Read the entire transcript of the TomoChain AMA on April 20, 2022 from 9AM to 11AM UTC
Few days ago, April 20th from 9AM to 11AM UTC, the TomoChain team hosted an AMA with Justin Yan, the Marketing Manager of TomoChain to answer the community’s questions and talk about the future of TomoChain. In case you missed the live AMA or wish to review the entire set of questions, below is a full recap of the discussion. Thanks again to everyone who participated in the AMA. We’ll keep everyone posted when we’re set for the next one.
Q: Could you introduce yourself to the community members? What is the TomoChain? How do users benefit from TomoChain?
A: Hi, my name is Justin, marketing manager of TomoChain Lab. Glad to be here today sharing the TomoChain’s ecosystem and our mission and vision with AEX’s community.
TomoChain is a highly scalable blockchain powered by Proof-of-Stake voting consensus and secured by 150 masternodes. TomoChain allows for blazing fast transactions at almost zero fees.
The TomoChain blockchain and product ecosystem enable development of high-performance blockchain projects. Since the mainnet launch in late 2018, we’ve built out an array of products and protocols for speed, privacy, usability, and liquidity that’ve been used commercially by businesses globally.
All the products that we’ve built are designed for the masses. Users can find all the fun and rewarding investment opportunities at TomoChain with a super smooth experience including swap, liquidity mining, farming, staking, DEX, IDOs/INOs, etc. I’ll walk you through some of them in detail in the AMA today.
Q: About TOMO coins, I have a few questions: What is TOMO coin? Can you show us the tokenomics model of TOMO?
A: $TOMO is the native coin of the TomoChain blockchain. Simple examples are BNB to the Binance Smart Chain, ETH to the Ethereum network. The most fundamental use case of TOMO is paying gas fees when making transactions, or using any Dapps on the TomoChain network. Other than that, TOMO can also be used for staking, governance, setting up masternodes on TomoChain to enhance the security and decentralization of the network. TOMO is also the most liquid token of the TomoChain network that can be used for liquidity swapping, farming, etc.
TOMO has a total supply of 100 million, with 90% of it circulating in the market today after 3 years launching into the mainnet. We have a deflationary tokenomic model with declining annual block rewards over time. The annual block rewards is now sitting at 2mil TOMO since the first halving event last year, and the next halving is set in another 2 years.
Btw, TOMO is also available on Ethereum, Solana, and BNB chain via our cross-chain bridge portal. The one listed on AEX is the Ethereum wrapped version of TOMO.
Q: Continuing with our previous question, could you show us how will TOMO coin be allocated and distributed? What is TOMO consensus?
A: As already mentioned, TOMO has a total supply of 100 million, with 90% of it circulating in the market already. The remaining is allocated to masternodes and voters as block rewards. (50% goes to all voters, 40% goes to masternode operators, and 10% goes to TomoMasterDAO Foundation which is a special account used to fund developers on TomoChain)
Anyone can set up a node and apply to be a candidate masternode. Only the most voted 150 candidates can become the masternodes.
Other TOMO holders can also participate in the governance of the network by voting for the masternodes that they trust. By doing so, they will also be rewarded with TOMO. The TOMO rewards will be paid out to their wallet address at the end of each epoch (900 blocks).
Q: And, what have TomoChain been doing so far in terms of security?
A: TomoChain is highly secure thanks to the level of decentralization of our network. The 150 masternodes are located at all places over the world. Not only that the masternode network is widely spread, but also the mechanism of selecting validators is completely random. TomoChain requires the signatures of two masternodes on a block to push the block onto the blockchain. One masternode is the block creator, while the other masternode is randomly selected to validate the block produced by the former masternode. The double validation and random selection of validators have made the chances of any type of network attack are as little as zero.
Q: What do you think are TomoChain’s strengths and competitiveness compared to other similar chains?
A: Speaking of TomoChain’s strengths and competitiveness, I’d like to introduce some of our products and protocols. The first one is TomoZ, which is a protocol that allows token holders to pay transaction fees by the token itself without the need to hold TOMO. This is super handy especially when it comes to commercial integrations and onboarding new users that have zero knowledge in crypto.
And with the product suite including TomoBridge, LuaSwap, LuaStarter, LuaVentures and TomoMasterDAO, we can provide a tremendous amount of support for developers in terms of marketing, finance, and technology. Let me walk you through these products and how developers can benefit from them:
- TomoMasterDAO: a grants DAO governed by the community to fund developers on TomoChain.
- LuaVentures: a venture capital fund that seeks to make early investments in potential crypto projects.
- LuaSwap: a multichain AMM exchange running on TomoChain and Ethereum
- LuaStarter: a multichain IDO launchpad available on TomoChain, Ethereum and BSC.
- TomoBridge: A cross-chain bridging portal that connects TomoChain to other blockchain platforms
All of these products and protocols are developed and managed by our team. Developers can apply for grants with us from the early stage through TomoMasterDAO, get seed investment from LuaVentures if they show enough potential, launch an IDO on LuaStarter, get listed on LuaSwap for trading and farming, and connect to other blockchains via TomoBridge.
For investors and community members, they can discover emerging projects with TomoMasterDAO and LuaSwap. They can vote for the ones they like on TomoMasterDAO, and they can also invest, trade and farm the tokens on LuaSwap.
To wrap up, what makes TomoChain unique is not only the superb nature of the blockchain network itself like the speed and low fees, but also the outstanding amount of support we cater for our developers, and how the products are well designed for our users.
Q: Can you make a brief introduction to your team? What is the current stage of the project? And what is the ultimate vision of TOMO?
