On 27th December 2019, our CMO Sean had a Live AMA session with TomoChain CEO & Founder, Long on Crypto.com's Official Telegram Channel.
Sean: Welcome Long! The community has got a lot of questions for you. But to start, can you briefly introduce the TomoChain project?
Long Vuong: Yes thanks Sean. In short TomoChain is a decentralized public blockchain like Bitcoin and Ethereum. Bitcoin and Ethereum. The goal of the network is to enable a new Internet native financial system which is more secure, transparent, efficient, inclusive and equitable.
The mainnet has been live since December 2018, and we are still working on improving it everyday.
Sean: Great stuff. Thanks for your introduction, Long. Now let’s jump into the Q&A section!
Q1. Can you explain to me/the audience the purpose of TomoChain in simple terms?
Long Vuong: Like mentioned above. Our goal is to build a new Internet native financial system. I think it is about time to revamp the 200 plus year old current financial system based on fiat money and fractional reserve.
Public Blockchain and cryptos are the backbone for the new system.
Sean Rach: Great. One of the things we have always felt internally is the bond between TomoChain and us in terms of mission. Love it!
Q2. Can you please explain how the voting for masternodes candidates occurs? How does the coin-holders vote, what kind of information they get from the different candidates, in order to decide which one is better for the network?
Long Vuong: Check out the web interface TomoMaster https://master.tomochain.com/ You should vote for Masternode candidates you trust or distribute your votes to multiple candidates.
How the voting for masternodes candidates occurs? Masternodes are elected by the TomoChain community, where TOMO holders vote for one or several Masternode Candidates by sending TOMO through a smart contract mechanism. Top 150 most voted Candidates become Masternodes.
As a general rule, you can optimize your staking rewards by voting for Masternodes with lower capacity (having fewer votes) because the reward for every Masternode is constant. If more people vote for the same Masternode, the reward is divided among more people and therefore one vote receives fewer rewards.
Q3. Do you plan to expand the number of masternodes? Or with those, there is enough for the near future?
Long Vuong: TomoChain has a maximum 150 Masternodes. This number of Masternode are multiple time biggers than in Tron’s or EOS’s which are comparable blockchain that both has less than 30 MNs. We don’t plan to increase this number in the near future as more Masternodes would require more operational costs while increasing the number of Masternode does not raise the transaction volume or security of the network.
Q4. I've read TomoChain's economics paper and I liked the 'Masternode Council' concept. Could you explain a bit more about it and how do you expect it to be?
Long Vuong: Yes, becoming a Masternode is an important signal of long-term support for TomoChain platform. We would welcome other entities to become a Masternode, to show their support by helping the network, and gradually decentralize the platform governance.
We plan to have a community based Masternode Council by the end of 2020. The Council will help with the governance of the network following the collective discussions and voting of all Masternode Candidates.
Q5. The crypto world is becoming overcrowded with blockchain projects and tokens, what makes TOMO different from other projects?
Long Vuong: Good question, TomoChain are unique in these areas:
- Well-functioning public blockchain with PoSV consensus, Masternode system and slashing mechanism in place. 150 Masternodes, and thousands of stakers live securing the network at any given moment.
- Very fast chain with 2 second blocktime and reach up to 2000 TPS
- Unique TomoZ ‘zero friction’ protocol that enable paying tx fees with token
- TomoX and TomoX-SDK for building multiple decentralized exchanges with a shared liquidity pool.
- TomoP - private transfer protocol in development.
Furthermore, I think TomoChain has one of the strongest communities in the space.
Q6. TomoChain has a number of existing Dapps, including in the finance and gaming space. What new Dapps are coming up for TomoChain? What type of Dapps do you see as most suited for TomoChain, and how do you promote TomoChain as the preferred blockchain protocol for developers creating these Dapps?
Long Vuong: We focus on DEFI and gaming in 2020. TomoChain is very fast and consequently dapps can benefit from much better user experiences building on TomoChain. Furthermore our core team can help with technical and/or community development.
Don't forget that TomoChain community will actively help to test and use any products building on TomoChain.
Q7. Can you please highlight more on the decentralization aspect using your technology. Also in the future, is it possible to quantify the level of decentralization and economic incentivization?
Long Vuong: TomoChain has 150 Masternodes and thousands of stakers at any given time which everyone can check at TomoScan and TomoMaster. Compare that to EOS, Tron and a few Bitcoin mining pools. So in my view, TomoChain is decentralized and definitely one of the most community based and grown projects. We also have multiple community dapps and projects such as TomoSwap, TomoPool etc.
