TomoChain’s AMA with Binance was recently held on Oct. 19th, 2019 with CEO Long Vuong sharing all the latest updates about TomoChain’s products and potential future projects.submitted by alexngn201 to Tomochain [link] [comments]
*** Below is a brief recap of what happened during the AMA ***
Segment 1: Richie from Binance asked Long Vuong 5 questions.
Richie: Among different blockchains and cryptocurrency projects, what are some key features that set TomoChain aside? What does TomoChain have that other projects don’t?
Long: Some key features which set TomooChain aside include:
/ 2-second block-time and transaction confirmed within almost 4-second.
/ Significantly improvement of user experiences and adoption of blockchain.
/ 2From Tron to TomoChain: 8h.
/ TomoX — a secure and efficient relayer-masternode decentralized cryptocurrency exchange protocol that empowers a diverse system of relayers, MM providers, and independent projects to work together.
Long: Since our mainnet launch, TomoChain has continuously built our ecosystem strong and stable, resulting in:
Long: TomoChain aims to build a safe and credible DeFi system that everyone can benefit from globally, with our recent launch of TomoZ — fees by any token protocol, our decentralized exchange protocol TomoX coming in a couple of weeks, and many more projects in plan for the future.
TomoChain opens up a wide playground for developers to creatively build their own dapps and games. We have an enthusiastic high-tech team that can support you with problems you may have while creating your product. TomoChain’s most recent Dappathon Competition just ended, with 9 final contestants who’ve brought a whole new gaming experience for our community. Thus, many new games are coming up on our platform, encouraging even more developers and game lovers to join. So keep an eye out to try out some of our new games!
Richie: TomoChain has launched TomoZ’s mainnet in August. Can you elaborate on the product and comment on the amount of interest with individuals/businesses you’re seeing in this product?
Long: TomoZ — Zero Friction Protocol — provides inroads to mainstream users who find crypto to be unnecessarily complex. It is the first on-chain protocol that offers the ability for any user to pay transaction fees with the same token that the user is holding.
TomoZ removes the friction of having to hold native blockchain coins/tokens to send to other wallets or to interact with dapps. Users/customers of all businesses using our solution will have a smooth experience without even knowing that they are using the blockchain and cryptocurrency technology.
Tokens issued with the TomoZ protocol follow a new standard called TRC-21 (TRC is the abbreviation of TomoChain Request for Comments). Everyone can create a TRC-21 token on TomoChain in a few clicks using TomoIssuer — a user-friendly token issuance dashboard. No need to spend thousands of USD hiring blockchain developers.
For DeFi apps, TomoZ can be tailored for issuing stablecoins. Digital wallets and payment systems can be set up via TomoZ protocol very fast and cost-effectively.
Richie: The testnet of your flagship product — TomoX — the DEX protocol is to be rolled out soon. What sets TomoX apart from other DEX protocols?
Long: TomoX Testnet is to be launched in a couple of weeks. TomoX Protocol is our relayer-masternode decentralized cryptocurrency exchange protocol. Compared to the current state of the art DEX architecture, TomoX Protocol has quite a lot of advantages, which have been described in detail in our paper (http://bit.ly/33EgSl7), the most notable are as follows:
Q1: When was TomoChain listed on Binance?
August 24th, 2019.
Q2: Which TOMO trading pairs are available on Binance.com?
TOMO/BNB, TOMO/BTC, TOMO/USDT and TOMO/USDC.
Q3: What is the name of TomoChain’s consensus?
PoSV — Proof of Stake Voting.
Q4: Name TomoChain’s most recent product and its mainnet launching date?
TomoZ — August 20th, 2019.
Q5: The testnet of which TomoChain’s product will soon be launched?
SEGMENT 3 — Chat asked Long questions. 3 Rounds of questions opened up, and Long chose 5 questions from each round the answer. Below are some of the highlighted questions Long gave answers to:
Q1: Vietnam has very few successful projects, what is the problem? Does TomoChain have any plans to support other projects in Vietnam and contribute to building a stronger Vietnamese community?
Long: I consider TOMO and TomoChain being in a very good term right now, given that we have a strong and decentralized community of Masternodes and stakers securing the chain 24/24 every single day. Furthermore, good things take time to happen, even Bitcoin took a few years to create strong values. Comparatively, TomoChain would need more time to develop and mature, expanding our reputation and values to the world.
Q2: If Ethereum figures out their scaling issues, then projects like Tomo will not be able to compete. How will you respond to it?
