what is tomocoin

The quick and low-cost transactions of the TOMO coin make it a viable currency for payments. So, it is likely that more businesses will use it as a payment solution. Additionally, TOMO also gets its https://www.tokenexus.com/ value from the growing TomoChain ecosystem. Thus, given the fact that TomoChain is an amazing network that facilitates blockchain-based development, TOMO and, therefore, TOMOE, certainly has value.

  • Indeed, scaling has been foremost in the minds of Ethereum developers ever since the Crypto Kitties slowdown of late 2017.
  • With all that being said, remember that the crypto world can be extremely volatile so it is no large surprise that experts are divided on the future of the platform.
  • You must obtain professional or specialist advice or carry out your own due diligence before taking, or refraining from, any action on the basis of the content on our site.
  • TomoChain intends to tackle various issues which are found in the crypto community.
  • This is all because some tokens had a huge increase in price in the last several years.

TomoChain is an innovative solution to the scalability problem with the Ethereum blockchain in particular, and with all current blockchain network in general. TomoChain plans to support horizontal scaling via adding more second layer blockchains with good performance integrated with Ethereum network for backup and atomic cross-chain transfer. TomoCoin will be the protocol token that govern and regulate this infrastructure.

About TomoChain Masternodes

The TomoChain team consists of 30 members and most are located in Singapore, although the project also keeps offices in Vietnam and Japan. The CEO of TomoChain is Long Vuong, and in addition to being one of the founders at TomoChain, he was also previously the project lead of the successful NEM blockchain project. The compensation for the first two years will be 250 TOMO per epoch (which is 900 blocks), split between the masternodes based on the number of blocks signed. The switch to masternodes made TOMO a mintable currency rather than a minable currency.

  • Second layer blockchains is the idea behind this using horizontal scaling, which will be intergrated with Ethereum network for backup and atomic cross-chain transfer.
  • TomoChain released its mainnet back in December 2018 and it came with a large number of changes.
  • The team also aims to incorporate sharding, EVM parallelization, and private-chain generation.
  • Once sharding is achieved the development team claims TomoChain can reach 20,000 to 30,000 transactions per second.
  • The recovery in the value of the TOMO token is also impressive when you consider that the 2019 rally so far has been primarily a Bitcoin rally, and many altcoins have struggled to keep up.
  • Our Interest Level does not constitute financial or investment advice.

Given the number of tokens in the space its very overwhelming to try and figure out how to store them safely. From reading the whitepaper its clear to see how important the team see the wallet being in its adoption. They want to bridge the gap between cryptocurrency enthusiasts and mainsteam users. TomoChain is being traded on 4 cryptocurrency exchanges, including Binance and gate.io. If you wish to purchase TOMO, check our guide on how to buy TomoChain in 6 steps. The price of TomoChain in the ICO was $ 0.25 and the token sale ended on Mar 2, 2018.

Copy Trading

The TomoChain mainnet was launched in 2018 and included proof-of-stake voting. The switch to masternodes made TOMO a mintable currency, and these masternodes what is tomocoin participate in both creation and verification of the blocks. Coins given out over 8 years as rewards to content creators for building the network early.

If you want to utilize the protocols you are looking at TomoX for creating DEXs but you must first connect your wallet to it and follow the steps. To create your own token you will need to reach TomoIssuer through the mainpage of the website but this also requires you to connect your crypto wallet. You can also read how the network protects your privacy by checking their GitHub documentation. If you want a secure wallet to keep your TOMO tokens you can download the network’s native one through the website as well as the staking app. TomoChain is the blockchain solution for TomoApp and other mainstream applications which require low fee and instant high speed transactions and is built on Geth. TomoChain 1.0 uses Proof of Authority nodes to make sure the database is secure and immutable.

TomoCoin Price

Next is Son Nguyen, the CTO of the project and an experienced and accomplished technical leader, former Director of Engineering, founder of the Blockchain Developer group with more than 800 active members. Finally, there is Tung Hoang, who is the Product Manager of Tomo Wallet. He is also an experienced FullStack Developer & Smart Contract Developer. And even though there are only 150 masternodes as validators, it doesn’t mean these 150 have supreme power.

what is tomocoin

All Q&A contents are publically available to create a public library of instructional videos and answers. It is planned that TomoCoin will be the native currency within Tomo application. TomoChain is a decentralized blockchain tackling the issues which plague most blockchains and that would be scalability. On top of that the project makes it feasible for their clients to build applications which have genuine use in the real world by exploiting the POS Voting consensus.

Along with TOMO, there’s TOMOE — an ERC-20 token hosted on the Ethereum blockchain. It is backed by an equal amount of native TOMO, so one TOMOE is worth the same as one native TOMO at any given moment. Users can convert back and forth between TOMO and TOMOE at any time via TomoBridge. The ability to be able to store various tokens in one wallet securely and send is a big want for ease of use and mass adoption.

what is tomocoin

The Tomo application will be the first consumer application utilizing TomoChain blockchain infrastructure. Tomo application aims to build a new decentralized social network with a built-in cryptocurrency. In this social network, each contributor role is highlighted and rewarded; user privacy is respected and micropayments are easy, cheap and fast. Tomo application approaches this goal by focusing on building a Q&A social site in which a network of contributors are answering questions and creating valuable content.