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An insight into TomoChain, TOMO, and TomoDEX Exchange

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TomoChain is an incredibly ambitious project. Let’s take a deeper dive on TomoChain and what it does.

TomoChain offered its ICO on March 1st 2018 where it was able to raise $8.5 million USD. Users could purchase TOMO – the native token of TomoChain with ETH for 0.25 USD per token.

TomoChain is a popular extensible Proof-of-stake Voting(PoSV) consensus that is powered by blockchain, and has been able to fetch 2000 TPS and a near $0 gas fee without the need to give up decentralization. In simpler words, it is a decentralized project running on the blockchain that solves the scalability issue by increasing TPS which is Transactions per second. 

The entire product ecosystem lets users of all scales build feature-rich blockchain projects and DApps using its EVM-compatible platform. The popular platform has features that aim at improving speed, provide better privacy, and fulfill overall liquidity needs. 

PoSV token holders are incentivized to stake across a huge network of 150 top-notch master nodes and control the performance and governance on an equal note.  The performance layers added due to PoSV offer several benefits like enhanced security and reduced risks of blockchain fork, faster transactions with rapid confirmations to eliminate checkpoint miseries.

Validators Include: Binance, KuCoin, CoinGecko, HashQuark.

Did you know?

TomoChain has been in mainnet since December 2018 and is the largest Blockchain from Southeast Asia, with multiple businesses using their  technology. They are regularly highlighted as one of the larger blockchains on dapp.com and dappreview.com with respect to the value of transactions taking place. 

*Gas fees are nominal and oftentimes near free, and tens of thousands of transactions can be done for a single TOMO.  

How does TOMO Work?

The PoSV consensus mechanism is used by TomoChain to run the network with increased layers of security. It does not need any hardware as it uses staking to reach consensus. All that the user needs to do is to stake their TOMO tokens online after which you will get rewards for securing the TomoChain network. Anyone can stake TomoChain but there are only 150 masternodes in the system that can vote in the network. These masternodes are elected by the TOMO token holders.

Stakers can secure the network with the automatic validation of transactions that will also focus on decentralizing. The simple mantra is that when more people stake TOMO, the better it is for the network. It is hence advisable to stake TOMO not just to yield gains but also to increase the security of the system. 

tomochain

TOMO token

TOMO is the native token of the TomoChain network that runs the network by proffering the standard value for the chain functioning in similarity with Ehtereum. The token holds the key within the ecosystem as it is an important part of staking and masternodes operation. Tokens also are used to vote for the future path of the network. The role of the token in the network is unparalleled because it also helps in lowering the risks but as is the case with any blockchain project, the asset is still characterized by high-risk. 

TomoChain is secured by staking which is a process that involves holding tokens in a compatible wallet. With the staking of TOMO tokens, stakers can get rewards on a regular basis just as you do in the case of dividends earned on stocks. According to a source, the annualized ROI for TomoChain tokens or TOMO is 6.33%! Staking rewards for TOMO are paid out every 30 minutes which is a benchmark implying stakers do not have to wait for months and months to get their passive income. Staking here happens in two ways:

Mobile Staking for TOMO is available on iOS, Android and Google Play

Where Tomo fits in with DeFi:

TomoChain has been focused in the DeFi space since its inception. Their whitepaper was published explicitly stating that their focus was on introducing an open finance approach to blockchain. 

Notably their layer 1 protocol, TomoZ, which allows any token to be issued where the gas fee is paid by the token itself.

Recent News

The latest layer 1 protocol was recently greenlit on TomoChain, TomoX.  TomoX allows any business to launch a decentralized exchange in minutes. Everything is permissionless, on-chain, and performance is at the speed of their blockchain (2000 tps)  This is because it’s a layer 1 protocol (not layer 2 as is typical).

As such their Masternodes, that secure the network, also directly manage the order book and transactions. The native TOMO backs all of the activity and governance. And no gas fees. All fees are paid in the token being traded.

In Q4 of 2020, the team plans on launching their next Layer 1 Protocol, TomoP.  TomoP is the Privacy Suite which completes the trifecta of DeFi Layer 1 protocols on TomoChain.  The team says it will allow for the fastest privacy sends of TOMO, its tokens, and wrapped BTC, ETH, and more.

