Tomochain was specifically designed to solve the scalability issues on the Ethereum keeping a near zero transaction fee with a high speed time of confirmation.
Tomochain, which will host all the financial transactions that occur on Tomochain apps, will act as a sidechain to Ethereum to ensure interoperability using atomic cross chain transfer between the two. Tomochain supports all Ethereum smart contracts but its base layer has a masternode and service node system. The project already faces heavy competition with industry giants such as Bitcoin, NEO, EOS, and ICON. However, Tomochain differs from these projects because its compliment to Ethereum while other projects are competitors to it. Tomoapp, the first app to integrate Tomochain in its architecture, is a social Q&A app in which the users will be rewarded based on the contribution to the network.
The project is founded by Long Vuong, one of the former founding members of NEM blockchain. The rest of the team is focused on accomplishing the milestones on its roadmap. The testnet has been made publicly available along with a demo wallet. The team has demonstrated their capabilities by delivering alpha versions of three products. As the project progresses, it will attract more developers and businesses on its platform considering the benefits they are offering. The app only has 10,000+ downloads on Google playstore and will need a much larger customer and community base to succeed in this eminent competitive market. If Tomochain infiltrates high-throughput use cases (like financial services and remittance market), the company’s chances of succeeding and becoming an impressive long term investment can grow remarkably.
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