Q8. Can you introduce some information about TomoX protocol? What is Relayer-Masternode and why is it necessary in TomoChain?
Long Vuong: You should consult our TomoX’s white paper which explains the design of TomoX in depth. No blockchain has something like TomoX in operation. In short:
- TomoX allows anyone to launch a decentralized exchange on the TomoChain blockchain without having to build one from scratch.
- TomoX is a layer 1 protocol that will be integrated into the core blockchain. This will ensure a high-performance experience with fast confirmation times.
- All Relayers built on TomoX will share the same decentralized order book.- - The masternodes will provide infrastructure and computation for order matching and execution.
- Interoperability with other Blockchains tokens will be a priority.
- Relayers will have the responsibility of increasing trading liquidity on their exchanges for specific tokens.
Q9. What does service on TomoDEx have??
Long Vuong: TomoDex is one relayer building on TomoX that offer decentralized token exchange and decentralized lending.
Q10. When TomoZ does not use TOMO as a transaction fee, does it reduce the profits of the TomoChain ecosystem?
Long Vuong: Yes, that’s deliberate by design. TomoChain wants a lot of project using its infrastructure. Furthermore, TRC21 tokens issued by TomoZ do not affect the role of the native TOMO token within TomoChain. Ultimately, all fees are paid for in TOMO behind the scenes. The TRC21 standard relieves the end-user of the responsibility to hold TOMO and shifts it to the token issuer instead. By removing this key point of friction, TomoChain ease user’s pain point on the path to mass adoption.
Q11. What significant developments did TomoChain had during 2019? Any other important milestones left to achieve in 2019?
Long Vuong: It is already the end of 2019. These are some of the most significant milestones we achieve in 2019:
- PoSV consensus with Masternode and slashing is now running stable.
- Launching TomoZ’s protocol mainnet.
- Launching TomoX’s protocol testnet.
- Some good dapps on TomoChain such as TomoPool, TomoSwap, Maxbet.
- TOMO got listed on Binance, Crypto.com and FTX.
- We run multiple hackathons, developer workshops with reputable partners in 2019.
Q12. Which are the new utilities of token under development? (Admins talked about new utilities for the token in the TomoChain telegram group)
Long Vuong: TomoX’s matching fees will go to Masternodes when the mainnet launches.
Furthermore, We have just published our whitepaper as well as roadmap for TomoP which is private transaction protocol with very fast transaction speed that allows anonymizing the transaction sender in a transaction without requiring an intermediary. Public Testnet is scheduled by end of Feb 2020.
More details at: https://medium.com/tomochain/tomochain-privacy-protocol-whitepaper-e84cd1bc0ad2
Q13. A question arises as to whether TomoChain aims to have a plan to develop compatibility of TomoChain with other blockchain networks? Do tools on the current Ethereum network like Truffe, Infura, Web3.js, Etherscan work with TOMO? There is also the question of scalability, if Ethereum solves the scalability problem, then projects like TOMO will be difficult to compete. So how will the team react to this?
Long Vuong: Thanks for the question.
Tools on Ethereum mentioned above are already working well on TomoChain. Aside from scalability, TomoChain is quite unique in having other protocols like TomoZ, TomoX, TomoP. In my view, TomoChain ecosystem is sustainable and independent of Ethereum's. So We will prosper regardless of what happens with Ethereum.
Q14. Earlier Forbes reported that Tencent and Ali United Bank issued the central bank digital currency. How do you view the development of stable currency?
Long Vuong: Thanks for the question. Stablecoins is very important as it enables a well-functioning crypto-based financial system. Currently there is constant stable coin on TomoChain. We will develop more stablecoin products in the future.
Q15. When building a project, in addition to focusing on its products, it must give it a name attached to the project. So, why do you name TomoChain as the name for your project?
Long Vuong: TOMO is a good name:D TOMO is ‘friends’ in Japanese; ‘curiosity’ in Vietnamese; it can also be “tomorrow” in English. The name has been sticking with our community.
Sean: Ah. Love it! Thanks Long!
Now it’s the Live Q&A Session, please submit your questions here and Long will address it.
Live Q1. Can I use TOMO to pay for services around the world? Will legal issues in Vietnam affect the development of TOMO?
Long Vuong: Hi you can indeed can using TOMO to pay for some services now. But for the most part, you can convert TOMO to BTC and use payment gateway like BitPay and CoinPayment to pay. TOMO first and foremost will be used for staking on TomoChain and financial products on TomoChain.
Live Q2. Tomochain is an ecosystem which can support many industries such as finance, gaming,..., so it may confuse for your potential customers and partners to find out which will be your main target. Can you tell us which are the priority products you are developing and what are the difficulties during that product development?
