About TomoChain

TomoChain Review: Mining Guide, Price & Analysis of the Leo Token Cryptocurrency

TomoChain is a cryptocurrency that seeks to provide instantaneous transactions. The developers behind this project believe that this is necessary for cryptocurrencies. Speedy transactions mean the cryptocurrency can support different sectors.

Additionally, TomoChain supports private transactions. This is something that many people look for in blockchains. People want their transaction records to remain anonymous. However, other people feel that this promotes malicious use of cryptocurrencies.

Nonetheless, TomoChain is very appealing. The developers boast of having great security on the network. The network is also very robust and versatile. It allows developers to build and launch decentralized applications.

The Tomo coin powers all activities on the TomoChain blockchain. Hence, it has a lot of use cases. It is usable in paying rewards on the platform and for governance purposes. Additionally, you can use this coin to pay for goods and services.

This coin is a direct competitor to Ethereum. It offers faster transactions and has better scalability. However, Ethereum is still outperforming it in the markets.

How TomoChain Works

TomoChain seeks to provide very fast transactions to users. To do this, TomoChain uses a process called Sharding.  This process allows the network to perform transactions very fast. Additionally, it gives the blockchain improved scalability. Consequently, TomoChain has a 2 seconds block time and 2000 TPS.

This is very impressive. Moreover, the blockchain has 150 masternodes that quickly verify blocks on the network. Further, the development team continues to research ways to improve speed. Some of the solutions they are researching include EVM parallelization and Plasma. The developers evaluate new techniques before implementing them to the network.

Further, TomoChain allows developers to create and launch decentralized applications. Even better, these applications are EVM compatible. This is a new industry standard. EVM compatibility gives the applications improved portability. This is because they have a level of abstraction from the executing blockchain.

Moreover, it means that the blockchain can support other EVM compatible applications. Also, it can support smart contracts. Therefore, any decentralized application launched on Ethereum can operate on the TomoChain blockchain. Additionally, it means that developers can launch hybrid applications. They can do this using both Ethereum and TomoChain.

Can Investors Mine Tomo Coins?

No, it is not possible to mine on TomoChain. This is because the network uses the Proof of Stake Voting consensus. This consensus does not support mining. Instead, people can stake their coins to help secure the network. Stakers get an incentive for staking across a network of 150 Masternodes.

Token holders vote on who gets to become a masternode. Masternode candidates have to apply to become masternodes. Additionally, they have to stake 50,000 TOMO coins. Further, there is a minimum system requirement to become a masternode.

Masternodes need at least a 16cores CPU, 32 GB of RAM, and SSD Storage. Additionally, they require high-speed internet.

Masternodes help secure the TomoChain blockchain by validating transactions. They create blocks in a Round-Robin scheduling manner. Additionally, they use double validation in the verification process. This ensures that the network does not have collisions.

The Team behind TomoChain

TomoChain has a great team behind it. These individuals are from diverse backgrounds and have lots of experience. The CEO of TomoChain is Long Vuong. He is the founder of the blockchain. He is an experienced technologist, entrepreneur, and product manager. Previously, he worked at CityMee where he served as CEO. Additionally, he co-founded the NEM blockchain and led its development.

By his side is Le Ho. She is the co-founder of TomoChain and serves as the CFO. Previously, she worked at Hochiminh City Securities Corporation. She has great experience in fintech.

Further, the CTO of TomoChain is Son Nguyen. He is an engineer with vast experience in the IT field. Previously, he was the Director of engineering at ToMoApp. He is also the founder of Koor.IO. This is an Internet of Things platform.

These people have immense experience. Therefore, it is safe to say that TomoChain is in safe hands. Moreover, there are other team members with equal or more experience.

Tomo Performance

Tomo is the coin that powers transactions on the TomoChain network. The coin has a relatively encouraging performance in the markets. It currently holds the 146th position in market cap share. That is with a market cap of $55,702,921.

Additionally, this coin has great liquidity and adoption. The coin has a 24-hour trading volume of $6,600,568 at the time of writing this. The circulating supply is 76,451,725 TOMO and the total supply is 100,000,000 TOMO.

Privacy and Security

TomoChain has great security features. The developers try to address every security issue that affects blockchains. One of these issues is the nothing at stake problem. TomoChain addresses this issue using double validation and randomization. These two processes ensure there are no falsified transactions on the network.

Additionally, TomoChain addresses long-range attacks. This attack happens when attackers try to recreate the whole chain. This is common in PoS systems. This is because they do not require a lot of computational power to rewrite the whole chain. The platform addresses this by having finality. A block confirmed by 3/4 masternodes is immutable.

Further, TomoChain is censorship-resistant. TomoChain addresses this through a voting system. Malicious nodes are easily voted out of the block producer list. Even better, the company supports private transactions using the TomoP protocol.

TomoChain also addresses DDoS and spamming attacks. There is a fee to pay for every transaction. This means that the attacker needs to use a lot of coins to successfully launch an attack.

Our Take on TomoChain

TomoChain offers a lot of features under one platform. Developers can easily launch their decentralized applications on this blockchain. The applications they develop enjoy fast transactions and EVM compatibility. Additionally, they have high levels of security. The blockchain also supports private transactions.

These are all features that developers and users look for. This blockchain is very versatile and has great scalability. It is usable in many sectors.

Advantages

• Fast transactions.
• High scalability.
• The platform allows for private transactions.
• TomoChain is EVM compatible.

Disadvantages

• TomoChain faces stiff competition from Ethereum and other better-established cryptocurrencies.

How to Trade Tomo coins

You can easily trade this cryptocurrency on various exchanges. Some of the best exchanges to use include Binance, Bitfinex, BiKi, FTX, and KuCoin. The price of one Tomo coin currently stands at $0.733334.

You can hold this coin to sell at a later date. Moreover, you need a place to store your coins away from the exchange’s wallet. The best wallets to use include Trust Wallet, TomoWallet, and Trezor. Additionally, you can use any Ethereum supported wallet.

Final Verdict

TomoChain offers a lot of benefits. It offers extremely fast transactions and has high scalability. Further, the blockchain is very useful to developers. It allows them to quickly create and launch decentralized applications. These applications inherit great security and fast transactions. Additionally, they are EVM compatible.

Nonetheless, TomoChain faces stiff competition from better-established blockchains like Ethereum. It is impossible to see how this blockchain can dethrone such a giant.

On a positive note, though, TomoChain is holding its value in the markets. It has great liquidity and adoption.