Long: That’s no issue actually. There are other dimensions to compare that TomoChain still proves to have advantage on, such as blocktime. TomoChain has a 2 second blocktime while Ethereum’s is about 15s, which makes TomoChain more suitable for gaming and other activities that need fast interaction. Also, target audience and the community usage of the network can be very different too.
Q3: Among some technology key points such as: Sidechain, Privacy, Shardchain, how far are Tomochain going in each aspects at the moment? What are your main focus in terms of technology at the moment?
Long: Side-chain technology is doable (can be designed and built) but we focus on the mainchain at the moment. Sharding has some serious drawbacks as inter shard communication can break smart-contract composability and this is a very serious issue. The next major research area we are working on is privacy.
Q4: TomoChain has so many outstanding features in the form of TOMO WALLET, TOMO MASTER, TOMO SCAN, etc. to name a few. But, do you have real users and partners that use your services and what marketing strategies do you have to draw new users as without marketing no matter how good the product is nobody cares?
AIS-X generated its AIS token with the TRC21 standard on TomoChain. Can you elaborate more on this and its purpose?
Is the number 150 high-quality masternodes fixed or dynamic?
Long: We do have a variety of real users using our products on a daily basis. For example: TomoWallet has around 1000 daily active users, which mean around 1000 people open the app and do something every single day. The number has actually been quite stable for the last few months. Moreover, I feel that the crypto space is still very small, so TomoChain and other crypto and blockchain projects are trying our best to push the number of users. Of course the more the merrier. So my invitation to all of you to download the app and spend sometimes with TomoChain community :)
Q5: Ethereum developers seem to be loyal (or stubborn if you prefer) to Ethereum and might wait for Ethereum to scale because I haven’t seen any major ETH dapp switching to Tomochain (or other blockchain project), so how will Tomochain persuade/attract blockchain developers (solidity developers specifically) to build on Tomochain or migrate their dapps from Eth to Tomo? Assuming that the need for higher TPS in the dapps will trigger this onboarding of developers might not work necessarily and is too passive of a strategy IMO. For example, Thundercore protocol is also EVM compatible & faster (1200 TPS) than Ethereum but solidity developers are not building there either. So what’s Tomochain/Tomoteam strategy in this regard?
Long: I don’t believe in bribing or buying developers (from Ethereum or elsewhere) to build on TomoChain. It is not the way to build an authentic community. We want to build a community with real interests and determination to help grow TomoChain ecosystem. Thus, till now, we fortunately have been working with some awesome teams such as TomoSwap, PigFarm etc. Our goal is to continue to build reliable products, and increase users experience when it comes to blockchain in general, and join TomoChain specifically.
In the first batch of tokens not TRC-10 or TRC-20 that will be under observation are the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSH), STEEM (STEEM). The TRC 10/20 tokens that will be under observation are PEARL, JFI, DICE. Users will be able to vote for the assets proposed by the TRON Foundation: Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume While the introduction of the service brought Binance USD [BUSD], Tether [USDT], and Ethereum [ETH] to the Binance Chain ecosystem, the project took another step towards expanding this list today. On 10 October, the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM]. Bitcoin from Bitstamp to Binance. Step by step overview on how to withdraw Bitcoin from Bitstamp. To withdraw funds from Bitstamp, one must verify his/her account first. After such, you will be able to transact via Bitcoin or Fiat money. The transaction time at Bitstamp does not take too long, and the process is also user-friendly. Here, you will find steps that will guide you on how to make a ... The chain swap essentially reduces the value of TRC-20 tokens by $1 billion, with the market cap for these tokens hitting $3.3 billion according to industry sources. The move also pumps Ethereum ... Binance Moves $300M Tether From Tron to Ethereum On Tuesday, Tether announced a sizable swap of USDT from the Tron blockchain to the Ethereum protocol. Tether explained that the amount of USDT in circulation would remain the same, meaning that USDT (TRC-20) will be burned and the same number of tokens will be issued on Ethereum. Benutze den Investing.com Währungsrechner um die Konversion von BNB zu BTC Binance zu berechnen. Der Preis ist an den Echtzeitkurs gebunden. Bitcoin is trading at $13,857 after hitting a low of $13,512 in the past 24 hours. It seems that the uncertainty around the US presidential election is not stopping the digital asset from climbing ... TRC20 is a technical standard used for smart contracts on the blockchain for implementing tokens with the Tron Virtual Machine (TVM), similar to Ethereum’s ERC20.
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