The average transaction fees on TomoChain are also quite low, about 1/100th of Ethereum’s fees. TomoChain’s verification model helps it achieve speeds of around 2,000 transactions per second. This is comparable to the transaction speeds on Tron, about twice faster than EOS’s speeds, and is vastly superior to Ethereum’s anemic speed of just 15 transactions.
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.
How to use TomoChain?
He is described as a versatile engineer and open-source contributor after being educated at the University of Transport and Communications for Software Engineering. 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. These protocols power a number of decentralized app (DApp) products available on the blockchain. TOMO token holders vote for their preferred master nodes, network participants entrusted with verifying all the transaction blocks. The top 150 nodes are selected based on the vote results, and are responsible for block verification during an epoch, a time period of 30 minutes.
$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). TomoChain offers a valuable alternative to Ethereum’s slow transaction speeds and high costs.
Over the first eight years, there is a fixed supply of 100 million TOMO and after the first eight years, another 17 million TOMO will be available for block rewards. The council of masternodes is also able to vote to increase the total supply by up to 1 https://www.tokenexus.com/ million TOMO each year. The switch to masternodes made TOMO a mintable currency rather than a minable currency. The masternodes, of which there are currently 150, are used to create and verify blocks and are compensated for doing so with minted TOMO.
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. TomoChain additionally wants to further develop interoperability of the Ethereum chain to make cross chain connection conceivable and work to improve the number of transactions the it can process in a second. The mainnet of the ecosystem was dispatched in 2018 and its blockchain can process up to 5,000 transactions each second.
The TomoChain network evolves quickly, and moves fast and fluid, just like the blockchain itself. This goes counter to the popular Proof-of-Work consensus mechanism, which rewards those who have the most raw computing power, leading to centralized mining cartels and monopolies. The decentralized nature of the masternode architecture allows everyone to benefit from being part of the network, not just those who are able to afford powerful hardware. TomoChain not only includes a network of masternodes, but it also allows the stakeholders to vote for the masternodes and elect those they wish to become validating nodes.
In this transaction, you will receive the tokens directly from one of the holders and send an equivalent amount in fiat currency to their bank account. The other option when buying the tokens is to use one of the exchange platforms which supports them but it might not be possible to buy them for fiat currency on every platform. If this is the case on the one you prefer you can simply buy a token with better liquidity first and then swap them for TOMO. Lastly, remember that the tokens can be received as a reward for staking them within the network. TomoChain is backed by a team with a clear vision and it has already been used by enterprises. The whole ecosystem is user-friendly and functional and it also offers both public and private transactions.
Indeed, scaling has been foremost in the minds of Ethereum developers ever since the Crypto Kitties slowdown of late 2017. There have been a number of projects which have recently launched that are trying to tackle this – each with their own unique solution. CaptainAltcoin.com does not offer any sort of financial or investment advice. Please what is tomocoin make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Passionate in Crypto community, internet marketing,photography and start ups ..loves food ,travel and music .. Low hard cap combined with an already working testnet with a solid team is a great combination — looking very good.