TomoChain CEO on Ethereum Scalability, DeFi and the Benefits of Level 2 Solutions

The launch of TomoChain was based on Ethereum’s scalability issues in 2017. However, the focus has always been on building an infrastructure to support Open Finance, as per our white paper.

We looked at the invention of Bitcoin due to the need for an alternative and inclusive financial system that was both transparent and decentralized. TomoChain is an extension of that vision to build a larger ecosystem that reduces the friction of the blockchain in order to integrate the mass market onto the blockchain, where the benefits are clear and easy to access while the technology layer is invisible.

TomoChain Pte Ltd is a Singapore based entity. We have offices in Singapore, Vietnam and Japan.

Singapore is a regulatory environment for blockchain-based companies with forward-looking legislation.

TomoChain’s public blockchain was launched on the mainnet in December 2018 and has steadily operated as the largest public blockchain outside the SEA region and the pride of Vietnam ever since. TomoChain is an EVM compatible blockchain, secured by a POSV consensus with 150 Masternodes.

We have developed Layer 1 protocol solutions to support the included Open Finance / DeFi focus

• TomoZ: issue of tokens in which the gas tariff is paid by the token itself
• TomoX: start a DEX without authorization in minutes (without gas and in chain)
• TomoP: Privacy Suite (still under development).

More information below:

• Launched in Mainnet as of December 2018. Masternode operators include credible names like Binance, KuCoin, NGC, CoinGecko, Xangle, HashQuark and others.
• Triip protocol, Alumnus of SharkTank Vietnam and travel startup businesses launched a successful ICO on TomoChain in February 2019.Triip is a profitable venture and has partnerships with Agoda, Booking.com and others.
• Launched TomoZ protocol in summer 2019 that allows the issuance of any token where the gas tariff is paid by the token itself. Ecosystem partner Coin98 launched their app and token on TomoChain. They were able to expand their business to 100,000 users by using it since it didn’t require their customers to hold TOMO to pay gas tariffs. The app reached the Top 10 on the Play Store and the Top 40 on the Apple App store in Vietnam in the Finance category.
• It won the Binance DEX community vote in August 2019 for a free listing on Binance.com

Launched TomoX in the spring of 2020 which allows anyone to launch a DEX without authorization in minutes. TomoX is a layer 1 protocol, so our Masternode network manages the OB and all transactions that occur in the chain. No commissions on gas for trading. There are around 12 DEXs in various stages of launch.

Launched TomoDEX dex.tomochain.com in May 2020, offering both spot trading and P2P lending and has had some success with over $ 500,000 in daily trading volume. TomoDEX has collaborated with major projects, such as Frontier during their TGE phase in September 2020 as a primary launch partner.

Launched TomoBridge in spring 2020 to allow ERC20 token wrapping on Ethereum for use in the TomoChain ecosystem. These tokens do not require TOMO. All gas tariffs are paid in the token itself. It is also fully integrated into the TomoX DEXs so that users log into the DEX, click Deposit / Withdraw and their native tokens are automatically wrapped / discarded in the background.

Bacoor, the owner of the largest Ethereum wallet in Japan, transferred the entire development to TomoChain. They launched a social wallet called Pantograph (ranked # 1 Social Dapp by Dapp.com for several months), an NFT marketplace and ported Dapps to TomoChain. Their plans are to aggressively grow the NFT side by partnering with leading advertising agencies in Japan to produce both physical and digital items that are backed by the blockchain and can be used by the mass market without any blockchain knowledge. The first major initiative will be launched in November / December.

LuaSwap launched in September 2020. A multi-chain exchange inspired by Uniswap / Sushiswap. It was launched on Ethereum alongside our new token TOMOE, which is a wrapped version of TOMO on the Ethereum blockchain. LuaSwap recently saw nearly $ 50 million in cash frozen. We have added new pools, including those with $ FRONT and $ SUSHI, and new ones are launched every week based on the community vote. We plan to launch new versions of LuaSwap on TomoChain, BSC and Solana in the months to come.

It acquired Lition’s Blockchain unit, in October 2020, a Germany-based entity that developed an Ethereum side-chain solution targeting the energy sector in Europe. The acquisition included all blockchain-related assets, such as technology, human resources, treasury and digital property. The addition of Lition to TomoChain’s Enterprise division will enhance our capabilities targeting commercial enterprises and use cases. In addition to Lition’s current businesses, we are positioning it for the financial services industry.

Fast and cheap: TomoChain is compatible with EVM and runs at 2000 TPS / 2 seconds of blocktime, with next to no fees.

Features of the protocol to reduce friction: Layer 1 systems like TomoZ allow tokens to function without TOMO having to pay gas tariffs. TomoX-based DEXs allow users to have a place to trade and borrow / lend assets without authorization.

Geographical strength: Being in the heart of SEA makes it much easier to participate and work with local projects in our region

Customer care: We work hand in hand with most projects to ensure a productive and positive experience. There is always a help desk and this is a reason why other companies with existing customer bases have come to TomoChain

Q4 2020 we will update our EVM version to continue to support the latest version of Solidity on Ethereum. This will allow you to support existing and new projects on TomoChain

First quarter 2021 we will launch LuaSwap on the TomoChain blockchain and then explore other chains.

First quarter 2021 will see the launch of the third level 1 protocol: TomoP. TomoP is the privacy suite, enabling the fastest private sending in less than 4 seconds. In addition to tokens, TomoP will include Dapp integration to allow users to have purely private experiences while interacting with apps. This also allows for improved use cases for enterprise-based applications, as transparency is a major concern for using a blockchain-based public setup.

From a technology perspective, it is always about developing a system and set of products that address Ethereum’s weaknesses by adding features that continue to further enhance and differentiate our blockchain.

From a business perspective, the story is only about further adoption and use cases through ecosystem partners using TomoChain for the benefit of their businesses and customers.

I think the crypto space will be more mature in 2021 and DEFI will return to more public chains.

Friction. Users should be able to use blockchain technology without changing their behavior and should be educated on the process of using it. The blockchain is supposed to hide invisibly in the background, while users benefit from its permissionless capabilities, enhanced security, and demonstrable ownership of assets.

I don’t think I’m a controversial figure, but I have an opinion that 90% of crypto participants don’t understand crypto space, but that’s okay in the end.