TLDR
** Founder/CEO Long Vuong was the former project lead at NEM
**Offers instant transaction times and no fees.
**Features second layer chains for greater scalability than Ethereum.
**Allows for cross chain atomic swaps of Ethereum assets.
**Integratable APIs for third party applications.
Ticker – TOMO
Available at www.Ethershift.co - Gate.io - IDEX
What is Tomochain?
Tomochain (TOMO) is a high efficiency blockchain platform used for building decentralized applications. They utilize second layer blockchains in an effort to scale their network in a way that Ethereum currently is not capable of doing. In doing so, their solution offers near instant transaction settlement times and zero fees for their users. They plan to establish themselves as a more powerful competitor to the Ethereum network.
At the present date, Ethereum is the largest platform for those who want to build their own application on the blockchain. The problem with this however, is that it has been discovered that Ethereum does not scale very well. The Crypto Kitties craze caused the entire Ethereum network to grind to a screeching halt, taking every other application with it. This lead many blockchain projects such as this one to implement their own solutions for scaling. The most common being child or side chains which allow applications to operate independently of each other for the most part. The benefit to this solution is of course that if one game or application goes crazy overnight, it does not negatively impact the rest of the network.
While these are excellent solutions, the important thing to realize here is that all of these “scaling” schemes are still competing with Ethereum. This is an enormous competitor. It holds the number two market cap of all cryptocurrencies in the world, and while currently they are experiencing some issues, they too are working on their own scaling solution. Investors should be wary of this, because it’s likely that many Dapp creators are simply waiting for Ethereum to go ahead with Plasma, their in house solution, and if this happens it could leave alternative solutions such as TOMO without a user base.
While Tomochain does provide relevant solutions to this blockchain app scaling issue, the fact is that they don’t really provide enough incentives outside of it that would cause many developers to make the switch. There are already so many other “build your blockchain on our blockchain” projects out there that they are rather bland in comparison. Many other similar platforms are offering much more robust features, and while the price seems attractive, that is more likely due to the low supply of this particular asset and not their merits. In regards to the problem they are attempting to solve though, they seem a little late to the party.
However, it’s possible that they could be widely accepted in their own locale as a localized application solution. This company is from Singapore, and they are quite active in Asian blockchain markets where the penetration of competing platforms may be much smaller. They also have some attractive partnerships going with Neo and several venture capital firms which could be quite beneficial to their position on this front. Their social media and cryptocurrency community presence however, seems lacking, and it would behoove them to improve in these areas. Overall i like what TOMO is doing. I will be following their progress over the next couple years, and you should too!
