TomoChain (TOMO)

TomoChain has made a remarkable entry into the crypto world by introducing a unique PoSV consensus mechanism. But what is TomoChain and what are its use cases for new users?

In this detailed guide, we’ll explore all there is to learn about TomoChain. Let’s begin.

What Is TomoChain (TOMO)?

TomoChain is a cryptocurrency network established in 2018. It provides its users access to decentralized finance (DeFi) apps and Web 3.0 applications.

It works on a unique Proof-of-Stake Voting (PoSV) consensus mechanism that consists of 150+ master nodes. This different protocol mechanism allows the network to offer multiple benefits to users, including but not limited to, a block time of 2 seconds and 2,000 transactions/sec.

The Genesis of TomoChain

The TomoChain network started in 2017 when the developers used the Ethereum Blockchain as the building block. The platform launched its ICO (Initial Coin Offering) in March 2018, which helped them to raise $8.5 million. By the end of 2018, they launched their native token, TOMO. However, it was created on TRC networks (TRC-20, TRC-25, and TRC-721), which is similar to ERC-20.

Founding Team and Vision

TOMO’s founding team includes Long Vuong, Son Nguyen, Tung Hoang, and Le Ho. They wanted to create a blockchain network that offers maximum scalability, decentralization, and privacy protection.

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How Does TomoChain Work?

TomoChain utilizes an innovative PoVS consensus mechanism, which technically works like a normal PoS network but also integrates voting capability.

Since the network was initially developed on the Ethereum blockchain, it supports all EVM (Ethereum Virtual Machine)-compatible smart contracts and protocols.

PoSV Consensus Mechanism

TomoChain has introduced a unique PoSV mechanism that allows the token holders (those who stake TOMO), to vote across 150 master nodes.

The users get a 7-day duration to vote for the master node. When a person receives maximum votes, they hold the master node, which gives them rewards for contributing to the network. The mechanism also helps the network to maintain decentralization without affecting the speed.

Sharding and Scalability

TomoChain network is famous for its high-speed transactions, which is possible due to the sharding technique. It creates several branches of the database and the network, which processes non-overlapping transactions parallel to each other. It makes the network scalable to any transaction size, enabling the system to support up to 2,000 transactions per second.

Unique Features

The unique consensus mechanism also gives the TomoChain network some unique features, making it distinctive from other crypto tokens. It allows the network to confirm a transaction within 2 seconds, but it also offers users to stake through smart contracts. 

Near-Zero Fees

One of the main features is the negligible transaction fee. Users pay only a minimal amount for the transfers while enjoying the high-speed transactions. Surprisingly, it is almost 1000 times cheaper than Ethereum fees (even though the blockchain was initiated on the Ethereum network).

High Transaction Speed

As mentioned earlier, the most significant feature of TomoChain is its high speed of 2,000 transactions per second. It is possible due to the parallel sharding support that processes the transactions simultaneously.

Security Measures

TomoChain is not only a fast but also a highly secure network. It utilizes multiple security measures, such as a unique consensus mechanism that requires confirmation of 150 master nodes. Moreover, it performs high-grade encryption and regular audits for maximum data protection.

Data Encryption

TOMO uses high-grade data encryption to secure the user’s data and maintain privacy. Although the necessary information, such as block code, its origin, transaction date, and other vital information, will be visible, the rest of the data will be stored in complex databases.

Smart Contract Audits

The network regularly audits the smart contracts to maintain secrecy and authenticity. It helps them rule out any transaction that is not following the standards, and protect people from potential harm.

TomoChain’s Ecosystem

TomoChain aims to build an ecosystem containing several blockchain solutions, DeFi apps, games, Web 3.0 projects, and much more. They want to address multiple sections, including gaming, the IT department, education, research, agriculture, robotics, communication, and others.

dApps on TomoChain

TomoChian offers several decentralized applications (dApps) that provide various solutions to its users. These are DeFi apps, NFTs, tools, wallets, GameFi, bridge protocols, social platforms, crypto exchanges’ integrations, and others.

TomoChain’s DeFi Offerings

In decentralized finance (DeFi), it offers several solutions, such as Frontier, LuaSwap, PAID Network, Raydium, Antex, and others. Furthermore, it provides several in-platform products that deliver the same purpose, including TomoWallet, TomoPool, TomoBridge, and TomoZ.

Staking TOMO

Since its consensus mechanism (PoSV) is basically a staking protocol, you can stake native TOMO tokens for great rewards. When you stake TOMO, you can also vote for master nodes.

The voting epoch contains 900 blocks and lasts for 30 minutes. After an epoch, the voters and master nodes get their rewards automatically.

TOMO Token

TomoChain’s native token TOMO was initially built on the ERC-20 model but now has networks of TRC-20, TRC-25, and TRC-721. But since these are similar to ERC-20, they serve the same purpose.

Utility and Use Cases

You can use TOMO tokens to pay for the minimal transaction fee on the network. You can also use them to get dApps or spend them to purchase items like NFTs or collectibles.

Initial Coin Offering (ICO)

TOMO’s initial coin offering (ICO) was started in March 2018, which they planned to conduct for 20 days. However, they issued 34.3 million tokens only in the first 24 hours, which raised a total amount of $8.5 million. At that time, it was on ERC-20, and the token’s price was just $0.25.

