This Tomochain review gives a deeper insight into it’s blockchain solution. Furthermore, an explanation of PoSV algorithm, masternodes and other issues it tackles.
Tomochain Review: Introduction
Our rapidly changing world is entering yet another dimension, thanks to blockchain and tokenization. The emergence of bitcoin blockchain was a breakthrough in Fintech, but only a few foresaw potentials in other areas. Firstly, Ethereum gave a sneak peek of the disruptive capacity of blockchain technology. In addition, it allowed developers to create their own decentralized applications (dApps) and tokens to solve problems leveraging blockchain.
Many ecosystems targeted at revamping diverse sectors have been created on the Ethereum network, but notable barriers often hinder widespread adoption. Next, below is the list of the current barriers Ethereum is facing.
- Scalability: Blockchains and dApps struggle to maintaina high level of operational efficiency as the network scales higher. An increased number of users often negatively impacts performance and may lead to failure sometimes. This makes them unreliable for businesses and practical use.
- Speed: Transactions on blockchains are often delayed by multiple confirmations across nodes. When stacked against conventional payment processors, the result is abysmal. Visa processes about 45,000 transactions per second while Ethereum manages a meager 15tps. This small throughput impedes real-time application and mainstream adoption.
- Fork generation: A hard fork is said to happen when a blockchain splits into two. In addition, it usually occurs due to a change in consensus algorithm or software version upgrade. Hard forks often have direct consequences. In fact, they consume computational energy, time and they create vulnerabilities to attack.
- High transaction fees
Finally, for blockchain technology to take its due course, a means to scale these barriers must be deciphered.
This review starts with Tomochain being an EVM-compatible blockchain designed to lower entry barriers. Additionally, they are doing this by presenting radical solutions to existing bottlenecks. Besides, Tomochain is a public ‘permissioned’ blockchain that utilizes ERC-20 compliant smart contracts to create a platform that can efficiently power blockchain ecosystems and dApps. Also, Tomochain has a unique blockchain architecture that enables fast and seamless payments. Furthermore, it takes care of token issuance, topnotch security and decentralized store of value.
The Proof of Stake Voting(PoSV) algorithm
Tomochain deploys the Proof of Stake Voting (PoSV) algorithm to achieve the following objectives:
- Double validation to strengthen security and reduce fork
- Randomization to guarantee fairness
- Fast confirmation time and efficient checkpoints for finality or rebase
PoSV consensus mechanism is an offspring of the PoS algorithm. Just like its parent mechanism, PoSV is characterized by a fair voting system bereft of manipulation. Also, it has improved security and an incentivized system that rewards nodes for acting in the best interest of the network.
Tomochain Architecture and masternodes
To review Tomochain we can’t ignore its architecture which consists of 150 masternodes. Furthermore, these masternodes maintain the network in line with its consensus algorithm. In fact, these masternodes are not to be confused with token holders. While the latter are participants who hold TOMO tokens and transact with them, masternodes produce blocks and ensure smooth running of the network. Besides, users that wish to become masternodes must deposit 50,000 Tomo to a smart contract. After confirmation of deposit, users are listed as masternode candidates. Then, a voting process is then carried out by coin holders to elect masternodes.
Proposed solution to enhance scalability
As earlier mentioned in this Tomochain review, scalability is one of the limiting factors of current blockchain networks. Moreover, Tomochain seeks to address scalability with three innovative solutions:
- Sharding: A partitioning method that enables blockchain networks process more transactions per second.
- EVM parallelization: This technique allows transactions in the EVM to be processed in parallel. As a result, EVM parallelization enhances speed and maintains efficiency.
- Hardware integration
Tomochain token standards
Altogether, there are three token standards on Tomochain.
- TRC20: This is the first and most popular token standard on Tomochain. Additionally, it is ideal for the creation of utility tokens. Moreover, tokens based on this standard are divisible. Also, transaction fees on TRC20 ecosystems are paid with TOMO token.
- TRC21: This token standard supports TomoZ (Tomochain’s Zero friction protocol). Transaction fees on TRC21 ecosystems can be paid in their own native token.
- TRC721: Its tokens are non-divisible. Also, transaction fees are paid in Tomo and it does not support TomoZ.
Tomochain Review: Use case
Tomochain has a vast range of practical applications ranging from gaming to electronic voting. Also, areas like e-commerce, robotics, messaging amongst others are covered. Besides, this can be attributed to its high speed and scalabilty provided on dApps.
Here’s a detailed list of Tomochain’s use cases and existing decentralized applications.
Tomo token is the native token of Tomochain. Moreover, Tomo is used for all transactions on the platform.
Overcoming current challenges in blockchain networks is a giant leap towards mass adoption. As a result, Tomochain ensures that no stones are left unturned in its quest to facilitate the improvement of blockchains and the creation of dApps.
Information and resources
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