TomoChain — Cryptoverse AMA Recap
Date — 21 Jan 2020
Guest : Long Vuong — CEO and Founder of TomoChain
My name is Long Vuong, CEO of TomoChain. TomoChain is a public blockchain with the native cryptocurrency TOMO which is used to power the decentralized network in a variety of ways such as paying tx fees, staking, etc.Our team has been working on TomoChain since early 2017 and we started with the original goal of building a public chain that can be decentralized, fast and scalable. Before that, I spent 8 years in the PhD program at the University of Massachusetts.
Q: Isn’t Providing DEX Service to everyone Creates Competetors to TomoDEX? So, question is — Why you Gives permission to create DEX Instead of Providing API Trading?
A: Thanks for the question.All Relayers on using TomoX shares the same order book. So if there are more realyers, there will be better liquidity that benefits everyone. Besides, each relayer can list their own set of tokens and have their own customers. So I am not worried about competition to TomoDex.
TomoX’s design helps projects having their own exchanges, so it does not have trading API for traders. Traders can use trading API from TomoDEX.
Q: Make transactions at 1/10 of one cent with TomoUSD, When we see 0 transaction fee (like neo) in future for mass use cases such as remittances, local payments?
When we see a real adopted big project on TOMOISSUER?
A: There should be a fee if you provide a good service. TOMO transfer cost is very low, but for USD transfer, the cost only needs to be lower than Paypal transfer cost to be competitive.
There are already several projects adopting TRC21 and TomoIssuer such as OrbBit, Coin98, AIS. It will take sometimes to gain further adoption.
Q: Which area does Tomo focus on at the moment? (DeFi, Dapps,..) and which products/projects are you developing to support it?
A: we have been focusing on DEFI for the last one year. TomoZ and TomoX protocols are gearing for DEFI use case, and TomoPrivacy is also very important for DEFI. We will have even more products in the future such as decentralized stablecoin, decentralized lending, interest pool etc.
Gaming is also interesting and we will try to promote gaming development as well.
Q: Among some technology key points such as: Sidechain, Privacy, Shardchain, how far are $TOMO going in each aspects at the moment? What are your main focus in terms of technology at the moment?
A: Privacy is very important and we focus on TomoP, private transfer protocol at the moment. Sidechain is not technically difficult but we prefer project building on top of TomoChain and create values for TOMO instead. Sharding has a few technical issues that we will look into further in the future. We however wrote a few articles and research papers about sharding that you can read in our blog.
You can also read my new year letter to see the overall state of TomoChain’s technology at the moment
Q: Where does Tomochain stand in the current crypto turbulence? Which are the top 5 big Markets? and where does India stand?
A:The core team are building technology and products non-stop and the adoption is picking up. I think TomoChain public chain and our ecosystem is in a good shape. In term of markets, top countries with most traffic to TomoChain website are U.S, Vietnam, India, France, Turkey, Japan, Germany, Indonesia and China. So India is an important to us and my colleague, and our CBDO, Kyn is from India.
Q: What is your long-term vision about the industry which TOMO is working at? Are you afraid some day there will be another project with more innovative technology can replace TOMO?
A: I think crypto finance is really important. It is getting tractions day by day and can be very big in fthe future. Crypto finance means crypto currency like Bitcoin, Tomo and also all DEFI products.
About competitors, I don’t pay much attention to them, but I rather focus on building our products. We can change the world by building one a product at a time, and continuously improving.
Q: It’s interesting to know what your approach and expectations of Tomo’s halvening are, because your reward system is more complex than Bitcoin’s PoW.
A:Thank for the quesiton. Tomo’s halving is happening much quicker than Bitcoin’s, but it is not complicated. The first halving will happen early 2021 which cut down the block rewads to stakers in half. Please consult our economics paper in our website to understand more about TOMO token emission schedule.
Q: No matter how innovative, but many xyz protocols will disappear as their “TECH” can be adopted & improved on by larger, more established protocols.
