What is TomoChain?
TomoChain is a blockchain platform that allows people to borrow, lend and trade with each other through smart contracts. The goal of TomoChain is to provide a high-performance blockchain that supports decentralized applications and financial transactions.
What does TomoChain offer?
Scalability: TomoChain's blockchain was built with scalability in mind. The goal is to make the blockchain accessible to a wide range of businesses and users by achieving high transaction speeds. The network focuses on solving the "trilemma" that exists between decentralization, scalability, and security.
Private forums: Using smart contracts, TomoChain has developed private forums that provide an anonymous and secure way for people to communicate online.
Decentralized exchanges (DEX): TomoChain provides decentralized exchanges with on-chain order matches. It also allows for atomic swaps, which let users exchange different cryptocurrencies without needing an intermediary.
Layer 2 solutions: Layer 2 solutions allow off-chain transactions to be processed faster than on-chain transactions. These solutions include payment channels, state channels, and sidechains.
How does TomoChain work?
TomoChain is a public blockchain for Decentralized Applications (DApps). It uses Proof-of-stake Voting (PoSV) consensus. This means that the users of the network will be rewarded for staking their tokens in a wallet. To withdraw tokens from staking, users need to wait between 2 and 4 weeks.
To use TomoChain, you need TOMO tokens. You can buy these at exchanges like Binance, KuCoin, and others. TomoChain has quite a few wallets available.
What are the advantages?
TOMO coin holders can earn passive income by staking their assets. Users who lock their tokens can earn from 7% to 30%. The processing speed of TomoChain is quite high. With over 2,000 transactions per second, the network can handle cross-border transfers in minutes. The blockchain charges fairly low transaction fees for transactions performed on-site. The network operates at a transaction fee of 100/1, according to the popular blockchain Ethereum.
What are the disadvantages?
The network has a lower limit for users who want to earn a high income through staking. Users who want to earn a high income should keep at least 50,000 TOMO tokens in their wallets. Like all crypto assets, storing TOMO in virtual wallets carries the risk of cyberattacks. This problem can be overcome by transferring assets to a hardware wallet.