Long Vuong: TomoChain's priority is in Decentralized Finance. There will be multiple projects in this area on TomoChain.
Live Q3. Currently there are many environmental protection campaigns of many blockchain projects, whether TomoChain has an intention or environmental protection plan?
Long Vuong: Not sure I understand the question. Some people complain about Bitcoin Proof of Work effect on environments. But TomoChain is using Proof of Stake mechanism which is very energy efficient.
Live Q4. What is the main Advantage of using TomoX protocol rather than other Like ZRX protocol?
Long Vuong: Ah yes I think TomoX is a superior product compared to 0x because TomoX is faster and more liquid. But i guess users will be judges.
Live Q5. hello TOMO team. I am from Indonesia. In the previous AMA in one of the groups, the TOMO team had mentioned TOMO potential in Indonesia and Thailand with a population of more than 200 million people. Can you explain in more detail? How does TOMO see the business potential in Indonesia? and when will this big dream come true?
Long Vuong: Hello Indonesia. Yep, we are interested in visiting Indonesia. Let's have more crypto users and have decentralized exchange running in Indonesia. I am sure there will be business opportunities.
Live Q6. Hi Long, thank you for taking the time to do this AMA with our community. As circulating supply is increasing every 900 blocks, it is estimated that after 8 years the total would reach 100,000,000 tokens - can you please explain how does the increase in supply benefits the chain and its token's adoption?
Long Vuong: Increase in supply will encourage more adoptions. Furthermore, initial inflation help incentivizes full nodes (masternodes) to keep the chain secure.
Live Q7. It's heard that next phase of blockchain adoption will be coming from the Defi space. What is your views on this? What are TomoChain's plans for Blockchain's mass adoption?
Long Vuong: DEFI is definitely the focus in crypto space next year. I think there will better decentralized exchanges and decentralized lending prouducts in the future from DEFI
Live Q8. With PoW, there's an obvious, monetary incentive to build faster machines. This constantly increases the hash rate so a 51% attack will likely never happen. Then what makes TomoChain Blockchain(which is PosV) secure from 51% attacks and how does it prevent them when its happening?
Long Vuong: TomoChain is using economic incentives to secure the network instead of hashing power like in Bitcoin and PoW. PoS network can be 51% attacked only when the majority of full nodes colludes, but doing that is like a suicide mission as the values of TOMO the Masternode holding will decrease substantially. So very likely it is not going to happen. In my view, PoS has a stronger security gurrantee than PoW.
Live Q9. Since it’s possible to be one of the 150 masternodes by staking TOMO tokens, isn’t there the risk that the network node become hacked if the tokens are in the hand of hackers?
Long Vuong: Everything on the Internet can be hacked! Banks, Government, exchanges etc You name it. Smart-contracts on public chain is not an exception, but SC on TomoChain is always transparent and have been audited carefully. So take a risk that you can afford to lose!
Live Q10. You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, ... So now I want to ask: what do you want to receive from the community?
Long Vuong: Thank you. Please join our Telegram community and follow TomoChain's development. Remember to join TomoChain Telegram channel and follow TomoChain Twitter.
Live Q11 (Bonus). I’ve noticed that investors can either make investment activity in the secondary market or join the TOMO staking program, could you please explain how the TOMO staking program works.
Long Vuong: Return from staking is no risk. It is good for longer-term holders of the tokens. You can actively secure the network too.
Sean Rach: Thanks for all the questions everyone! Much appreciation for your insightful responses, Long.
Long Vuong: That's it. I already answered 11 questions which is one extra. Thank you all for sending the questions in.
Sean Rach: Thought so. Any concluding remarks?
Long Vuong: The 11th question will also receive the reward!
In conclusion, to all of us, remember to be patient over the short-term and bear market but be optimistic over the long term. Crypto is here to stay and will get stronger.
Thank you Sean for hosting me.
Sean Rach: Really keen to learn more about TomoChain. Love the spirit. A spirit we share. All the best for a rockin' 2020 Long and the TomoChain team.
Long Vuong: Same to you and Crypto.com community.
Sean Rach: Today’s TomoChain x Crypto.com Community AMA is done. We appreciate the folks who stayed all the way.
All questions that were addressed during the AMA will share a pool of 4000 TOMO. Congratulations to all of the winners! Our Community Manager will reach out to the winners (+1) individually.
TOMO rewards will be issued within 14 days after the campaign ends. You can log in and see your App's TOMO wallet section.
Wishing you all a great 2020! Those that are new to Crypto.com, download the app and try of services out. More to come! Thanks again Long!