TomoChain is Developing a More Innovative Internet of Value
The blockchain technology is thriving because it is keen in addressing a lot of the shortfalls of the systems and procedures that power almost every sector of the economy. Its disruptive capabilities have been very influential in the finance sector in particular, but the technology is gaining traction in government administration and service provision functions as well.
Despite these grand achievements, the pioneer blockchain networks (Bitcoin, Ethereum, Neo and a few others) that allow for the deployment of decentralized applications (dApps), now stand vulnerable because they aren’t scalable enough. Besides, they offer relatively lower levels of trust and have comparatively harder and complicated token integration processes.
In the near future, players in the blockchain environment are about to experience a change. TomoChain, a new entrant in the field of Internet of Value, plans to counter the scalability issue by building an infrastructure that supports horizontal scaling by allowing the system to attach second layer blockchains that have better performance to integrate to the Ethereum to facilitate both backup services as well as atomic cross-chain transfers.
To this end, TomoChain aspires to become a system of chains that support instant confirmations at almost zero fees. Such a network will solve three of the most critical applications of decentralized networks, which are the deployment of dApps, issuance of tokens and their integration for businesses of all sizes.
The TomoChain Products
To become the lead authority in designing the Internet of Value, the Tomo Network proposes to assemble an infrastructure comprising of TomoChain (the parent infrastructure which will provide an alternative secure, transparent, inclusive, efficient and more equitable financial system), TomoApp and TomoWallet. These three components of the Tomo Network shall be powered by TomoCoin (TMC).
TomoChain
Scalability of the Ethereum network is a pressing issue in the blockchain ecosystem, and through TomoChain, the system’s developers hope to create a system of chains that enhance instant confirmations at almost zero transaction fees. The development team hopes that this network shall offer the best solution for businesses looking to integrate tokens into the decentralized systems.
TomoWallet
A user-friendly and secure coin wallet that gives network users full financial control is a critical component of the Internet of Value. The developers of TomoChain hold the same view and are developing a wallet that they hope will bridge the gap between mainstream users and cryptocurrency enthusiasts and it will encourage mass adoption of cryptocurrencies.
It will allow users to store TomoCoin and Ethereum as well as other coins securely. Besides, it will enable users to send these coins and tokens to both friends and contacts, including a social feature that allows the exchange of messages between individuals on the network.
TomoApp
This social consumer app builds a contributor network characterized by an incentive system that encourages the app users to contribute in creating a vibrant knowledge sharing network. The features of this revolutionary application include:
• Mobile and PC compatibility.
• Friend to friend and friend to expert question channels. Users can also pose questions to the community in general.
• The contribution of knowledge via text or short videos.
• Creation of personalized feeds with custom information.
• Connecting friends and creation of channels where users can spread their content.
• Multilingual.
Challenges and Threats
The Tomo network holds great promise, and even the ICO stands on a different, slightly heightened pedestal since the platform offers contributors real and verifiable deliverables.
Of note, however, is the cross-chain scaling solution that the Tomo Network shall offer. As it seeks to increase the efficiency and interoperability of Ethereum, it is building a reputation as Ethereum’s complement rather than competition.
A lot of start-ups at the moment, prefer to hedge their ICOs and bring up their products on the Ethereum ecosystem, a fact that positions the Tomo Network as the best alternative for the provision of better speeds at only a fraction of the cost. Tomo Network’s ability to scale up Ethereum smart contracts via cross-chain token transfers makes the network attractive to businesses and developers alike, and in the long run, will bring significant financial returns to the contributors.
All these points can’t be without challenges. Some areas may make it necessary for the developers to move a little faster than the pace highlighted in the roadmap. Though the Tomo Network seeks to scale up Ethereum, and mostly as a complementary solution, the platform’s place as a competitor to other scalability solutions cannot be downplayed. In this regard, the Q4 date for rolling out the mainnet of the platform seems a long way away. This vulnerability arises because if any of the scalability development teams say the Raiden Network or Plasma can conjure a functional upscaling solution and launch its beta version before Tomo activates its own, then the platform’s relevance may miss the mark.
Overall Industry Outlook
It is now clear that Ethereum will maintain its relevance only if it can support all its users. However, no one can establish the capability of the network at the moment. And, while Ethereum may brag of better scalability compared to other blockchain networks, this advantage is not enough for the hundreds that want to hedge their products on the system.
Though many upscaling projects are underway, a comprehensive solution remains unforeseen, at least for the moment because of the combination of incentives and security features that these pioneer blockchain networks employ to ensure accuracy. The said combo balloons the size of transactions thus restricting the speed of the system. Also, each of the various scaling experiments currently underway looks at a specific aspect of the problem. However, much hope rests with the Tomo Network because its approach and the technical capability of the team implementing is above reproach.
Regarding the implementation of a relevant Internet of Value, the Tomo Network has Ethereum and NEO as the leading competitors. However, all three differentiate themselves regarding their end goals. NEO hopes to create a distributed network of smart economies that use the blockchain technology, and especially digital identity to digitize assets and automate the management of the underlying assets while relying on the elaborate abilities of smart contracts. Ethereum, on the other hand, strives to create the Internet 3.0 where dApps facilitate accessibility and enhance trust.
While the ambitions of the Tomo Network revolve around accessibility, the key priority is to offer instant confirmations while reducing the cost of undertaking transactions on the blockchain.
Conclusion
The Tomo Network presents exciting possibilities, and stakeholders are keenly anticipating the Q4 of 2018 to experience the promised changes. For now, investors are concentrated on the upcoming Tomochain ICO which comes with a low market cap of $8,5 million and a lot of hype.
Website: www.tomocoin.io
Telegram: https://t.me/tomocoin
Code: d6209c
