any plans to collaborate with developers or attract more Dapps to be built on TomoChain?
We are today already. Our founders run the largest Blockchain Developer community in Vietnam and we work with a number of them to help develop solutions on the blockchain.
Our team has held Hackathons a few times over the last couple years and we have done developer workshops too, including one with Neo Blockchain. And we also work closely with educational institutions to launch blockchain courses in Vietnam.
Every Dapp developer we work with is a partner. We try to provide as much support as possible, both technical and marketing. A number of Dapps are games on TomoChain and we hold contests regularly to promote the developers and their titles. Onboarding more developers will take time. However, I’m confident we’re on the cusp of something wonderful in the coming years that will change the relationship between users and applications enabled by blockchain.
During the second half of the AMA we opened up the floor to our community for their questions:
What is your vision of LUASWAP? What advantage does LUASWAP have against existing dex? (@ThuongCB: )
So our vision of LuaSwap is a future multi-chain swap protocol for both projects and investors. Having said that, one of our advantages is being multi-chain. Currently we already support Ethereum and TomoChain, and we are going to add more chains in the future like BSC, Solana, etc LuaSwap was inspired by the previous AMM-based swap protocols such as Uniswap and SushiSwap. However, LuaSwap’s redesigned tokeneonomics and operation strategies addressed the short-comings of other swap systems. At the core, LuaSwap delivers a community-governed, multichain protocol via the LUA token. And it provides tons of incentives and strategies for investors, such as swapping, yield farming, staking, and more to come!
Will we be able to create our own trading bots, to use not just on #tomo but other projects built on #tomochain such #luaswap or #zoidpay?
But the tokens should be listed on one of the exchanges supported by Upbots, And you will need to submit the bot to Upbots for review and approval before deployment. Is there anything you wanna add or correct?
From the UpBots pov on that one — our goal is to integrate everywhere that our users want to use. As a trading platform that will by and large mean CEX and DEX. So yeah I can definitely see a future where we integrate with LuaSwap or other popular TOMO based exchanges.
We all know that the majority of real life users don’t know what Cryptocurrency is all about. How will the TOMO team bring the adoption & education to these ones?
I think the best technology is that you don’t realize it when you are using it. like you are surfing the internet but you don’t have to understand how it works in the backend to be able to use it. Same thing could apply to blockchain. so the products we are building are really trying to mask the frictions and lowering the barrier of entry.
Does TOMO team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?
Yes we do. We have made tons of tutorial videos, and cheat sheets for newbies. you can check out our Youtube channel and Medium for the relevant posts.
Adoption and partnership are very vital for any project to succeed. Who are some of your partners? Also, how can you achieve adoption?
We have made lots of partnerships over the past 2 years, including Vietnam’s Ministry of Education, oracle platforms like Chainlink, BAND, exchanges like Binance, FTX, Kucoin, Gate.io. enterprise partners like Ucarpac, Triip…. and many more.. Last but not least, Upbots :)
Is TomoChain available for the global people or It’s limited for some area? If it’s globally available are you guys planning to introduce it globally?
TomoChain blockchain can be used by people from all over the world. it’s been adopted by many companies globally. Though most of our team members are based out of Vietnam, but we do have a global reach. we have offices in Japan and Singapore. we have very active communities in many countries like Vietnam, Korea, Japan, France, China, Turkey….
What are your major goals to achieve in the next 3–4 years? And What are your plans to expand & gain more adoption?
In a couple of years, TomoChain plans to become a credible alternative to Ethereum with solutions that solve all of Ethereum’s inconveniences on speed & cost. Moreover, building a sustainable ecosystem is in the plan as we onboard more developers and projects in the blockchain ecosystem and other fields like entertainment, education, and traditional finance.
Thanks again to Justin for coming by to share all this awesome insight into TomoChain! We hope you all learned a lot about how TomoChain works and how they’re revolutionizing the blockchain space.
Be sure to check out the next UpBots AMA!