Additionally, there are plans to allow for Dapps to integrate private functionality. 

TomoDEX

tomodex
TomoDEX

This is an order-book which was built on the TomoChain officially launched this year in May. The Tomo Decentralized exchange is the first DEX which is powered by TomoX protocol mainly to create liquidity. 

TomoDEX at present supports 6 spot tradings and P2P lending. Users can use the TomoWallet to create an account on the TomoChain. 

The pairs it supports are TOMO/BTC, TOMO/USDT, ETH/TOMO, BTC/USDT, ETH/USDT, ETH/BTC, YFI/USDT, FTT/USDT, VNDC/TOMO. Its corresponding ETH, BTC, USDT are wrapped TRC-21 tokens swapped by the TomoBridge. The governance of the exchange is taken care of by its core team.

TomoDEX, specifically, is now listed on Coinmarketcap, CoinGecko, Dapp.com, DappReview.com and other sites.

Exchanges/Payment Services: 

TomoChain earned their listing on Binance by winning the 2nd ever community vote on BinanceDEX. 

They are also listed with FTX, Crypto.com, Simplex, KuCoin, MXC, BiKi, Changelly and many others.

Conclusion

TomoChain is an incredibly ambitious project, and its token serves several use cases. The ecosystem they are building is certainly very impressive and shouldn’t go unnoticed. They have also partnered with several blockchain projects like Constant, Terra Money, Morpheus Labs to access exclusive user bases.

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TomoChain has a very passionate, loyal, and intelligent community that finds holding the TOMO token to be a very wise investment, especially when it comes to staking and the ability to run a masternode.

There are several areas where you can discuss the project with other enthusiasts and traders. Its most noteworthy communities are:


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Injective Protocol, the new Binance IEO, packs a punch

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Binance announced its 16th project on Binance Launchpad, the Injective Protocol (INJ). The token sale for injective protocol followed a lottery format and Binance has completed the lottery draw for the protocol with the below-given outcome:

  • A total of 22,175 total participants claimed a total of 157,870 tickets during the ticket claim period.
  • 18,000 tickets have been won out of the 157,870 tickets claimed which showcases an 11.40% ticket win rate. 
  • An aggregate of 16,074 participants had at least one winning ticket implying that the user win rate was 72.4&%

As was decided, Binance recorded the user BNB balance for 6 days right from 13/10/2020 to 19/10/2020. It determined the final BNB holding amount for each user based on the average of the 6 days. In order to do so, it used the daily average BNB balance calculation which was also previously announced on its website. 

Binance Launchpad which is an exclusive token launch platform for transformative blockchain projects announced a few days ago about its support for the first Universal DeFi protocol mainly intended for cross-chain derivatives trading. The injective protocol has become the first project which has been incubated by Binance Labs. The $3.6 million token sales which apparently took the lottery-format ticket claim began October 13 2020 at 0.00 AM (UTC). 

What you should know about Injective protocol

The Injective protocol is undeniably the first-ever observed layer-2 decentralized exchange protocol which by design can successfully unravel the potential of decentralized cross-chain derivatives trading as well as borderless DeFi.

INJ is the native token of the Injective protocol which can be used across a wide range of functionalities including the governance of protocol much on the lines of the popular Yearn.Finance.

The governance decisions will be reached through a DAO structure, liquidity mining, and staking. The platform also intends to provide support to a vast array of derivative products like CFDs, perpetual swaps, and much more. 

Important features of Injective protocol

  • With its layer-2 decentralized derivatives trading, Injective will be able to achieve a great trading speed without the charge of any gas fees for trading. The level-2 architecture is something new and unseen in the DeFi space and makes it happen. 
  • Injective also has finer capabilities of supporting a wide array of yield generation and trading across distinct layer-1 blockchain networks. 
  • The injective protocol also will allow the users to create and trade on any derivative markets including synthetic and crypto-assets. They can choose which they want with a price feed. Thanks to this, the users will be able to witness a huge window of limitless opportunities for trading on markets that otherwise may not be found on other exchanges. 
  • As mentioned earlier governance of the injective protocol like Yearn.finance is governed by its decentralized community. This means that new listings or any changes in the network are done based on the votes via a DAO structure. 
  • The injective protocol is promoted for its speed because it scales trade execution and settlement on layer-2 along with providing the traders an almost instantaneous order cancellation with the help of its trade execution coordinator. 

