- Immutability – A third party cannot make changes to data its all public and replicated at multiple nodes.
- Corruption & tamper proof – Apps are based on consensus-based and hence censor-proof and governed by mathematical laws.
- Secure – With no central point of failure and secured using cryptography, they are hack-resistant
- Zero downtime – No central server hence apps never go down
Some of these are great advantages creating decentralized systems also comes up with its own set of problems and one of the biggest problems decentralized systems have faced is Scalability. The belo graph shows how Ethereum pending transactions shot up when a viral Ethereum DAPP Cryptokitties got released, Just one viral app brought the system to its knees.
Key Challenges of Blockchain Platforms like Ethereum
As Cryptokitties and many times, multiple ICO events at the same time have shown Ethereum and all other blockchain platforms have a real scaling issue. High Network congestions another ancillary problem of high fees purely governed by economics with people ready to pay more GWEI to get their transaction through which it attracts more miners until we have some equilibrium and as transaction queue reduces
So to support multiple commercial apps on the network Public blockchains have to scale multiple times from current levels and not just scale they have to scale in a way that transaction costs remain affordable, we do not just want decentralized Visa but we want decentralized Visa at lower costs.
Tomochain wants to mainstream decentralized consumer and social apps, and bring low-cost( free) instantaneous transactions on blockchain to solve the scalability issues and usher in a new era of decentralized consumer apps.
You can check out the detailed roadmap of Tomochain here
Below is the basic flow of How Tomochain plans to go about creating a blockchain for Distributed consumer apps.
TomChain On Mainnet Launch
Tomochain at main net launch will introduce a network of chains with will support decentralized apps with following key features
- Super Scalable with instant confirmation for transactions
- Interoperable with ethereum blockchain and uses atomic cross chain transfers
- Zero fee for transactions
- Decentralized public blockchain
- Tomcoin will be the currency/transaction protocol for the network
- Proof Of Authority (POA) to build consensus on different nodes.
Tomochain Versus Ethereum
Here is a Summary of comparison of Tomochain with Ethereum
So How is Tomochain looking to realize its Vision
Tomochain is following a different approach to building the blockchain network.They are building first a consumer side app TomaoAPP It is a social question answer app basically a Decentralized Quora .
So Tomoapp will be the test bed of Tomochain. TomoApp will directly compete with Steemit and Quora ( PopCentralizedlized Question Answer platform)
So essential Roadmap for Tomochain platform is opposite how ethereum or other blockchains got built they are starting with an APP and then building a network which supports these APPs and fast transactions followed by a wallet and set of API’s.
Tomocoin ICO Details
ICO date: March 01
Total supply: 100 million TMC
Token: Smart Contract based on Ethereum (ERC20) platform. Symbol: TMC
Hardcap: $8.5 million
Token price: 1$ = 4 TMC
Tomochain Leadership Team
Long Vuong: CEO of TomoChain and founder of Tomo app,
Erstwhile co-founder and the former project lead of NEM blockchain (New Economy Movement).
Son Nguyen : Chief Technology Ofﬁcer, Director of Engineering of Tomo app.
Experience Blockchain leads developer founder of the Blockchain Developer group with more than 700 developers.
Tung Hoang Front-end Engineering Manager, Co-founder of Tomo app; product manager,
Minh Chu is Blockchain and Product Leader, Chief Cloud Architect of VCCloud . Security expert.