Pinterest
“Our goal is to make TomoChain infrastructure powering a host of multiple successful decentralized applications and supporting thousands of cryptographic tokens from established small and big companies and to make TomoCoin one of the most valuable and important digital assets for millions of people.”
Big words which jump out at your when you first start delving into the whitepaper for TomoChain. It certainly leaves you wanting more. But what is TomoChain and TomoCoin and how are they going to achieve this?
TomoChain is designed to resolve the scaling issues currently faced by the Ethereum blockchain (think Crypto Kitties and poor performance during ICO launch). 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 is looking to become a network of chains that support instant confirmation, near zero transaction fee, and smart contracts which offers a brilliant breeding ground for dApps, token issuances and token ingertations for small and big businesses. TomoCoin is the protcol token which will be used in the platform for governance and regulation.
TomoApp
The idea for TomoChain is derived from Tomo application. TomoApp will be a fully decentralised Q&A social network app where people can help each other by answering queries by text or video message. Think of it as peer to peer questions and answer platform. It will be the first social consumer application on TomoChain.
I’ve had a play around with the TomoApp as it has all the features you’d expect from a social media platform (liking, sharing, following etc) and is quick and easy to get setup. The current beta has 1000+ weekly active users. Fig 1.
Setting up of TomoApp was quick and easy Fig 2.
Once configured you can jump straight in and answer questions from your peers. Fig 3. Your answers appear in a news feed just like any social media site.
In the future TomoCoins will be rewarded to users via the Reward Engine’s Proof of Contribution.
The roadmap for product development is as follows: Set a price in TomoCoin for your answer to your fans; Set a price for people to watching your content Boost a video you produce using TomoCoin Create a channel and charge a fee in TomoCoin to access your channel Give virtual gifts of TomoCoin to live streamers Reward engine integration with TomoCoin Access a digital avatar and masks marketplace driven by TomoCoin Access a private messaging system for secure communication
The app is also going to be rebranded and everyone will have their own wallet when creating an account on the app for ease of integration. Tomo Wallet
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. Something which Ethos are trying to tackle as well.
The features we can expect to see are: – Will allow users to safely store TomoCoin, Ethereum, and other coins and tokens on Ethereum or TomoChain.
Users will be able to safely send TomoCoin, messages and other coins and tokens to friends and contacts. APIs for 3th party bots and applications
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. Given the number of tokens in the space its very overwhelming to try and figure out how to store them safely. Fig 4. Wallet screenshots from whitepaper
I had a play around with the wallet which is currently running on their testnet. I was quite impressed with how quick and easy it was to get up and running. Fig 5. Tomocoins (TMC) “mined” Fig 6.
TMC sent to Ethereum testnet and back again using cash in and cash out
I could also easily verify the transaction on the blockchain browser / TomoChain Explorer. The tx of the coins being sent / mined to my wallet was very quick and the number of confirmations increased very quickly. Fig 7.
Confirmation of transaction Fig 8. Tokens sent / cash out to Ethereum test network Fig 9. Tokens cashed out shown on Rinkeby Fig 10. Cash-in and cash-out process TomoChain Blockchain
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. Masternodes will coming up in 2019 with TomoChain 2.0. The mainnet is due for release in Q3 2018. Fig 11.
Architecture Overview Fig 12. The testnet shows how quickly the blocks are mined and how cheap the fees are. Fig 13. Tests have been carried out which show 1000 transactions per second.
Token Sale
TomoCoin supply is fixed at 100 million and is allocated as such: – 50 million for token sale 35 million for Reward Engine / Ecosystem Build program (released over 8 years) 15 million to software company (team members, advisors and bounties) Fig 14. Token allocation
TomoCoin funding will be used for completing the development of TomoChain, TomoApp and TomoWallet. Secondly, it will be used for the reward engine / ecosystem. Thirdly, it will be used for long term decentralized governence of the Tomo network (voting for, hard-forks, masternodes and economic policies). And finally, it will be use for native payment method within Tomo application and other third-party services.
So how much would such a project feel they should need for all this. We are now used to seeing ICOs of $20–40 million.
Tomocoin are looking to raise $8.5 million total. Yes that is not a typo. $7.
5 million has already been raised in private presale contributions and $1 million further will be raised during public sale. They are looking to whitelist 1000 people and are set to use a proof of care system. Whitelisting information is set to be released in the coming week with the public sale to take place on 1st March 2018 (estimated).
Fig 15. Fund allocation Fig 16. Advisors taken from here The advisors… Fig 17. Taken from here And the partners and investors… Fig 18. Taken from here
As you can see there is a lot of talent and experience in this lineup and also some big names in the partners and investors area. Final thoughts
Its refreshing to see such an amazing project at ICO which already has a testnet, beta wallet and app, whilst not asking for a large amount of investment. The team have already worked on big projects in the blockchain space and the advisors, partners and investors don’t fall short by any means either.
What I also found interesting in the whitepaper is how Steem (reward for contribution), Kin (messaging) and OmiseGo (e-wallet and payment platform) we’re all analysed and compared against TomoCoin. This highlights the vision and the capabities of this project and what TomoChain can support.
If they can crack the wallet and bridge the gap of crypto fan boys to everyday users and launch a high performing platform capable of housing dApps, this project will be a well known name in the crypto space very quickly. I don’t think it will be too difficult for the 1000 whitelisting spaces to be filled. .