Injective Protocol : The value for the community

The community of the protocol can effectively grab the value from the network because it has several liquidity mining programs that have been natively built onto the network in order to grow on a continual basis. Injective is also rallying on the robust shoulders of social media with 23,000 members and still going strong. 

The community can also find respite from the fact that the protocol has some of the biggest names in the corporate world. Its team has a great track record and hail from big companies such as Amazon Zeppelin. Some even have the experience of being associated with promising hedge funds. The team also boasts of people who are alumni of Ivy-league institutions such as Stanford. The protocol organization has currently established several partnerships with top DeFi and Blockchain networks including names like Elrond, Kava, and Findora.

Injective Protocol and why you should care

The platform makes use of both Ethereum and Cosmos ecosystems through the peg zones. It has built every component of the network to be entirely trustless censorship-resistant and publicly verifiable. Binance CEO said:

“It’s great to see more and more projects joining Binance Launchpad. We are pleased to provide our support for the Injective Protocol and help grow the DeFi space together. We’re looking forward to seeing Injective leverage decentralization to build a more efficient financial ecosystem”.

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Filecoin – Hit or miss? Three entire years after the ICO, we look back on the Filecoin launch.

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At present, the major world data solutions are AWS, Google, and S3. These organizations act as the trust third parties that provide data storage. They are preferred despite their flaws and security hindrances. The data is stored in centralized places which makes it susceptible to attacks and data breaches. 

This is where Filecoin comes into the picture.

Juan Benet through his innovative solution Filecoin aims to deal with this trouble. It calls for the elimination of risks that come with centralization. Filecoin has been built and developed by Protocol Labs. Juan Benet had also founded the Protocol labs. The concern is specialists in providing peer-to-peer technology development.

The team brings valuable blockchain experience thereby provisioning extensive experience in the development and deployment of open-sources technology. Filecoin enjoys the leverage of these technologies of innovation. Before the Filecoin ICO, the team worked on a restricted budget of less than $3.5 million but after the ICO took place it totally turned the tables and changed the company fortune.

The Filecoin ICO

To date, Filecoin’s ICO is counted as one of the most successful ICOs in the history of cryptocurrency markets. The ICO apparently raised up to $257 million. On 10th August 2017, Protocol Labs opened the ICO to the public. Within an hour the ICO site was closed. On closure, Filecoin ICO raised an earth-shattering amount of $275 million including $52 million of the pre-sale amount. Filecoin had concluded the much-discussed and talked about advisor sale which brought $52 million from 150 investors including Sequoia Capital, Andreessen Horowitz, Union Square Ventures, Winklevoss Capital, and about 100 individual high-profile Silicon Valley investors.

Many were concerned with the method of ICO distribution. Like many ICOs, Filecoin was operable on a first come first serve basis meaning that people feared congestion of network or unfair price distribution depending on payment confirmation times. Filecoin responded that all investments made in the first hour would be averaged so that it followed a fair method with the standard price increase taking place for all investments not made in the first hour. 

The Filecoin ICO has gone down in history as one of the successful ICOs. 

Filecoin goes live after three years

Filecoin, the decentralized information storage project announced on September 28th that it finally has a launch date – 15th October. On the stated date, Filecoin finally launched its mainnet at block 148,888. The launch comes three years after its ICO and there have been extreme delays and uprising especially against Protocol Labs 

filecoin

Filecoin had announced a multi-phased plan to launch the mainnet in late September which started with a pre-liftoff phase. Filecoin also stated that it hosted a testnet competition called Space Race which was incentivized. More than 500 miners onboarded more than 325 pebibytes of storage capacity thereby conducting the event successfully. 

Filecoin finds many takers

The excitement surrounding Filecoin accentuated when the announcement of the mainnet was made. Gemini and Kraken exchanges had already announced the trading pairs much in advance of its mainnet release. This is a good sign for it because Filecoin elucidates confidence in its prospects. Coinbase has also offered custody support for FIL. In fact, on many platforms, the price of Filecoin has even gone above $200. 

