When Bitcoin proved its viability to the critics people started wondering, how could one make Bitcoin faster? Let's face it, 15 minutes block times are quite long for low value payments like buying a coffee. At the time somebody invented the notion of masternodes - specialized server-like nodes with extra rights that would process the transactions. At the cost of sacrificing decentralization, masternode chains allow to rapidly improve scalability, which may be more than enough and even welcome for certain use cases.
TomoChain is a continuation of this idea on the Ethereum side of things, released its mainnet in December 2018. It is a public Ethereum Virtual Machine (EVM)-compatible blockchain that implements the notion of masternodes.
If you are wondering what a masternode is, at their most basic level, they are simply servers providing computing power to the network to sign blocks. In the case of TomoChain, for performing this service the masternode receives TOMO as a reward.
The switch to masternodes and a Proof-of-Stake consensus model makes TOMO a mintable currency rather than a minable cryptocurrency. The main idea behind this change is to solve the known scalability problems of Ethereum, ensuring the network keeps low transaction fees along with fast confirmation times at all times.
- Ticker: TOMO
- Consensus: PoSV (masternodes)
- Block time: 2 seconds
Owning and operating a masternode allows you to earn fees from chain usage (just like bitcoin miners earn fees for mining), and in order to do that you need to stake 50k TOMO (roughly $18,000 at the time of writing this article) to prevent network abuse. For added security, TomoChain's PoS protocol uses a double validation mechanism where two masternodes are required to validate a block and implements a randomization element where the user validating the most recent block is chosen randomly.
It is a very new network that is doing a tremendous amount of marketing work, having also issued a token on Binance Chain in order to get listed on Binance DEX that is pegged 1-to-1 to mainnet TOMO - something we predicting happening in our Binance DEX Review article.
So far TOMO is the fastest Ethereum compatible chain with very low fees which may be attractive to some dApp makers. For some perspective, Tomo blockchain provides up to 5,000 transactions per second and it is estimated that once they implement sharding it will be able to reach up to 30,000 transactions per second.
TOMO may also be interesting to people and companies planning to issue their tokens, as their TRC21 token standard allows transaction fees to be paid in the token itself (as opposed to ETH for Ethereum tokens, ETC for Ethereum Classic tokens), which greatly reduces onboarding friction, thus making TomoChain an excellent candidate for onboarding newcomers into the world of Crypto.
Future is bright!
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