The Internet of Value
The development of blockchain technology is helping to usher in a new era of the internet, the internet of value. In the 1990’s the rapid development of the web allowed for the instantaneous exchange of ideas and information. By adding a layer of blockchain-enabled services to the internet, the goal is to allow for an equally efficient exchange of assets. There are several technical problems to solve before this becomes a reality however. TomoChain is attempting to address these issues.
Until the development of crypto currencies, all transfers of value had to be done through an intermediary like a bank or an exchange. This market is huge. Cross-border payments alone total over USD 180 trillion globally every year, accumulating costs of USD 1.7 trillion, and that is not even counting the transfer of other assets. The economic value of moving these transactions onto a blockchain solution is immense. The current setup, with each node confirming each transaction, is too slow and cumbersome to handle that many transactions however. In order to solve this problem of scalability, two factors need to be addressed.
The Ethereum blockchain is currently able to handle about 15 transactions per second. If you compare that to Visa, which handles 45,000 transactions per second, it is easy to see the limits of the current infrastructure. Add to that the fact that any changes to the Ethereum blockchain needs to be funded by gas, making micro payments unfeasible. To solve these problems, TomoChain will implement a second layer solution where all transactions are handled off chain before being anchored to the Ethereum blockchain.
TomoChain is designed to be a public permissioned chain pegged to the Ethereum network using ERC-20 compliant smart contracts. The protocol will be open source, supporting a blockchain that can handle billions of transactions per day for zero fees and with instant confirmation. This will induce third party developers to build their apps, and issue tokens, inside the TomoChain ecosystem. The TomoWallet will allow for atomic cross-chain transactions between tokens that are part of the platform, as well as between Ethereum and TomoChain. TomoCoin will be the protocol token that govern and regulate this infrastructure. It will have a fixed supply of 100 million tokens.
Coin Name : TomoCoin (TMC)
Total Supply : — 100,000,000 TMC
Circulating Supply : 55,000,000 TOMO
Market Cap : $96,105,350 USD
Tokens/Money Raised Through ICO : — Token Sale starts 1 MAR $8,500,000
The first consumer application to utilize the TomoChain infrastructure will be a new decentralized social network with a built-in crypto currency. Initially the focus will be on building up a library of questions and answers, sourced from the community, with contributors being rewarded in TomoCoin. These can be used for free and instantaneous micro-transaction within the app itself. Each Tomo application account will come with its own TomoWallet integrated.
A full 40% of the TomoCoins issued will go towards supporting developers and early contributors. As developers use the TomoChain infrastructure to issue their own tokes, these will be integrated into the TomoWallet and available for atomic cross-chain transactions.
Both the TomoApp and the TomoWallet will use a decentralized identity database to allow users to log into all applications using one account. Published APIs will allow third party developers to use the same service.
The TomoWallet will also allow users to handle multiple addresses from different blockchains. These will be encrypted using random passphrases generated by BIP32 and BIP39, with the encryption process staying fully on the client side to ensure privacy.
TomoChain will use a Proof of Authority protocol to manage a high volume of transactions at fast speeds, with the validators chosen based on their collaboration rankings. It uses a masternode and servicenode model, with nodes built in multiple locations in order to secure the immutable state of the database. There is also a node protection algorithm to protect against spamming and 51% attacks.
The possibilities when moving financial transactions online through a blockchain solution are almost limitless. The efficiency and cost savings are immense for a system that can securely handle a large volume of transactions. Etherum’s planned move from their current Proof of Work system, to one based on Proof of Stake, will alleviate some of the issues. Even this system will run into problems though, when dealing with billions of financial transactions per day.
TomoChain’s protocol, using a Proof of Authority system in a secure off-chain ecosystem secured to the Ethereum blockchain, would be able to handle to required amount of transactions almost for free. There are of course other companies attempting to do the same thing, like Steem, Kin and OmiseGo. They all use slightly different methods to achieve the same goal. Whichever ecosystem becomes the go to platform for online financial transactions will reap enormous benefits, and their coin is likely to appreciate significantly.
