What is TomoChain?
TomoChain is a public Ethereum Virtual Machine (EVM) compatible blockchain with PoSV consensus mechanism. It has a 2 second block time, with 4 second confirmation (due to double authentication) and near zero fee, random (Randomization) (to prevent the handshake attack (handshake attack) and a fair voting system.
Tomochain currently has a market cap of $27.5 million (at the time of writing), has 59 million TOMO in circulation, and a total supply of 100 million TOMO (according to Coinmarketcap). Due to the hybrid consensus protocol (PoSV) having over 2,000 TPS and many other reasons, TomoChain has made a name for itself as “The Most Efficient Platform for the Token Economy” (The Most Efficient Platform for the Token Economy).
Consensus ( Consensus )
The two most common consensus mechanisms used are PoW (Proof of Work) and PoS (Proof of Stake). While PoW is very secure, it uses a lot of energy to operate and is very slow, especially in the case of Bitcoin. While PoS provides the same security as PoW, it provides the same assurance at very little cost. TomoChain uses a hybrid system (closer to PoS) called PoSV (Proof of Stake Voting).
There are many similarities to PoSV from other consensus protocols such as DPoS (Delegated Proof of Stake) in EOS and PoS in Cardano’s Ouroboros. In this hybrid system, TomoChain uses “double validation” to generate, verify and vote on blocks. This is very similar to what EOS does to their block producers with their voting system, although EOS is much more centralized than TomoChain. Also, unlike the “single validator” in Ouroboros, Dual Validation with Randomization mechanism to reduce the probability of invalid blocks in the TomoChain blockchain.
The main concept taken from PoW is that when there is a potential fork, in such a case, the longest branch with the most votes is chosen and all others are dropped.
To run the full main code, you must send 50,000 TOMO to the voting smart contract and must have enough votes from the coin holders to be in the top 150 of all tokens (150 is the maximum number of tokens). online multi). The main tokens in TomoChain create blocks and are incentivized with TOMO. Compared to EOS 21’s block producers, TomoChain is much more decentralized and has a much lower probability of a handshake attack (A handshake attack is when a block producer and a block verifier both agree. the idea of creating and validating an invalid block).
When a block is generated, for the block to be valid, it must have two signatures on it (block creator and block validator). The block validator is randomly selected from 150 key tokens. If a randomly selected block generator and verifier both attempt to attack the network and the block on its surface appears to be valid, before the next block is generated, another block validator (dual validation) will make sure the block is actually valid. If it is invalid, it discards the block and creates a new block in its place.
Coin Holder (Holder)
These are the everyday users of the network that own and/or transfer TOMO. These users submit their TOMO to the main candidate’s smart contract in the DApp voting program. Coin holders who vote for major tokens will receive TOMO in proportion to the amount of TOMO they have invested through the votes.
While the main tokens produce and validate blocks, coin holders ensure that they are doing their job right, based on three metrics 1) CPU/memory graph (workload) 2 ) Number of signed blocks (work performance) 3) Last signed block (to identify operations). At any time, coin holders can delist a fully implemented haven masternode and can give their vote to other masternodes. Coin holders are incentivized to maximize their profits through an appropriate voting strategy. Through this voting process, only the best masternodes grow.
Blocks and Randomization
To generate random block verifiers, each master token securely generates and encrypts an array of random numbers (indicating the list of block verifiers for the next epoch) and sends it along with the key. their commonality to smart contracts on the blockchain. Once all encrypted messages are sent, they are decrypted, and once fully decrypted, each node computes a block verification order list using an equation (page 9 in the whitepaper) .
Every 900 blocks (every 1800 seconds), called an epoch, a checkpoint block is generated to implement the reward. In sequential order, the tokens count the signatures from the previous epoch and the rewards are sent. The more signatures, the more rewards each masternode gets, 40% (Infrastructure Bonus) will be given to the masternode, 50% (Staking Reward) will be given to the group of voters for that masternode, and Proportional share based on token shares and 10% (Foundation Rewards) to an account controlled by the Masternode Foundation.
There are different ways to scale a blockchain (since the core of all blockchains is an inefficient database), there are Lightning Network for Bitcoin, Plasma and sharding for Ethereum. TomoChain is suggesting using sharding to both scale and secure the network. Instead of each masternode storing the entire blockchain, each node only needs to store a portion of it.
Unlike sharding architecture on both Elastico and Zilliqa (Practical byzantine fault tolerance), TomoChain sharding architecture provides protection from two different senders executing the same contract through Illustrated from different pieces.
Although sharding has some problems, TomoChain does a great job of fighting fraud as best it can. For example, masternodes aren’t the only users who can confirm verified blocks are indeed valid. The challenger is a non-owner user who receives tokens for each invalid block that they prove invalid by submitting the invalidation proof to the original chain.
TomoChain uses 150 masternodes to generate blocks and secure the network. With sharding, each shard will randomly split all masternodes into 10 or 15 different nodes for each sharding. For network safety, this randomization will happen every epoch (900 blocks).
There are two smart contracts deployed on TomoChain, the Voting Smart Contract and the Block Signer Smart Contract, both of which are deployed on the root chain.
There is also a parent chain that interacts with the various shard chains. The root chain is used mainly to secure transactions in each shard but does not store details of transactions in each shard. A block generated in the shard is confirmed if the total number of master tokens in that shard verifies and initials it.
In a cross shard transaction (sender on one shard and receiver on another), the transaction is processed by the sender, their balance is reduced, a key transaction receipt is generated on a block, and then That is done after the masternodes on sharding send their signatures to the root chain for verification. Proof of Acceptance (Merkle Proof of the transaction and proof of block finance) is then sent to the recipient shard, the receiver’s balance is increased and any excess gas is returned to the receiver. to send.
Partnerships and offices
TomoChain is leaning on Southeast Asia. They have offices in Vietnam, Singapore and Japan. They already have many partnerships across many Southeast Asian countries and have been in contact with Bcrypto, Soft Bank and Mitsubishi (all in Japan).
TE-Food is the world’s largest farm-to-table fresh food traceability solution. It was started in 2016, serving over 6,000 customers and processing over 400,000 business transactions per day. TE-Food is testing the TomoChain ecosystem and is building a DApp on it for long-term success. The benefits of building on top of TomoChain are that it is EVM compatible, has fast confirmations, low costs, and community support.
Tomochain Founder Reveals Vitalik: Ethereum Will Have a Hard Year
According to TapchiBitcoin.vn
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