Home Reviews TomoChain What is it? and how it works?

TomoChain [TOMO] What is it? and how it works?

TomoChain is a project that seeks to implement the idea of creating an Internet of values, an infrastructure with decentralized instruments and financial services.

This project brings solutions and benefits to the crypto ecosystem, such as improvements in the scalability in the Ethereum network and other blockchains. Low transaction fees, high transfer speed, network security, stability or stakeout through smart contracts are some of the most remarkable characteristics of Tomochain.

“TomoChain aims to be an EVM compliant public blockchain with the following advantages: low transaction fee, fast confirmation time, double validation, and randomization for security guarantees. TomoChain envisions an ecosystem of different DApps running on the infrastructure of TomoChain’s blockchain.”, they state on their website.

MasterNodes TomoChain

This project is based on a system of 150 Masternodes with stake voting proof consensus (POSV), these Masternodes create, verify and validate the network blocks.

The Proof of Voting Possession (POSV) Consensus offers approximately 2-second transaction confirmations, close to zero fees, double validation (which increases network security and stability), as well as stakeout using smart contracts.

tomochain

Double validation

Blocks created by a Masternode, must be verified by another randomly chosen Masternode, this double verification considerably strengthens network security.

To create one of these Masternodes it is necessary to meet the following requirements:

Requirements to be a Tomochain Masternode

  • Deposit: 50,000 TOMO
  • Server: 16 vCPU cores
  • RAM: 32GB
  • Storage: 100 GB
  • 2 TomoChain wallets

In addition to these hardware requirements, being a Masternode requires knowledge of Linux and VPS (Virtual Private Server) configuration.

Once these requirements are met, the holders of TOMO will vote for the candidates for Masternode, being the most voted those selected to carry out the work, receiving an inventive for it.

Distribution of rewards

The masternode selected to verify a block will be randomly selected, for this each masternode sends its public key through a smart contract that through an equation will determine the order of verification of the masternodes.

Each time (period that occurs every 900 blocks approximately 30 minutes) a control point is created to distribute the rewards.

These rewards are distributed as follows:

  • 40% for the masternode.
  • 50% for the people who voted for the masternode (distributed proportionally to the number of votes sent).
  • 10% for an account controlled by the Tomochain Foundation.

Tomochain Wallet

Tomochain Wallet is the official wallet of the project, this wallet is intuitive and easy to use. It allows to store TOMO, project tokens and vote on proposals from the platform.

It also includes a Dapp browser compatible with the platform applications and allows you to review the rewards obtained with the stakeout.

You can download this wallet from the App Store, Google Play or use it in its desktop version.

Characteristics

  • Name: Tomochain
  • Abbreviation: TOMO
  • Consensus: POSV
  • Genesis Block: December 14, 2018
  • Transactions per second: 2000-3000 (in the future 20,000-30,000)
  • Transaction conformation: 2 seconds

Links of interest


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Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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