What Is TomoChain (TOMO)?

What Is TomoChain (TOMO)? Complete Guide Review About TomoChain.

What Is TomoChain (TOMO)?

The blockchain industry and the infrastructure of the Internet of Value are being built rapidly around the globe, and to many the atmosphere is eerily similar to the building of the Internet in the late ‘90s, with pioneers and dreamers coming together to build a new future. TomoChain can be a leading part of this phenomenon through seamlessly merging an ecosystem of applications with cryptographic tokens used by millions of mainstream users with a unique blockchain infrastructure architecture allowing for a fast, secure, friction less payment and trusted store of value.

Distributed systems have been researched in a ”permissioned setting” where the number of participants in the system and their identities are common knowledge. Later on, Ethereum with its Ethereum Virtual Machine (EVM) proposed several significant enhancements compared to Bitcoin, including Smart Contracts. Both Bitcoin and Ethereum have some issues, especially with transaction processing performance.

TomoChain Storage Key Points

Coin BasicInformation
Coin NameTomoChain
Short NameTOMO
Circulating Supply90,176,525.00 TOMO
Total Supply100,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Confirmation times

The 10 minutes Bitcoin block-time [1] is significantly larger than network
latency. Furthermore, a Bitcoin block requires 5 subsequent blocks following it so that it can be confirmed; thus it takes on average one hour for a transaction to be confirmed (with low confidence).

TomoChain While Ethereum uses a smaller block-time, the average confirmation time still remains relatively high, around 13 minutes [6], [9]. These long confirmation times hinder many important applications (especially smart contract applications).

Proof-of-Stake Voting

To start dealing with these problems, in this paper, they present an overview architectural design of TomoChain’s master nodes. In particular, they propose Proof-of-Stake Voting (PoSV) consensus, a Proofof-Stake (PoS)-based blockchain protocol with a fair voting mechanism, rigorous security guarantees and fast finality.

There also present a novel reward mechanism and show that, with this mechanism, the blockchain has a low probability of forks, fast confirmation times, plus the contributions and benefits of master nodes are fair in the sense that the probability distribution function is uniform eventually.

The TomoChain architecture

The TomoChain blockchain is produced and maintained by a set of master nodes in a consistent manner through the Chain consensus protocol as shown in Fig. 1. These master nodes are full nodes that hold TOMO. In addition to the voting system which is an improvement over the current Bitcoin and Ethereum blockchain, Chain also provides a new technique, namely Double Validation complemented with a Randomization mechanism.

This new technique significantly decreases the probability of having invalid blocks in the blockchain. These enhancements and the components of Chain are step-by-step detailed in the followings. Then, these depositors are listed as master node candidates in the Voting DApp, which allows coin-holders to vote for them by sending TOMO to the smart contract.

Coin Holders, Master nodes

Coin-holder is as simple as its name: users who join the network, who own and transfer TOMO. Master nodes are full-nodes which maintain a copy of the blockchain, produce blocks and keep the chain consistent. It is worth noting that, TomoChain does not have miners as in the current Proof-of-Work-based blockchain systems such as Bitcoin and Ethereum. Only master nodes can produce and validate blocks.

TomoChain which work hard in the system to create and verify blocks will be incentivized with TOMO. Furthermore, coin holders who vote for these incentivized master nodes will also receive TOMO in proportion to the amount of TOMO they have invested via ballots. TomoChain engineers take responsibility to design that fair, explicit, automated and accountable reward mechanism.

Voting & Master node Committee

There are maximum ninety-nine master nodes elected in the master node committee. The required amount of deposit for master node role is set at 50 000 TomoChain. This amount is locked in a voting smart contract. Once a master node is demoted (by not remaining in the top ninety-nine voted master nodes) or intentionally quits the master node candidates list/master node committee, the deposit will have been locked for a month.

Coin-holders can vote at any time, by any number of votes (which is actually counted by the amount of TOMO they bet on some master node candidates). They can use masternode’s performance statistics in the governance Voting DApp as reference information to give votes. The set of master nodes is dynamically sorted by the amount of TOMO and counted up to ninety-nine, upon reception of votes.