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TomoChain is an EVM-compatible public blockchain network that aims to achieve scalability while maintaining decentralization. TomoChain raised $9.3MM via private and public token sales from September 2017 to March 2018.
Built initially on Ethereum's source-code ( "go-ethereum"), TomoChain has relied on Proof-of-Stake Voting (PoSV), since its mainnet launch in December 2018, to incentivize token-holders to vote for validators while receiving staking rewards.
With a network of 150 masternodes, TomoChain also features innovations such as a dedicated privacy protocol (TomoP), a unique token standard called TRC-21 (TomoZ is a token standard allowing to be used for transaction fees), and a decentralized exchange protocol (TomoX).
TOMO is the native asset of TomoChain and is used to pay for gas fees on the network covering regular operations like asset transfers, on-chain actions, and the deployment of smart contracts.
1. What is TomoChain (TOMO)?
TomoChain is an EVM-compatible public blockchain that aims to achieve high-transaction speeds without compromising decentralization. TomoChain does this by utilizing a consensus method called Proof of Stake Voting (PoSV), which incentivizes token-holders to play an active part in staking across a network of 150 masternodes, and to monitor their performance and governance actively.
TomoChain's vision is to become the "infrastructure of choice for the next generation of global open finance". To do so, the team aims to become a strong contender in the race to attract further financial innovations in the crypto-finance industry.
With its PoSV consensus mechanism, TomoChain provides a fast and cheap way to build financial DApps and to issue tokens, while keeping the network decentralized and secure.
Some of its key features include:
PoSV Consensus: a Proof-of-Stake (PoS) based blockchain protocol with a fair voting mechanism, rigorous security guarantees, and fast finality.
Double Validation: when a block is created by a masternode, it must be verified by another masternode that is randomly selected before being added to the blockchain.
TomoZ: zero-friction protocol, which allows users to pay transaction fees with TRC-21 tokens.
TomoX: a secure and efficient relayer-masternode decentralized cryptocurrency exchange protocol.
TomoP: a privacy protocol supporting both an anonymous TOMO transfer method and a private token standard on TomoChain (TRC-21p).
TOMO is the native asset of TomoChain and is also the reserve cryptocurrency for all third-party dApps running on TomoChain. Being the protocol asset for the TomoChain infrastructure, TOMOs are needed by all parties utilizing TomoChain to build dApps or issue and integrate cryptographic tokens into their dApps.
In addition to the above, TOMO tokens are being used as:
Funding for the development of TomoChain and its ecosystem (TomoScan, TomoMaster, TomoWallet, etc.).
Reward to incentivize the building of the TomoChain engine/ecosystem.
Decentralized governance instrument of the TomoChain network.
Some of its decentralized applications (dApps) include:
TomoMaster: it is the staking governance dApp of TomoChain, which allows TOMO holders to apply for masternode candidates, or to vote/stake for candidates by using Ledger, TomoWallet, Metamask, and TrustWallet.
TomoSwap: it is a decentralized exchange platform on TomoChain, implementing the Kyber Protocol. TomoSwap is a transactional layer that allows assets on TomoChain to be converted and transferred seamlessly between users and dApps.
TomoPool: it is a service for users wishing to mutualize tokens to create a staking pool for TomoChain (and maximize their staking yield).
MaxBet: it is a transparent gambling game on TomoChain.
In addition, other products include:
TomoStats shows the various metrics regarding the blockchain network, including the current number of masternodes, masternodes performance, TPS, block-time, confirmation time, finality, and other metrics.
TomoWallet is the official mobile wallet of TomoChain. TOMO token holders can use TomoWallet to store TOMO, vote for masternodes, track rewards, and play with dApps on TomoChain.
Triip: it is a decentralized application that allows users to earn TIIM tokens, the native token for Triip Protocol issued on the TomoChain blockchain, in exchange for providing travel plans and submitting travel proofs. Travelers can register a Triip Protocol profile and plan trips without revealing personal information. After submitting travel plans, the user will receive rewards in TIIM. The user can then spend TIIM tokens on travel deals and offers.
2. TomoChain's key features
2.1 A network of masternodes with a unique reward mechanism
The TomoChain blockchain is produced and maintained by a maximum of 150 masternodes in a consistent manner through the PoSV consensus mechanism. Masternodes store the entire blockchain state, propose blocks, and are required to lock up at least 50,000 TOMO tokens. Masternodes are selected by voting, which is done through the TomoMaster dApp.
Since the block rewards in the Tomochain network are evenly distributed for each block regardless of the amount of stake a masternode might have, for every 900 blocks, a checkpoint block is created and contains no transactions: instead it only features rewards. To claim these rewards, each masternode has to scan all of the created blocks in this 900 blocks and count the number of signatures. The higher number of signatures one masternode has made, the more reward it earns out of this reward block.
Rewards in each block are distributed in the following manner:
Infrastructure reward: 40% of rewards goes to masternodes.
Staking reward: 50% of rewards go to the pool of all voters. A voter receives a reward proportional to the amount of work the masternode he voted for has done over the last 900 blocks.
Foundation reward: 10% of rewards goes to a special account controlled by the Masternode Foundation, a decentralized autonomous organization (DAO). The Masternode Foundation will be set up in 2020. All Foundation rewards will not be used until that time.
2.2 A double validation process
Similar to existing PoS-based blockchains, in the TomoChain network, each block is created by a block producer (i.e., the masternode). However, under the PoSV consensus mechanism, TomoChain requires the signatures of two masternodes on a block to push the block onto the blockchain. One masternode is the block creator, while the other masternode is randomly selected to validate the block produced by the former masternode.
