Tomocoin is another blockchain riding on the new wave of “Internet of Value” (see Seele) however unlike Seele, they are much further ahead in terms of roadmap by already having some working products from the system. Read ahead why I am bullish on Tomocoin…
Team and products
OhHeyMatty recently did an AMA with Tomocoin and they sound like they know what they are doing, and sensibly. Matty jokingly called it fomocoin, and for good reason
Project lead Long Vuong formerly worked on NEM as project lead and he co-founded NEM. I mean, hey that’s pretty good right there.
Testnet / MVP — A testnet is already up here — huge plus right there — an MVP ! 12 nodes are running on this testnet.
Wallet already released — Forget having wallets as part of future roadmaps as in other ICOs, the wallet is already out — Great!
Whitepaper analysis (v 4.0 28/01/2018)
- Tomochain is a blockchain to host dApps and various other tokens. Like Ethereum, but they aim to scale better than Ethereum.
- Tomocoin aims to integrate with other blockchains via atomic cross-chain (aka very fast instataneous transactions).
- Tomocoin are building their own decentralised version of Yahoo! answers within the app(with video tutorials etc) and rewarding people to use it. Is it better than Y! answers? or other specialised sites like Quora? Does it need blockchain? No. However getting actual rewards in terms of tomocoin may help push people to use it more, like Steemit.
- Concern: How long does it take for something like this to become popular, on a mobile app? A long time. To counter this, early contributors are rewarded more
Features of Tomochain(yet to be confirmed in final product)
- Proof of Authority
- Masternodes and Servicenodes! I love my masternode passive income. Service nodes for the ones who can’t afford a MN.
- 2 sec confirmation and 0 transaction fee. Big promise here.
- Supporting all ethereum smart contracts — SMART move. This will allow transition to tomochain to be seamless.
- Atomic swaps
Rewards of TomoApp
- A portion of tomocoins will be reserved for contributors. The more you contribute the more coins you receive (Proof of contribution). The formula will be released at some point in the future, before mainnet launch.
- In a way, this is a novel idea of ‘mining’. The more you contribute the more rewards you get.
Rewards of TomoChain
- So you don’t like making content. You can still win with Masternodes and proof of Authority. No details have been released, but with a 50,000,000 token supply, one would assume a masternode will require at least 10,000 or more tokens.
Actual technical details of Tomochain
- Have not been explained however the team promises a separate technical paper when chain design is completed. (before Q3 2018). It’s a concern but seeing what they have achieved so far we can trust the team.
Tomocoin vs Steem
- Tomocoin has a better mobile app
- Steem has a better desktop website. Tomocoin has no web desktop interface
Tomocoin vs Kin (Kik)
- The team admits both are similar in goals, and state that they have a better grasp on Asia, while kik focuses on north America. Tomochain also shat on Kin’s $150m hardcap sale.
Tomocoin vs Omisego
- They really didn’t state any advantages or disadvantages. Hmmm. It was more like how good is OmiseGo and “hey, OMG is worth 1.4 billion”. I really don’t like it when teams compare themselves with tokenmetrics like this. It always raises a red flag.
- Coins given out over 8 years as rewards to content creators for building the network early. What happens after 8 years? They get reveneu from ads or other fees. By then the community decides what is next.
- Hardcap $8.5million — super low. The founder states he didn’t need much to start NEM (75,000) so this is quite conservative, but more importantly, sensible. 7.5m to private and 1m to public crowdsale. If it reaches the same cap as OmiseGo ($1.2 billion) with partnerships to match, then that’s a potential 100x (141x to be precise). (NFA)
- Hype. The hype is there — tg is 14,000 members at white listing stage. At this time of writing, anything above 15k members on tg has some solid foundation for hype, so we will get there
- Not much more is given but there isn’t much for the public to feed on.
- Proof of care Oh man! Let’s be honest, we all loathe PoC and want to make the quick buck. (yes, this article will be my PoC). The telegram channel blew up with complaints, but the guys know that the hype is real and that they will sell out regardless. My plan was to dump the coin but after actually really diving into this one, I do want to hold some of my tokens for the long haul — and hence PoC worked. Also I’m pretty sure Zilliqa also had proof of care to which I also wrote an article, and look how that turned out — Massive.
Q1 2018 — POA development — good. Code is being written.
Testing of tomochain. Good
Q2 2018 — Token integration and alpha release. Not a working product but enough to keep investors happy
Q3 2018 — App Official release. This is an exciting time. Reward engine also starts on mainnet. Expect people to get in for rewards.
Q4 2018 — Tomochain release — DEX integration, plasma integration. This is when things will come together and investors will be excited.
Post 2018 — ICO platform, improvements to tomochain.
Overall, they seem to have a solid roadmap
I think the super low hard cap combined with an already working testnet with a solid team is a great combination — No signs of scam either. Overall I am bullish, but I would really love to read their technical paper when it comes out.
tg: https://t.me/tomocoin (find me jamestran84)
Medium article by the CEO (it’s a solid read) https://medium.com/tomocoin/a-vision-of-the-internet-of-value-part-2-a5dad413ecba
Code – c69f43