Tomochain AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
Long Vuong (@longvuong), Founder & CEO at TomoChain
Q1: Can you introduce yourself to the community? What is your background and how did you join Tomochain?
Long Vuong
CEO
Hi, thanks for hosting me.
Our team has been working on TomoChain since early 2017 and we started with the original goal of building a public chain that can be decentralized, fast and scalable. Before that, I spent 8 years in the PhD program at the University of Massachusetts.
I personally focus mostly on research and products and luckly we have an excellent team building TomoChain together.
CryptoDiffer team
Q2: Can you briefly describe what is Tomochain in 3-5 sentences? What technology stands behind Tomochain and why it’s better than the existing one?
Long Vuong
CEO
TomoChain is a public blockchain with the native cryptocurrency TOMO which is used to power the decentralized network in a variety of ways such as paying tx fees, staking, etc.
TomoChain are unique in these areas:
– Well-functioning public blockchain with PoSV consensus, Masternode system and slashing mechanism in place. 150 Masternodes, and thousands of stakers live securing the network at any given moment.
– Very fast chain with 2 second blocktime and reach up to 2000 TPS
– Unique TomoZ ‘zero friction’ protocol that enable paying tx fees with token
– TomoX and TomoX-SDK for building multiple decentralized exchanges with a shared liquidity pool.
– TomoP – private transfer protocol in development.
These technologies work well together to create a unique decentralized network.
CryptoDiffer team
Q3: What are the major milestones you have achieved so far?
Long Vuong
CEO
These are some of the most significant milestones we achieve in 2019:
– PoSV consensus with Masternode and slashing is now running stable.
– Launching TomoZ’s protocol mainnet.
– Launching TomoX’s protocol testnet.
– Introducing TomoP’s privacy white paper.
– Some good dapps on TomoChain such as TomoPool, TomoSwap, Maxbet.
– TOMO got listed on Binance, Crypto.com and FTX.
– We run multiple hackathons, developer workshops with reputable partners in 2019.
Cryptodiffer Community
At the moment, there was a lot of blockchain tech that offer fast and secure tps. And in my opinion utility adoption will the be main role to chose which blockchain going to stay. So my question is how you will provide more utility rather than other blockchain or how you ensure developer to use your blockchain rather than other?
Long Vuong
CEO
Because TomoChain has a very fast block time of 2 seconds, coupled with cheap tx fees which helps to build a good and user-friendly Dapp. DApp developers are the ones who build apps that attract mainstream users. TomoChain is a really good infrastructure to enable that. Besides, TOMO has great utility like staking, paying fees, running Masternodes etc. and I can see millions of people holding and using it in the future.
Cryptodiffer Community
What role do you think TOMO plays in increasing the adaptability of the blockchain on the global stage? How TOMO solves Interoperability problem? with Which blockchains, TOMO is interoperatable?
Long Vuong
CEO
We will have TomoBridge service that allowes cross-chain token transfer such as moving BTC, ETH, USDT to TomoChain to have advantages on TomoChain such as privacy, fast transaction, low fees etc. It will be launching at the same time with TomoX, and TomoDex in April.
Cryptodiffer Community
Which area does TomoChain focus on at the moment? (DeFi, Dapps,..) and which products/projects are you developing to support it?
Long Vuong
CEO
DEFI is the big area of focus for us in 2020, and gaming is the second place. TomoX, TomoDex, TomoBrige, and Decentralized Lending are a few products in DEFI that will be launching in 2020.
Cryptodiffer Community
Can you elaborate on the product and comment on the amount of interest with individuals/businesses you’re seeing in this product?
Long Vuong
CEO
A lot of people and researchers are interested in our TomoP’s privacy protocol. It has an unique dual key feature for compliance purpose that has not been achieved in any other projects. There are also several projects and communities that want TomoX’s relayers.
Cryptodiffer Community
Would you mind explaining how safe Tomo is against a 51% attack?
Long Vuong
CEO
TomoChain is using PoSV concensus in which block creators need to lock a significant amount of TOMO in staking. They won’t have an incentive to create attacks that destroy the value of the network and theirs. 51% attack applies mostly for POW network where the block creators (miners) are outside of the system and have an economic incentive to attack to gain values. On the technical front, unless you control 75% of the Masternode, you will cause a fork if the consensus cannot be reached. POS system like TOMO often use economic incentive reasoning to prove the resillence against attacks. In fact, I have never seen an POS system got 51% attack before since Peercoin and NXT in 2014.
Cryptodiffer Community
What are other scalability options TomoChain is putting it eyes on? and should we be expecting a major push to Sharding or other layer – 1 scaling solutions this 2020?
Long Vuong
CEO
TomoChain is pretty scalable atm suppoting up to 2000TPS. We focus on privacy solution and adoption in 2020.
Cryptodiffer Community
1 – Can you justify TomoChain as “THE MOST EFFICIENT BLOCKCHAIN FOR THE TOKEN ECONOMY”?
2 – How TOMO conquering speed, accuracy & latency challenge faced in Blockchain industry from many years?
Long Vuong
CEO
By definition efficiency = the ratio of the useful work performed by a process to the total energy expended in. Our goal is like that to create a public blockchain that is fast, useful and green that enable Dapp develoeprs and project to build great things. TOMO token is also a great application for staking, and supporting the network. We will continue to improve TomoChain in the future.
Cryptodiffer Community
2019 was a productive year for you. You have made a lot of progress. I am sure will be more.
Q1) How is your 2020 road map?
Q2)Will you have new products to come out?
Q3) Should we invest in you?
Long Vuong
CEO
1. Read my blog on the 2020 plan ins-mainnet-went-live-on-december-14-2018-a03683824dd6 and follow our feature updates here https://tomochain.com/tomochain-roadmap/
2. TomoP and TomoX (and its multiple associated products like TomoDEX, TomoBridge, Lending will be launching soon. Also TomoChain team alwasy have a secret product in development.
Cryptodiffer Community
Does TOMO intend to create a stable currency to make the ecosystem more diverse?
Long Vuong
CEO
Definitely! We alreadyhad constant USDT stablecoin on TomoChain. But I am looking for new stable coin solutions in 2020.
Cryptodiffer Community
Can you please explain how the voting for masternodes candidates occurs? How does the coin-holders vote, what kind of information they get from the different candidates, in order to decide which one is better for the network?
What is your long-term vision about the industry which Tomochain is working at? Are you afraid someday there will be another Project with more innovative technology can replace Tomochain?
Long Vuong
CEO
Check out this page for our information on staking https://tomochain.com/tomo-staking/ We are working to make TomoChain be the future of a new native Finance on Internet. That’s the goals we are working toward daily. Thank you.
Long Vuong
CEO
That’s it. Thank you everyone. Thank you @cryptodiffer_admin and @SkakunSkakunSkakun for hosting me.
Cryptodiffer TEAM
Thanks for your time Long Vuong (@longvuong) let’s finish the ama and open the chat
