If you are interested in learning more about TomoChain (TOMO), then this guide is perfect for you. I’ll be showing you how it works, what it is used for and what the future looks like for the network and primary asset; TOMO.
What is TomoChain?
TomoChain is a decentralised blockchain project which aims to solve the scalability issues faced by many current blockchains by increasing TPS (Transactions Per Second). TomoChain can be used to build dApps as well as serve other popular blockchain use cases such as decentralised value transaction. The consensus mechanism of TomoChain is Proof of Stake Voting (POSV).
How did it begin?
TomoChain raised $8.5M USD for the project through an ICO (Initial Coin Offering) on March 1 2018. During this token sale, users were able to purchase TOMO (the native TomoChain token) with Ethereum (ETH) for 0.25 USD per token.
If you’d like to view the TomoChain White Paper, click here.
How does it work?
As I’ve mentioned above, the TomoChain network uses something called a POSV consensus mechanism to secure and run the network. Unlike Bitcoin which uses miners (computers) to reach consensus, TomoChain uses Staking which is similar to mining, but without the need of any hardware, all you have to do is stake your TOMO tokens online, and then you receive a reward for securing the TomoChain network.
Anyone can stake TomoChain, but there are currently only 150 masternodes which can vote in the network. These masternodes are elected by TOMO token holders, this is the ‘Voting‘ part of the mechanism.
Stakers of the network secure the network by validating transactions automatically, this ensures total decentralisation and a healthy network state. The more people that stake TOMO, the better the network, so if you own any, you should definitely look at staking not only for personal gains but also to increase the security of the network. Don’t worry if you didn’t quite get that, I’ll be going through staking a bit later in this review, so stay tuned.
Does TomoChain use Sharding?
Sharding is a popular theory-based application of blockchain technology which aims to solve the scalability issues faced. TomoChain uses sharding in its PoSV consensus mechanism to validate transactions in a faster manner. In addition to this, TomoChain uses double validation to ensure higher levels of network security.
At the heart of any blockchain project, naturally, is the people behind it. The team can either make or break the success of the project by helping with the adoption of the network. On the other hand, they shouldn’t have too much involvement with the network otherwise it is less likely to be truly decentralised and thus acts more as a company than a cryptocurrency vision. Anyway, let’s take a look at the faces of TomoChain.
As we can see from the above image, the TomoChain team is varied in skillsets and role within the project. The main core of the team works in the main TomoChain office at 10 Anson Road, International Plaza, Singapore, 079903.
Interestingly, the Founder of TomoChain was Co-Founder & Project Lead of the NEM blockchain; one of the largest cryptocurrencies in the world. If this success is anything to go by, TomoChain may be one worth watching.
Contact TomoChain Team (Support)
With any cryptocurrency project, it’s important that you’re able to get in touch with the team working on it for many reasons including discussions about the future of the chain and about potential partnerships to assist with the adoption of the chain. With this in mind, here are the contact details for TomoChain:
There’s also a document which lists all the current opportunities and job postings at TomoChain.
In general, I’m pretty impressed with the TomoChain team, they are transparent and don’t seem to heavily involved with the network aside from attempting to make it a success. For this reason, I conclude that the scam risk is low, although you should always do your own due diligence before investing in any digital asset, it carries high levels of risk.
Most people know how revolutionary blockchain tech is, but equally, they wonder how it can be used in our day-day lives. The honest answer is that it isn’t really used at the moment, but projects like TomoChain are building the infrastructure for the future, one in which blockchain may play a key role in society. Nevertheless, we can still take a look at ways in which TomoChain may be used in the coming years. So, how can TomoChain be used?
TomoChain is designed to facilitate, and fulfil the main blockchain use cases which include;
- Processing decentralised actions (Smart Contracts)
- Facilitating immutable transactions
It’s important to note that these use cases can apply to many different industries, and therefore are extensive. One of the main ways in which I believe TomoChain will be used is within the medical and financial sector, where there is little room for error.
One of the most common misunderstandings in the cryptocurrency industry is the mislabelling of the network and the corresponding main network token.
