Tomocoin is a pretty well known name at the time of writing this blog. They kickstarted their Proof Of Care(PoC) program to participate in their crowdsale for Tomocoin ICO. PoC is a novel concept and is trademark of companies that want to focus more on building their community rather than just for the sake of raising money through an ICO.
In this blog post, we shall have a look at what tomochain is and what problem does it intend to solve ?
What is Tomochain?
Tomochain is intended to be a high performance blockchain that revolves around the problem of scaling in the current blockchain solutions(ethereum to be more precise).
As it happens, Ethereum network has been plagued by the scalability issues and the issues get more prominent once some app goes viral on the network(E.g Cryptokitties). Ethereum foundation has been known to be working on various solutions(sharding, plasma) etc but none of them have been deployed to production yet and seem to be pretty far away in timeline. Just to put things in perspective, Visa does 1700 transactions per second while Ethereum is at 20 transactions per second only(we compare ETH with visa because ethereum founder Vitalik Buterin once stated a goal for ethereum to reach to the levels of Visa in terms of number of transactions). This problem compounds when you think of the fact that Visa is involved for payment processing use case only while the Blockchains can have a lot of use cases potentially. So High performance blockchains are the need of the future.
Tomochain to the rescue
Tomochain is being built grounds up to take blockchain to the masses. This can happen only if the transaction is atleast as fast it is on the traditional centralised architecture or even better !! Tomochain intends to deliver on scalability by by using a layered approach to blockchain(just something on the lines of lightening network in bitcoin). The chain would be inter-compatible and would also support cross chain atomic transfers.
Tomochain Offering and current state of project
Tomochain offers a blockchain, tomocoin(required for transactions on the network), wallet and a flagship knowledge sharing app(called as TomoApp).
The testnet for the project is live and can be checked out on the website https://stats.tomocoin.io
Tomcoin Salient Features
- Atomic cross chain transactions
- Near Zero Cost.
- ICO Hosting Platform
- Smart Contracts
Whats the deal about Tomoapp?
As discussed before as well, tomocoin is very focussed on taking the blockchain to the end users. They have therefore taken an end user centric approach and have showcased their knowledge sharing social app as the first app using blockchain. The app is like quora and will act as a showcase product demonstrating the use of blockchain in general and tomocoin in particular in realtime user apps. The app is available to use and test on web, ios and android.
We hope that we were able to provide a brief overview about Tomocoin. Do have a look at the project and hope you like the concept.
Disclaimer: None of the information in this blog constitutes a financial advise. Please always Do Your Own Research before investing.