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.
You stated previously that the swap values will be calculated on the “real time market value” of each coin. How will the market value be derived? Will it include exchange values from Binance, Poloniex, CoinMarketCap, or an average of these? Will the market value be derived in USD, AUG, RMB, or an average of them all?You could try sending a request via direct message with questions on Facebook or Twitter. The Nucleus Team is focused on the technological development and planning at this time.
Is there an ETA a to when the yellow paper will be released?Just to clarify for everyone that we are discussing interoperable swap values. This value will be an aggregated number like you see on CoinMarketCap or Coincap, which includes regional averages.
This article says that the HSR code was copied from the DCR code in GitHub. Don’t you think you need an explanation?ETA on the yellow paper is Q2 2018
What features will the main chain have on it’s initial launch on February 15th?The HSR code is forked from DCR. The GitHub repository was not created properly by the team prior to the Nucleus Team’s involvement. Existing GitHub issues originated from cultural differences as the research lab at the university where the work was done is not familiar with open source development practices, tools and their benefits. Unfortunately, this has resulted in less than positive relations between the DCR and HSR communities. We are following procedures going forward to ensure the original authors of open source projects are properly attributed as well as properly forked to help both repos benefit from the possibility of merging in changes from future development progress. Anything that we can do to contribute to Decred’s dev team and community will benefit both projects and we are looking forward to exploring future possibilities after the main HCash chain launch.
February 15th is a tentative date. We are still referring to launch as being mid-February. The primary feature will be the first Go implementation of BLISS and quantum resistant transactions. We will also evaluate the future potential of bitcoin NG on public testnets to decide the features we propose to include in future forks in order to keep progress steady and continue developing the strength of the main chain. Segwit will still need to be activated on the main chain to provide Lightning Network and atomic swaps.
What will your team devote the core of its attention on as it works this year?We are looking forward to the launch of the main chain. Next, we are planning on contributing to Lightning Network development as well as the side DAG design and development. The side DAG will be available for a longer testing period to allow for new projects to begin building off the EVM. As PQ addresses are adopted we aim to implement other quantum-resistant signature options for users of the network.
I took a close look at the whitepaper. It doesn’t clearly say when the technology allowing cross-chain trading will be implemented. It also didn’t specify what development schedule is for that tech. Could you please explain it to me?The primary focus post launch will be Lightning Network and side DAG design and deployment.
What differentiates Hcash from Wanchain? They’ve already finished development their main network and they’ve made a lot of progress in cross-chain technologies.The roadmap will be updated post main chain launch. We need to make sure going forward that time frames and dates given are met timely while considering the feasibility of the tech we are trying to deliver. The Nucleus team is currently working to coordinate with the project’s university research partners around their plans and timelines for new contributions to the ecosystem that align well for the network’s users and the Some details of the interoperability were answered in the last AMA so I would refer to that. If you want specifics then that will have to wait till the yellow paper is finished.
Does all the HSR belong to the teams, the investment foundation, and the early investors have a lock-in period?Cross-chain interoperability is a challenge for the ecosystem that many projects are helping resolve. There will be different solutions. We look forward to seeing more about their Locked Accounts and signature sharing. I don’t know what they’ll be doing about BTC/ UTXO based transactions. Our design will allow atomic swaps for BTC/ UTXO transactions into a quantum resistant addresses for security. ETH interoperability will work similarly, but our EVM will be built into our side-DAG rather than an ETH blockchain. Also, we will be using bridges and sidechains for other styles of chains like NEO or maybe VEN. Another thing we would like to see is existing projects on ETH build a port on our EVM so those smart contracts can communicate directly with each other, rather than just using relays.
Based on the roadmap, quantum resistant passwords, cross-platform token transfers, and PoW mining have all been completed. Is the present rate of progress coming along as outlined? Please explain the technological hazards that still exist.You would have to speak to the Hcash foundation directly if you have any questions about lock up periods or allocations related to HSR. These advising, testing and developing the codebase and technical roadmap.
Hcash has reached an agreement with Qtum for low-level interoperable contracts. Will Hcash later have similar agreements or connections with other projects such as Ethereum, IOTA, NEO, etc?With the main chain, quantum resistance and PoW mining available on launch. The cross-chain functions will be operational for the main chain with Lightning Network and other chains will be available with the side DAG. There are a number of technical hazards to work through with respect to compatibility and optimization and these things will take time to implement. A new roadmap and outline is due soon.
How are small and big coin websites or varying sizes (Poloniex, Bittrex, and Binance) doing in terms of getting registered on South Korean trading platforms?We would love opportunity to work alongside other projects. Based on the structure of chains such as NEO, it probably would require some open lines of communication between our dev community and CoZ. ETH operates in a more transparent manner and interoperability with ETH is much easier to achieve. The ultimate goal is to be the glue between all these different projects and provide an ecosystem for the community to build off of.
Does Hcash want to make a base level public chain, or make it like bitcoin?There may have been something lost in this question’s translation - try reaching out to those website’s support contacts? That is not something we are involved with.
The Hcash main chain is meant to provide integrity for this interoperable network. PoW chains do a fantastic job of this because of the time and effort it requires to actually secure the blockchain.
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