Tomocoin ICO Overview

chubbyhuy (38)in #tomocoin • 7 years ago

The Tomocoin ICO and TMC token offer a new solution to the problem of smart contract scalability. The ability to handle a larger number of transactions per second would exponentially increase the utility of smart contracts for a number use cases. One of these cases pertains to decentralized finance, or the “Internet of Value”, as Tomocoin Founder, Long Vuong, describes it. Building the infrastructure for more decentralized finance applications would require vastly improved transaction volume and execution speed at a minimal cost. The Tomocoin ICO offers a solution through the Tomochain protocol and Tomocoin token.
Tomocoin ICO Value Proposition

To address the issue of scalability, Tomochain is envisioned to be a network of chains that support decentralized apps and token issuances built on an instant confirmation, near zero transaction fee smart contract. Central to the roadmap for adoption is “horizontal scaling”; Tomochain will be a second layer blockchain with improved performance functions integrated into Ethereum via atomic cross-chain transfers. An ecosystem building program is planned to help facilitate development of dapps for the long term growth of the project.

The Tomoapp will be the first consumer application utilizing the Tomochain infrastructure. The Tomoapp will be a tokenized version of the offchain Q&A social network, which is already available for download and has an estimated user base of 10k+. Once Tomocoin is integrated into the app, each user will obtain a Tomowallet and receive rewards from other users for his or her contribution to the network.

The underlying token of the project is Tomocoin (TMC). TMC will initially be released as an ERC-20 token, but will deploy a separate protocol once the mainnet is released, retaining an architecture based on Ethereum that instead integrates a Masternode design for scalability. The ERC-20 token will allow users to sell and buy tokens via third party exchanges. Tomochain itself will act as a sidechain, via atomic cross-chain transfer, hosting all financial transactions that occur on Tomochain apps and facilitating interoperability between the two.
Tomochain Protocol TMC Token UtilityTomocoin ICO Team

Long Vuong is Founder and CEO of Tomocoin. Long’s experience in the crypto space goes back to his role as founding member of NEM (known by the username UtopianFuture on Bitcoin Talk). While his work and subsequent departure were not without controversy, the NEM community credited the importance of his contributions to the project. Long continued his career with various app startups, the latest of which evolved into what is now the Tomocoin ICO.

Sun Nguyen serves as Director of Engineering of the Tomocoin ICO. He has held a number of high level positions in tech over the past decade, including Senior Developer, Web Team Developer and Technical Lead.

Minh Chu is Blockchain and Cloud Lead on the project. Minh also has been in tech for well over a decade with extensive experience as a Cloud Architect. He spent 9 years as Chief Cloud Architect at Vietnam Communications Corporation of which an English introduction can be found here.

Tung Hoang is Product Manager of Tomocoin and Co-founder of the Tomoapp. Tung is handling front-end engineering and brings his 5 years of app development experience to the table. His Github can be viewed here.

From the list of advisors, Roger Lim is the shining star of the lot. Roger has leveraged his entrepreneurial experience and enthusiasm for blockchain technology to support a string of other high-profile ICOs including Qlink, Bluzelle and THEKEY. His supporting role of Tomocoin is a positive sign.
Tomocoin ICO Strengths and Opportunities

Development of Tomochain itself is already well underway. The testnet has been made publically available along with a demo wallet, where users can transfer tokens between chains. In addition, the Tomoapp offers an opportunity for integration of Tomochain into an existing user base. Unlike many projects on the market, Tomochain offer ICO contributors real deliverables as evidence for both the capability of the team and the viability of the product.

The cross-chain scaling offered by Tomochain is a noteworthy hallmark of the project. The increases in efficiency coupled with Ethereum interoperability make the project more of a complement than a competitor at the outset. Any business that plans to build their product on Ethereum can utilize Tomochain to exploit the increased speed and reduced cost while still supporting Ethereum smart-contracts through cross-chain token transfers. As Tomochain continues to scale the network, these benefits will be important for attracting developers and businesses.
Tomocoin ICO Weaknesses and Threats

As another smart contract protocol enters the field, there will be competition not only with other contenders but also with Ethereum itself. Should Ethereum find a viable scaling solution and implement it before Tomocoin’s planned mainnet release in Q4, one of the project’s big selling points will be lost. The Tomocoin team seem to be aware of this, having formed a long term plan to move Tomochain more and more in the direction of a completely independent protocol. Any dapps built on Tomochain in the meantime would still retain the benefit of cross-chain transfer, though the function may become redundant if the Ethereum scalability issue is solved .

The team have highlighted Tomocoin’s integration with Tomoapp as a strategy for adding immediate value to the project. According to Google Play, the app has 10k+ downloads. While the existing user base will carry over into the tokenized app, realistically speaking this adds very little value in and of itself. The dapp building program, in whatever shape or form it may take, will be an essential first step toward a viable decentralized finance ecosystem. A dapp competition seems a little more realistic for building value into the ecosystem than scaling Tomoapp to 50 million users, as is stated in the whitepaper.
The Verdict on Tomocoin ICO

The Tomocoin ICO offers one solution for scaling that is novel in its approach. The team have demonstrated their capacity to deliver with alpha versions of all three products. On the flipside, the scaling race is underway and it is anyone’s guess who will come out on top, or how much room there will be for coexistence. If Tomocoin can fix their sites on high-throughput use cases early on (like payments), they will have a better chance at gaining a base from which to grow. We’ll be placing a medium bet on the Tomocoin ICO.

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Tomocoin and Tomochain reviewed by Crypto Briefing ICO Analysts
Tomocoin ICO Review Scores
Summary
The Tomocoin ICO is another project that seeks to solve one of the greatest challenges presented to widespread blockchain technology - scalability. As such, it has tremendous upsides in case of success... and a lot of competition trying to ensure they get there first. Who will win is anybody's guess right now.
Founding Team8.9
Product8.2
Token Utility9.5
Market8.2
Competition3.8
Timing9.4
Progress To Date4.3
Community Support & Hype7.2
Price & Token Distribution9.4
Communication9.5
Upsides
Crypto veteran CEO with team of experts
Demo Wallet and Testnet available to public
Viable solution to key issue of scaling
Downsides
App dev could detract from protocol progress
Competition is fierce
8.1
Large Scale For Scaling Large