TomoChain aims to use this Double Validation technique to enhance the stability of the blockchain by diminishing the probability of producing "garbage" blocks while maintaining both the system's security and consistency.
The below graph is a high-level demonstration of the TomoChain network.
2.3 Additional sub-protocols
2.3.1 TomoZ protocol
TomoZ is a protocol to issue tokens based on the TRC-21 standard.
TomoChain's TRC-21 standard allows users to pay transaction fees with the same TRC-21 token they are using.
While users pay transaction fees with the same token, it is still converted to its TOMO equivalent to power the network.
For more details on the underlying logic, please click here.
2.3.2 TomoP protocol
TomoP is a protocol enabling private transactions on the TomoChain public blockchain. It allows the creation of anonymous transactions that hide all related information on value, sender, and receiver's addresses to preserve the financial privacy of TOMO and various tokens holders on TomoChain.
TomoP supports both an anonymous TOMO transfer method and a private token standard on TomoChain. At its core, TomoP relies on Ring CT, bulletproofs, and Pedersen commitments.
For the full detail of the implementation, please click here.
Specifically, TomoP could potentially lead to two core innovations:
DApp privacy: TomoP allows decentralized applications that would be private. For applications (e.g., DeFi), this could have strong implications related to financial privacy.
Issue purely private tokens (TRC-21p Standard): this new token standard is expected to be launched in the future, offering full privacy at the standard token level. In this TRC-21p standard, the only data available will be on its token supply.
2.3.3 TomoX protocol
TomoX is a permissionless decentralized exchange (DEX) protocol that empowers a diverse system of DEXs, market-maker providers, and independent projects to work together in a decentralized manner.
It allows individuals to launch a full DEX without extensive technical knowledge and with minimal development upkeep costs. However, anyone can propose a DEX by depositing 25,000 TOMO on the TomoRelayer portal.
As of now, TomoX supports TomoChain standards, including TRC-21 and TOMO native token. In the future, TomoX is expected to support other native tokens and major cryptoassets through TomoBridge like BTC, and ETH, with more standards expected to be gradually integrated into TomoX.
Seed Sale tokens comprise 15.65% of the total token supply. It was conducted in September 2017 for 0.125 USD / TOMO at an average rate of 1,000 USD = 1 ETH and raised a total of 1,956,250 USD, for 15.65% of the total token supply. The Seed Sale was conducted in ETH and USD and raised a total of 1,561.25 ETH and 395,000 USD.
Private Sale tokens comprise 31.45% of the total token supply. It was conducted from February to March 2018 for 0.20 USD / TOMO at an average rate of 850 USD = 1 ETH and raised a total of 6,290,000 USD, for 31.45% of the total token supply. The Private Sale was conducted in ETH and USD and raised a total of 7,058.8 ETH and 290,000 USD.
Public Sale tokens comprise 4.00% of the total token supply. It was conducted on 1st March 2018 for 0.25 USD / TOMO at an average rate of 800 USD = 1 ETH and raised a total of 1,000,000 USD for 4% of the total token supply. The Public Sale raised a total of 1,250 ETH.
Team & Advisors tokens comprise 15.90% of the total token supply.
Token Treasury tokens comprise 16.00% of the total token supply.
Mining Rewards tokens comprise 17.00% of the total token supply.
TOMO token distribution (%)
As of August 2019, TomoChain has used approximately 50% of TGE funds according to the allocations below:
50%: Product and engineering
30%: Marketing and business development
TomoChain holds most of its funds in multi-signature wallets. Unlocking funds would require the approval of 2 high-level managers.
The following chart represents the number and breakdown of all TOMO tokens that are to be released into circulation on a monthly basis.
TOMO token release schedule
4. Roadmap, updates, and commercial partnerships
4.1 Original roadmap and achievements
TomoChain Testnet 1.0
This testnet was deployed in TomoChain's private GitHub
NOIA Network: NOIA Network is a distributed content delivery network startup. NOIA Network will issue NOIA tokens on TomoChain.
BitOrb: BitOrb is a crypto derivatives exchange. BitOrb will issue its exchange token on TomoChain.
5. Project team
Co-founder and former project lead of NEM blockchain
Founder of Koor.IO, former Web Team Leader and Solution Architect at Sigma Solutions
Former Senior Investment Manager at BVIM, Director of Investment Banking Division at HSC Securities Company, CFA charterholder
Former Chief Product Officer at BattleBards, BD at That Desi Girl
Lead Blockchain Engineer
Techinical Advisor at Icetea.io, co-founder and former Lead Engineer at Skippbox
Dr. Cam Pham
Lead Blockchain Engineer
Pham Quang Vu
Do Minh Khai
Nguyen Ba Tam
Dam Van Hai
Nguyen Huu Phuc
Nguyen Thanh Nguyen
Lê Mạnh Niên
Đặng Đình Cần
Nguyen Xuan Xiem
Nguyễn Tuấn Anh
6. TomoChain's activity and community overview
6.1 Development activity
6.2 Social and community activity
For developers, the TomoChain team focuses on growing the community by actively reaching out and educating developers about the benefits of the platform. TomoChain incentivizes developers to build dApps on its blockchain through a wide range of initiatives, including hackathons, developer meetups, online/offline developer training courses, creating a developer portal with detailed documentation and tools, partnerships with top tech universities, etc.
For non-technical users, the team frequently connects with the community through daily announcements of news and events, weekly updates, monthly updates, monthly AMA series, and offline meetups. The team also runs engagement activities such as games, challenges, and giveaways campaigns.
TomoChain's community has spread globally, with the US, Germany, Japan, and Vietnam being TomoChain's main userbases.