A: Sure. We have a group of experts from different cultural and educational backgrounds. Most of the team members of TomoChain are based out of Vietnam. The CEO and founder of TomoChain is Long Vuong who has had more than 10 year experience in the business field. During the completion of his PhD in the US, he and a bunch of friends came up with NEM Blockchain with over 500 million USD in market cap at that time (Top 20 blockchain project in Coinmarketcap).
We also have members from different parts of the world including myself now working remotely in China, and members from Australia, Japan, Singapore, etc. That’s also why we have a strong presence in many countries around the world including non-English speaking countries, such as Vietnam, Turkey, France, China, Japan, Korea, etc.
Though we come from different backgrounds, we all stand on the common decentralized ground and move together as a team. We promote a positive community impact by respecting culture diversity, inspiring original ideas & encouraging critical thinkers.
At TomoChain, our mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits.
Q: We found a new word in your docs, can you tell us more about “Proof of stake voting”?
A: Similar to PoS (Proof of Stake), TOMO holders can vote for the masternodes with TOMO to help secure the network and earn rewards by doing so. But we all know that a key disadvantage in PoS is that in some systems, you are only selecting validators that have the most money. What’s different here is that the process of selecting validators at the TomoChain network is completely random, which significantly improved the security from the existing PoS consensus.
Q: Usually the project transactionFEES is a huge topic in crypto. How about TomoChain？
A: Transaction fees are almost nothing at TomoChain compared to other networks. You can make hundreds of transactions with less than $1. Also, for tokens issued under TomoZ protocol, users can also pay the transaction fees by the token itself without having to hold TOMO which is super handy for users.
Q: What else is planned for TomoChain in 2022? What do you think is the most significant thing for TomoChain this year?
A: 2022 is another big year for us. Next, we’ll be more focused on creating a better environment and providing better support for developers to build their own dapps and businesses on TomoChain, so we will be the infrastructure provider instead of a direct competitor of the developers. We will be adding more features to LuaSwap, LuaStarter, and TomoMasterDAO so the developers can make better use of them as tools to kick start their businesses. For example, INO launchpad is planned on the way. And many more exciting features will be announced soon as well. We are looking to onboard more developers to TomoChain this year and provide better support for them to create awesome products and together make TomoChain a more diverse crypto planet for everyone.
In the near future, TomoChain plans to become a credible alternative to Ethereum with solutions that solve all of Ethereum's inconvenience on speed & cost. Moreover, building a sustainable ecosystem is in the plan as we onboard more developers and projects in the blockchain ecosystem and other fields like entertainment, education, and traditional finance
Q: For our community partners, this is a question they are very concerned about. What is the simplest way to take part in TomoChain?
A: The easiest way to take part in the TomoChain ecosystem is to hold TOMO and stake in some of the masternodes. For more detailed information on how to stake TOMO, please check out our cheat sheet: https://medium.com/tomochain/staking-with-tomo-the-first-basic-notes-for-newbies-ce7ff19f9fb4
Furthermore, users can also add liquidity in LuaSwap and earn farming rewards. Participate in the governance by joining the DAO community and vote for development or integration proposals. Discover early investment opportunities with our IDO platform - LuaStarter. And there is a lot more stuff that you can do at TomoChain. Come check out our website and social channel to find out more:
Telegram | Twitter | Facebook | Website
Q: When will your tokens be listed on the exchange and which exchanges do you plan to list on in the future?
A: TOMO has already been listed on most of the major exchanges including Binance, Kucoin, FTX, and now listed on AEX. What's worth mentioning is that we actually won the free listing spot for Binance in community voting.
Q: What are your plans in place for global expansion, are you focusing on only market at this time?
A: Our team is located at different places of the world from Vietnam, to Japan, Singapore, China, etc. We are a global team and we are targeting the global market. but there are several regional markets that get more focus from us, especially the Asian market since we are based out of here and already gained a strong foothold in many Asian countries.
Q: Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
A: As mentioned, our TomoZ protocol is made for integrations and projects to onboard non-crypto users. and also we've built partnerships with lots of traditional businesses and governmental institutions. One of the examples is that we partnered with the Vietnam training and educational department to start issuing educational certificates on the TomoChain network last year.
Q: Current NFT is a hot topic, but are NFT not just for art. Does your project think that more real world use cases will emerge for NFTs as time goes on, why should we take NFTs seriously?
A: We are at the infrastructure level for NFT creators, we welcome all types of NFT projects from gamefi, metaverse, marketplace to traditional industries. We already see some real world use cases for NFT such as the educational certificates that we issue on TomoChain for the Vietnamese educational department. I’m sure there will be more practical use cases for NFT in the future.
Q: Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
A: We have a large global partnership ranging from tracking services in food, automobile, health, traditional financial institutions, governmental organizations, to all types of crypto projects such as wallets, oracles, liquidity partners, dapp projects. you can find the full partnership network on our website :)
About TomoChain
TomoChain is a scalable blockchain powered by proof-of-stake and used commercially by companies worldwide. TomoChain's mission is to accelerate the onboarding of millions of users by powering today's applications using technology that masks blockchain friction, while retaining its potential benefits.
Website| Whitepapers | Telegram | Twitter | Facebook |
About AEX
Founded in 2013, AEX operated by Bit World Investments Limited has become one of the earliest digital asset exchanges. As an important link to blockchain, AEX has always played an indispensably important role in token circulation and trading. With the market growing in size and various cryptocurrency derivatives springing up in recent years, AEX has gradually evolved its positioning from the original transaction matchmaker towards a global digital asset management service provider that advocates safe investment and stable asset appreciation.
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If you have any token listing issues or business cooperation, please email: Business@ogmail.aex.com
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