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URL : — https://t.me/tomocoin
Users : 16711 members
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URL : — https://medium.com/tomocoin
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Staff / Team Info :
Name : Long Vuong
Title : Founder & Project Lead
Bio : — CEO of Tomochain and founder of Tomo app, co-founder and the former project lead of very successful NEM blockchain (New Economy Movement). PhD candidate in economics.
LinkedIn : — https://www.linkedin.com/in/longvuong22
Extra Links : — https://twitter.com/longvuong22
Name : Son Nguyen
Title : CTO
Bio : — Director of Engineering of Tomo app. Son is an experienced and accomplished technical leader, founder of the Blockchain Developer group with more than 800 active members. Master degree in Engineering.
LinkedIn : — https://www.linkedin.com/in/thanhson1085
Extra Links : — https://github.com/thanhson1085
Name : Minh Chu
Title : Blockchain and Cloud Lead
Bio : — Chief Cloud Architect of VCCloud — one of the biggest “AWS like” local cloud service in South East Asia. Minh has a deep technology research expertise and is a security expert.
LinkedIn : — https://www.linkedin.com/in/chu-duc-minh-1773a229/
Extra Links : — https://twitter.com/minhcd
Name : Tung Hoang
Title : PM & Co-founder
Bio : — Co-founder of Tomo app. Product manager, frontend engineer, open-source contributor. Tung is a versatile engineer who get almost everything done in the fastest time possible.
LinkedIn : — https://www.linkedin.com/in/tung-hoang-719b4657/
Extra Links : — https://github.com/tunght91
Name : Androklis Polymenis
Title : Co-founder of CryptXO Investment
Bio : — Co-founder of CryptXO Investment/Trading group, a cryptocurrency veteran involved with Bitcoin and cryptocurrency since 2011. A well-known angel investor and philanthropist in his home country Greece and in Europe.
Name : Min Kim
Title : Head of Biz Development at The Bee Token
Bio : — Founder of Blocultural Studios and Head of BD at The Bee Token. Previously Chief of Staff of Civic, previously worked with Tim Draper on PR and marketing on blockchain initiatives.
LinkedIn : — https://www.linkedin.com/in/minkimd14/
Name : Roger Lim
Title : Director of the Qlink Foundation
Bio : — Director of the Qlink Foundation. Advisor for Bluzelle, SelfKey, The Key, Coinfi, Fortuna Capital, Jet8. An experienced blockchain investor, and a successful entrepreneur who founded and grew WebVision, a cloud hosting company.
LinkedIn : — https://www.linkedin.com/in/limroger/
Name : Chance Du
Title : General partner at Coefficient Ventures
Bio : — General partner at Coefficient Ventures, Investors in Protocol Lab and Atrium LTS, Mentor in Alchemist Accelerator.
LinkedIn : — https://www.linkedin.com/in/chancejdu/
Name : Shekhar Bhusannavar
Title : General manager at Meed Fintech
Bio : — . General manager at Meed Fintech and Biz development director at Timo bank, Shekhar is originally from India and have more than 30 years of experiences in biz development, partnership, marketing and financial technology.
LinkedIn : — https://www.linkedin.com/in/shekharbhusannavar/
Name : Antoine C. Najjarin
Title : Head of strategy and operations at Devery.io
Bio : — Head of strategy and operations at Devery.io, a product verification platform. A lawyer with experience working with the Australian state government, and also studied under the tutelage of renowned smart contracts security expert in the resolution of the DAO hack, Bok Khoo.
Name : Ho Le
Title : Director of Investment Banking
Bio : — A CFA charterholder with 10+ years experience in investment and finance. Former Senior Investment Manager at BVIM. Director of Investment Banking Division at HSC securities company.
LinkedIn : — https://www.linkedin.com/in/le-ho-cfa-55922055/
Name : Hoang Nguyen
Title : Co-founder and VP of R&D at WeTrust.io
Bio : — . VP of R&D at WeTrust.io, a decentralized platform for financial products. Currently leading the engineering team at WeTrust advised by renowned blockchain scientists such as Prof. Emin Gun Sirer, Head of engineering at BitGo, Benedict Chan and Ethereum founder, Vitalik Buterin.
LinkedIn : — https://www.linkedin.com/in/hoang-nguyen-a493b158/
Company Address :
Tomochain Pte. Ltd.
10 Anson Road #22–15