To clarify; TomoChain is the name of the network, and TOMO is the name of the token which helps run the network by providing a standard value for the chain. This is similar to Ethereum and ETH, Ethereum is the network, ETH is the token. Anyway, enough of the semantics, let’s take a look at the TOMO token in a bit more detail:
The TOMO token plays the key role within the TomoChain ecosystem by acting as a requirement for participating in the network both through masternodes and staking. Additionally, the token is used for Voting about the future of the network, for example with changes to the network. These functions of the TOMO token make it extremely valuable in the network since it would be unlikely able to survive without its presence. This is a great sign for investors and traders as it lowers the risk of getting involved, however, as with any blockchain project, the asset class remains high risk by nature.
For those who are looking towards the technical aspects of the TOMO token, you may be wondering if it is an ERC20 or if it has its own blockchain. TOMO was initially an ERC20 token but since was swapped 1:1 to the TomoChain network between 18/12/2018 & 20/12/2018. The contract address for the TOMO ERC20 token is 0x8b353021189375591723e7384262f45709a3c3dc, although since the ERC20 token is no longer in use, there is no need to use this contract address.
TomoChain (TOMO) Block Explorer
The official TOMO block explorer can be accessed at scan.tomochain.com. Here, you can check transactions, balances and even view the masternodes.
|Max (Total) Supply||100,000,000|
|ICO Price||$0.25 USD|
TOMO TPS (Transactions Per Second)
One of TomoChain’s main USPs is that they solve the scalability issues faced by other blockchains – meaning that they can complete more transactions per second (TPS) which ensures greater scalability. With this in mind, let’s take a look at the figures and see if they have achieved this bold claim.
According to their website, TomoChain claim that the TOMO network can operate at ‘at least 2K TPS‘. To put this in perspective – VISA completes around 2K TPS on a centralised system. So if this is true and TOMO can in fact run at 2,000 TPS, it will be one of the fastest blockchains in the world (Bitcoin runs at around 5 TPS).
This all sounds good, but in reality, there is no way we can know if this is true without the verification of a third party which I can’t seem to find any information about, so for now, we’ll have to take their word on it.
Storing TOMO (Best TOMO Wallets)
If you own some TOMO tokens or are looking to in the future, you’ll need somewhere to store them securely. The main things I look for in a good cryptocurrency wallet are; Is it secure? How easy is it to use? Does it have backups?. Without further ado, here are the best and most popular TOMO wallets:
As you can see above, you can store your TOMO on both Mobile & Desktop as well as with hardware devices to keep your tokens super safe.
Is there a TOMO testnet?
Many cryptocurrencies have something called a ‘Testnet‘ which allows you to try out the network without having to use real tokens. This way, you can get a grasp of how to do things with no risk. This is a great feature of blockchains in my opinion.
With regards to TomoChain, there is a testnet which you can use to practice using the wallet, voting and other actions on the TOMO network. To use the TomoChain testnet, visit faucet.testnet.tomochain.com to generate some testnet tokens and then send them to a testnet TomoChain wallet.
Are there any TOMO Mining Pools?
Mining pools are essentially ways of taking part in a blockchain network without having to own/use the hardware requirements needed. Strictly speaking, TomoChain doesn’t have any mining, therefore they can’t really be called mining pools – TOMO uses Proof of Stake to validate transactions. For this reason, there aren’t any TomoChain mining pools.
As I’ve briefly covered earlier in this guide, TomoChain is a network secured by a consensus mechanism called ‘Staking. This process involves holding tokens in a staking-compatible wallet and activating the process. By staking TOMO tokens, you can receive a regular reward, similar to dividends with stocks & shares.
The most burning question most people probably have at this point is; how much do you earn by staking TOMO (What’s the ROI)?
According to Staking Rewards, the Annual ROI for TomoChain (TOMO) tokens is 6.33%. For example, if you stake 100 TOMO, you would receive around 6.33 TOMO in 1 year, giving you a total balance of 106.33 TOMO tokens.
Now the next logical question is, how often do you get rewards for staking TOMO?
Staking rewards for TOMO are paid out approximately every 30 minutes. In my opinion, this is great since it means you don’t have to wait for months or even years to receive passive income from your investment in TomoChain.
