In this article, as part of the homework given by the great professor @besticofinder in the sixth week, will discover TOMOchain project which is considered to be a revolution in terms of the number of transactions per second. Good reading!.
What is TomoChain?
Below you will find some main information regarding the TOMO token including using the Coinmarketcap platform.
TomoChain is a blockchain that wants to solve the scalability issues faced by other blockchains, like Ethereum , the most widely used blockchain for smart contracts and DApps (decentralized applications), its network only allows 30 transactions per second. This figure is ridiculously low and has caused concerns in the past: network congestion and exorbitant transaction costs.
To solve this problem, TomoChain has already tested it by performing over 2,000 transactions per second using a new transaction verification system called Proof of Stake Voting (PoSV).
The project team have a great desire to achieve a set of ambitions so that TOMO could become one of the most interesting blockchains in the market.
Here are some goals TomoChain would like to achieve:
- Confirmations for almost immediate transactions (2 seconds)
- Transaction fees close to zero
- An innovative smart contract system that would make it the best solution for:
- Decentralized applications
- The creation and distribution of tokens
- The implementation of a token system for small and large businesses
Now let's take a closer look at how TomoChain works.
How does TomoChain work?
As already explained previously, TomoChain wants to revolutionize the world of blockchain by offering a solution that would solve all current problems. To do so, the project revolves around several objectives that we will explain point by point.
The PoSV consensus
The two most widely used consensus currently are PoW (Poof of Work) and PoS (Proof of Stake). PoW secures transactions slowly and consumes a lot of power. On the other hand, PoS has a weakness in the security level but it provides similar guarantees with negligible transmission costs. For this the TomoChain network has directed towards the use of a hybrid system called PoSV (Proof of Stake Voting).
There are many similarities between PoSV and other consensuses such as EOS's Delegated Proof of Stake (DPoS). This hybrid system from TOMO uses double validation to perform several tasks such as creation, verification and voting for blocks. This operation combined with a random selection mechanism to reduce the possibilities of obtaining invalid blocks on the blockchain.
In order to avoid any risk of forking, when several blocks are in competition, the one with the longest chain will be chosen, as happens in PoW systems.
The masternodes have a role of creating the blocks and which are rewarded afterwards using TOMO tokens. In order to be able to create a masternode, you must meet the following conditions:
- Block 50,000 TOMO
- Receive votes from TOMO token holders. Only the 150 masternodes with the most votes will be able to exist. If you are not in the top 150, then you will not be allowed to run your masternode
In order to avoid handshake attacks (when the creator of the block and the one responsible for verifying it decide to validate a fraudulent block), the person responsible for verifying the block is chosen randomly from among the 149 other masternodes. Before validating the block, another person is chosen from among the 148 other masternodes in order to confirm the validation of the block. If the block is not valid, a new one is created instead.
When a person decides to vote for a masternode, they do so by sending TOMOs via smart contract. The more TOMO that person sends, the more rewards they will receive when a block is validated.
In order to check that the masternodes are working correctly, 3 criteria are taken into account:
- Graphics of CPU usage (workload)
- Number of validated blocks (performance)
- Last validated block (in order to verify the activity)
If TOMO holders are not happy with the work of a masternode, they can withdraw their vote and vote for another masternode. This way, it is ensured that only the best masternodes will remain active.
Distribution of rewards
In order to ensure that the selection of masternodes that will check the blocks is random, each masternode must send an encrypted number from its public key to the blockchain via a smart contract. After all the masternodes transfer their encrypted number, an equation will determine the order in which the masternodes will check the blocks.
Every 900 blocks (either 1800 seconds or 30 minutes - also called epoch), a "checkpoint" block will be created in order to distribute the rewards. Signatures of transaction validation are counted from the previous epoch and the rewards are prorated to the signatures as follows:
- 40% for the masternode
- 50% for those who voted for the masternode, distributed in proportion to the number of TOMOs used to vote among the total number of TOMOs who voted for this masternode
- 10% for an account controlled by the Masternode Foundation
Inter-blockchain transactions and programming language
TomoChain decided that its programming language would be Solidity. This is the exact same language that Ethereum uses. Therefore, ETH smart contracts and ETH Dapps will be compatible with TOMO. Atomics swaps are also planned between these two cryptos.
But TomoChain doesn't want to stop there. The purpose of the project is to allow the various existing blockchains to communicate with each other. This is called interoperability. However, it will take some work to make projects using a different programming language compatible. But this is expected in the more or less near future.
Decentralized Applications (Dapps)
Because of its volume of transactions per second which is significantly higher than the competition, the TomoChain network is ideal for the use of decentralized applications.
The big problem with dApps today is that they mainly use the Ethereum blockchain to operate. As this blockchain is currently limited to around thirty transactions per second, the performance of these decentralized applications is limited.
TOMO's vocation is to authorize more transactions per second than VISA term. If these goals are indeed achieved, then TOMO could become the number 1 blockchain for the use of dApps.
The TomoChain development team is pretty impressive and doesn't have to be ashamed of the competition. Let's take a look at some of members and their background:
- Long Vuong - CEO, project manager and founder of Tomo app: Former co-founder of the popular NEM blockchain and responsible for this project. He is also in the process of completing a doctorate in Economics.
- Tung Hoang - Co-founder and Front-end manager: He was product manager, front-end engineer and open-source contributor.
- Son Nguyen - CTO and Engineering Director of Tomo app: Son is a seasoned technical manager, founder of the "Blockchain Developper" group which includes more than 800 members and has a master's degree in Engineering.
Advantages and Disadvantages :
- Speed of transactions (2 seconds)
- Possibility of making many transactions per second with the ultimate desire to have a system supporting more transactions
- Good distribution of tokens by entrusting only 15% to the team
PoSV (Proof of Stake Voting) system with double verification of transactions
- Only the best 150 masternodes will be able to operate through a voting system. This will ensure that only the most efficient masternodes will work.
- Fair distribution of rewards between masternodes and the people who voted for them
- The programming language is the same as that of Ethereum: Solidity. Therefore, what works on ETH will be able to work on TOMO
- Possibility to run Dapps on the network
- Willingness to eventually make TomoChain compatible with other blockchains using another programming language
- There are already a lot of projects concerning the interoperability of blockchains, some of which are already functional and others in well advanced development
- The project has fallen behind on its roadmap
We have just seen through this article all the potential that this new blockchain project that is TomoChain has. Transactions are fast, the number of transactions per second is huge, partnerships are strong, and the founder of Ethereum regularly shows up with the team.
With the exception of a few delays in the development of the project, everything else looks very promising if the roadmap goes as planned. The lights seem green and it's not every day that you can see a project with so much potential. If you are looking to invest in a risky project with good potential, then TomoChain is most definitely a choice you should consider. However, the project has many competitors, whose projects are more or less advanced, which is not a bad sign, on the contrary ...
The post payout is set to "Power Up 100%".