Key Partnerships and Collaborations

TomoChain has partnered with multiple platforms to help TOMO get a significant audience and popularity. Some of their partners include Multichain Bridge, PolkaBridge, Cadenverse, Unifty, BSC Station, and many others.

Tokenomics

TOMO has a total supply of 100 million tokens, out of which 96.8 million tokens are already in circulation. Among them, it has the following allocations:

• Governance Treasury - 50%
• TomoMasterDAO Team - 21%
• Airdrops & Rewards - 12%
• Farming Rewards - 6%
• Public Sale - 4%
• Pair Creation - 4%
• Active Voters - 3%

How to Buy TOMO on Binance

All the above TOMO benefits and features might have hyped you enough. So, let’s discuss how you can buy these crypto tokens. Binance, the leading crypto exchange, will be an excellent choice to buy TomoChain. So, let’s get into the details.

Create a Binance Account

If you don’t have a Binance account, you will need to register first. The process is quick and easy, like the registration on many other platforms:

1. Click on the link below, which will take you to the Binance Registration Page with the Coin-Labs referral code.
2. Enter your email address and solve a quick puzzle for identification.
3. It will send you an OTP to your email address. Enter the code on the next screen.
4. Create a strong password, and your account will be created.

Completing KYC (Know Your Customer)

After account creation, the next step is KYC verification. You will automatically be directed to this process. You can also skip it for the time being and complete it later. However, completing KYC is mandatory. Otherwise, you won’t be able to buy TOMO.

1. Click the Profile Icon at the top right, and click Get Verified.
2. Go to the Level 1 Verification section and click Verify Now to initiate the process.
3. Select your country and enter the Basic Information. Double-check the info to avoid any errors.
4. Now you need to upload identity verification pictures. It can be either your ID card, passport, or driving license photos.
5. Lastly, take a selfie to complete the process. Your level 1 KYC will allow you to buy TOMO on the platform.
6. You can also go for Level 2 Verification and verify your residential address. It will only increase your withdrawal limits.

Securing Your Binance Account

Although it is an optional step, we recommend you enable these security gateways to protect your TOMO and other digital assets on the Binance platform.

One of these is two-factor authentication, which requires downloading of Binance mobile application.

On your desktop, log into your account and get to the Authenticator App in the Security. It will present you with a QR Code, which you will need to scan through the app on your mobile. Next, enter the 6-digit code to confirm the process. Now, no one can log into your account without permission.

Depositing Funds

After all things are set, it’s time to deposit some funds into your account. In the Buy Crypto button at the top, select the fiat that you wish to deposit and add your credit card. After you deposit an amount, you can use it to buy TomoChain or other cryptocurrencies.

Navigating and Buying TOMO

After depositing enough funds, go to the same Buy Crypto section. Select the currency you want to pay in and select TOMO in the buy box. Click Buy Now and provide verification codes. Your crypto tokens will be automatically deposited into your account.

Transferring to an External Wallet

Now, you can either keep the token in your Binance native wallet or transfer it to another digital wallet. To withdraw your tokens, click the Wallet Icon at the top and go to the Withdraw tab.

Select TOMO from the list and its network. Ensure you select the right network. Otherwise, your funds will be lost.

Enter the amount you want to withdraw and copy and paste the deposit address on the platform where you want to send the token. Confirm the codes to get the tokens in that wallet shortly.

Future Prospects

TomoChain has a high chance of getting a boost in the upcoming years. This is mainly due to the fast transaction speed and nearly zero fees. So, if you are considering investing in TOMO, you may gain some profit.

Conclusion and Takeaway

TomoChain has made an impact on the crypto world with its interesting PoSV consensus mechanism. It has a high transaction speed, low fees, and scalable solutions. Moreover, it offers several dApps on the network that users can benefit from. So, you may find it suitable to invest in TOMO.

However, this is not financial advice. Since the crypto market is volatile, you are at your own risk. But TOMO seems to have a promising future.

We Coin-Labs.com provides only objective information about TomoChain (TOMO).
Therefore, we are not responsible for the investment decision in TomoChain (TOMO) and the resulting loss.

TomoChain (TOMO) Basics

Here are some factors that investors should consider before investing in TomoChain (TOMO).

Cryptocurrency Features	TomoChain (TOMO) (TOMO)
Publisher or Developers
Headquarters (Registration Number)
Symbol	TOMO
Platform
Published Date (CMC Registration)	1970-01-01
Max Supply	No limit

Reliability Score of TomoChain (TOMO) in 2024

These are indexes mesuring the investment reliability of TomoChain (TOMO) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 2 Exchanges
Number of Available Pairs Worldwide	0 Pairs
Market Cap of the Cryptocurrency	0 USD (Rank #)

The table above shows the result of investment suitability evaluation for TomoChain (TOMO).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

TomoChain (TOMO) Price

Here are the price and recent trading volume of TomoChain (TOMO). (Data of 2024-07-15 18:20:15)

Price Items	Price and Trading Volume of TomoChain (TOMO)
TomoChain (TOMO) Price	0.000 USD
Price Change 24h	%
Price Change 7d	%
Trading Volume 24h	0 USD
Trading Volume Change 24h	%

Cryptocurrency Metadata

You can check the development status and social media information of TomoChain (TOMO) through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy TomoChain (TOMO)

Here are the top ten world crypto exchanges where traders can buy TomoChain (TOMO) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/TOMO_USDT
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Listed	https://www.gate.io/trade/TOMO_USDT

Frequently Asked Questions