So, how can you stake TOMO tokens? There are two main ways in which you can easily stake your TOMO, one on desktop and one on mobile.
To stake TOMO on mobile (IOS, Android & Google Play):
- Buy TOMO tokens on Binance or KuCoin (you’ll need Bitcoin or Ethereum first, if you don’t, you can buy it instantly on Coinbase)
- Download the TomoWallet from the App Store or Google Play Store
- Create a free account
- Transfer your TOMO tokens to your TomoWallet receiving address
- Follow the on-screen instructions to stake your TOMO
You can stake your TOMO by using TomoMaster, the web-based application built by TomoChain which aims to make it easy for users to get started with staking their TOMO tokens. To stake TOMO online:
- Acquire TOMO tokens on KuCoin or Binance (You’ll need some Bitcoin first, I use Coinbase.com)
- Go to master.tomochain.com and create an account
- Send your TOMO to your new TomoChain wallet
- Use the instructions provided to stake your TOMO
Aside from Staking, there is another way in which you can earn a passive income from securing the TomoChain network, and that is with something called masternodes. A masternode is simply a computer which verifies transactions on the network and for doing this, they are rewarded with a percentage of TOMO tokens. TomoChain has 150 masternodes which secure the network. As I mentioned above, these are voted in (elected) by those staking TOMO tokens.
The rewards (ROI) of running a TomoChain masternode is around 7.64%.
The requirements to run a TomoChain masternode are:
- 50,000 TOMO Tokens
- Dedicated Static IP
- 99.9% Uptime
Now you’re probably wondering how you can get started running a TomoChain masternode, well it’s actually pretty simple if you use the right tools. Before you get started, go and register a free account at Digital Ocean (you’ll need this to run the masternode) and by using this link, you’ll get $50 free credit from us. Once you’ve set up your Digital Ocean account, go and read this detailed guide by TomoChain on how to set up your masternode.
TomoChain Voting (How to vote)
So now that we understand that masternodes are elected in by TOMO holders voting for them, let’s take a deeper look at voting on the TomoChain network – what do you need and how can you go about doing it?
All you need to vote on TomoChain is some TOMO tokens and access to the internet – it’s that simple.
TomoChain built a governance dApp called TomoMaster to run the voting of masternodes, in my opinion, they’ve done a really good job and have made it really easy for the user. Anyway, use the following instructions to vote on the TomoChain network.
- Get some TOMO tokens on Binance
- Download TomoWallet and create an account
- Transfer your TOMO tokens from Binance to your TomoWallet
- Login to master.tomochain.com with TomoWallet
- Vote for the masternode you want to elect
Here’s what voting on TomoChain looks like:
You should see a name for each masternode, some of these are exchanges like ‘Kucoin_01’ that you can see in the image above.
Many blockchain projects collaborate with other companies in order to strengthen their position within the industry and get access to exclusive products and user bases. Here is a list of the known TomoChain partners:
- Binance Chain
- NOIA Network
- Morpheus Labs
- Japan Content Token
- Georgian National Blockchain Agency
- Axie Infinity
You can verify these partners here.
As with any crypto token, TomoChain has a wide array of online locations where you can discuss the project with other investors, enthusiasts and traders. These communities can also be a great way of getting in touch with the project’s team since they tend to be extremely active in these groups. Often times, you can expect to take part in an AMA (Ask Me Anything) in the chats, where you can present any questions to the team. TomoChain has a wide range of communities, here they are:
Is TomoChain (TOMO) a good investment?
Legally, I’m not allowed to give you an answer to this question, although, I can present my personal thoughts on whether or not I think TOMO is a good investment opportunity for myself. You should always do your own due diligence before investing in any cryptocurrency and understand the risks involved.
In my opinion, TomoChain has a demand within the market and a large array of token use cases which are vital for the network’s success. In addition to this, the passive income from staking TOMO or running a masternode makes it a very attractive investment for many.
Here are some of the most common questions about TomoChain (TOMO) answered by Blockduo.
How to stake TomoChain (TOMO)
To stake TomoChain tokens, follow the instructions provided in our TomoChain guide.
Where to store TomoChain tokens?
You can store TOMO (TomoChain Tokens) securely on the Ledger Nano X.