Allegations against Filecoin

Just within a few days of the mainnet launch, Justin Sun tweeted that the storage organization was involved in an exit scam strategy, after which a crypto Twitter user alleged that the Filecoin miners are apparently on strike since the last week. Justin Sun who is known for marketing gimmicks alleged that things do not seem right but as these allegations were dying away, Nico Deva, a Twitter user claimed that a majority of miners in Filecoin were on strike because they needed more FIL tokens to exploit the mining capacity. Further, it was noted that five of its biggest miners from China are on strike because the main problem lies in not having sufficient FIL tokens. 

Is Filecoin a hit or a miss?

Filecoin has faced a lot of setbacks now, but looking at investor confidence, Filecoin can prove to be a project worth looking at and exploring. Whether the project becomes a success or not, only time will tell. 

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Polkadot: How the Initial Parachain Offering works

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Polkadot’s Initial Parachain Offering has the potential to replace traditional financial tools

polkadot initial parachain offering

The DeFi sector has been in the limelight ever since Interesting projects have graced the platform. Not just newer additions but even existing projects have incessantly worked towards improving its offerings. 

Polkadot is the next-generation blockchain protocol that has come with an interesting proposition – a secure way of funding projects through a new concept called Initial Parachain Offering (IPO). With this Polkadot will be leveraging its already existing parachain architecture using its native DOT tokens.

A new idea on the block

The blockchain technology through its new move is all set to replace traditional financial instruments with Polkadot leading the front. The Polkadot Initial parachain offering will introduce a completely new model to launch blockchain and other decentralized projects. The idea is to create a process so transparent and scalable that it rules out even hints of uncertainties. Crypto markets have taken cues from the conventional IPO (Initial public offering) markets and came up with Initial Coin Offering or ICOs for raising funds for new crypto projects.

The initial parachain offering aims to revitalize the concept of the crowdfunding mechanism. The IPO is stationed on Polkadot’s core architecture of parachains which is nothing but manifold parallel blockchain shards that contribute to improving the scalability of the network. Polkadot through its relay chain offers layer-zero security as well as interoperability. In this case, all the parachains are attached to the network and serve as sovereign layer-one blockchains. 

polkadot

This will let the parachains share Polkadot features like scalability, governance functionality, interoperability and security. 

How Initial Parachain Offering works

As claimed by Polkadot, the goal at the moment is to support 100 parachains connected to its blockchain. But, as the slots are limited, they will be automatically auctioned through a permissionless auction process. In order to participate in the auction, the parachain projects have to undergo the entire gamut of the Initial Parachain offering process. This will set the string for projects to accept DOT loans through DOT token holders. Funds raised via the crowdfunding module will directly get processed into the Polkadot Relay Chain. 

If the project manages to get sufficient contributions to win the auction, then the DOT loans will be returned to the contributor at the end of the parachain lease period. If the project fails to secure enough contributions and the auction gets out of hand, then the DOT will be returned to the contributors immediately. 

To make things more understandable, the Polkadot Relay Chain will work as an escrow fund safety for the DOT holders. This will be totally unlike ERC20 tokens ICO funding where investors send their ETH to an unknown address. On top of that, they might never withdraw later when the project fails. But in the case of Polkadot’s Initial Parachain Offering, investors also get their DOT tokens back by the end of the Parachain lease period and this is what sets it apart. It eventually helps a great deal in creating a safe and secure ecosystem not just for the investors but even for projects. 

This concept looks extremely promising as of now because it has gone in-depth, studying about present flaws in the crypto ecosystem created a value proposition to better fundraising in the crypto market. 

About Polkadot

Polkadot was launched in 2016 and run by the Web3 Foundation. It has been created with a motive to build a free decentralized web. But, the foundation as of now is in a contract with Parity technologies to build its protocol. Polkadot has some of the biggest names in its team. Gavin Wood, Peter Czaban, and Robert Habermeier are the co-founders of this much-celebrated platform. Gavin Wood in particular is also one of the co-founders of Ethereum that brings in a sense of confidence and legitimacy in the eyes of crypto enthusiasts. 

The team at Polkadot network has wide experience with distributed ledger systems, cryptography, and wallet technology. Polkadot has been the outcome of multiple independent teams that have contributed to its development. The team believes that Polkadot is a project by developers for developers and looks at connecting public and private chains, DApps, and oracles. Polkadot has seen great success with its recent native DOT token which already is featured in the top 10. 

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