How you will ever be able to compete with them?
What unique ideas have Team actually come up with?
A: I would argue that no protocol can be considered established at the moment. Historically, AOL and MySpace had hundred of millions users before they faded away. So even if some protocols are more popular today, they are not yet established. What’s more important in my view is that if the public chain has a sound design, and continuously improve.
In the overall design, I think Bitcoin has a product market fit as a digital GOLD, but the game for being The smart-contract platform of choice in the future is not yet decided.
Q: Almost no project likes to talk about trading, but how much does the price affect you in terms of development?
What events do you plan to hold this year, in which countries would you like to be?
A:TOMO price increasing is good for holders and as a recognition of our products, technology and communities. But I am not particularly concerned about short term price movement. TomoChain Pte. Ltd. is financially solid and we can work on building more products for years.
I don’t have marketing and event agenda here, but follow our announcement channel or blog and we will notify everyone as the time goes on.
Q: I really impressed by TOMO Because When whole market is in red dip only TOMO is the token which shows green state . What strategy do you use to can make that ? can you share us ?
A:The core team don’t interfere and influence market trading of TOMO. Our job is building awesome products that help to push the ecosystem forward. Price are left to the market to decide.
Q: Is POS SECURE than POW? What will Tomochain act if there will be 51% attacked? Is it possible to prevent?
A:I think both POS and POW can be secure. But with POW, you can only secure if you have the largest hashrate because the miners are external to the system, while with POS, block creators are internal to the system, and strong economic incentive prevents them attacking the network. In practice, I saw POW network got 51% attacked, but I never saw a POS network got 51% attack.
Q: Inflation is always and everywhere a monetary phenomenon by MF: what do you think about your monetary policy? Is fair?
A:Interesting quesition, and I do have an economics degree. TOMO monetary is sound and fixed from the beginning :) then everyone can enjoy building and doing businesses on TomoChain without any future monetary uncertainty.
Q: Native tokens always have major utilities and incentives like we see with Binance coin BNB.What are the major utilities of Tomo Token in Ecosystem.
A:TOMO are used for staking, paying transaction fees, paying gas fees to deploy contracts in games, dapp, using privacy features. You also need to lock TOMO to run Masternodes, Relayers.
Q: From technological and commercial perspectives, how can traditional companies be integrated into the blockchain?
What are your plans for traditional companies that continue to exist with their own systems?
A: My view is that for traditional companies they will wait to see what are the benefits and when everyone uses crypto, they will eventually rush in. For internet in the past, it is the end-users that adopt the Web first, then when everyone using Web, all the traditional companies eventually have website, online orders etc. It will likely happen in the same way with crypto adoption.
Q: There are many VietNam projects that failed but Tomochain was extremely successful. So in your opinion, where did that success come from? Is it because Tomochain has a good background and high practical applicability?
A:TomoChain is not just a Vietnam project, but a global technology and global decentralized network. You need a technology first, and globally focused perspective to be successful in the blockchain industry. After all, Internet makes us a shared global place. It is really about people sharing a same mindset and goals, not about nationality.
Q: Why do you think we need #tomop? What’s advantages and is it your main goal in 2020?
A:TomoP enables privacy for transaction and finance on Internet without a third party. It is really important when you are dealing with a large amount of money. We will be launching TomoP testnet in late February.
Q: What are the major milestones you have achieved so far?
A: These are some of the most significant milestones we achieve in 2019:
- PoSV consensus with Masternode and slashing is now running stable.
- Launching TomoZ’s protocol mainnet.
- Lanuching TomoX’s protocol testnet.
- Some good dapps on TomoChain such as TomoPool, TomoSwap, Maxbet.
- TOMO got listed on Binance, Crypto.com and FTX.
- We run multiple hackathons, developer workshops with reputable partners in 2019.
Lastly, TomoP private transfer protocol was recently published and testnet will go live soon.
For further information or questions regarding the TomoX Testnet Bounty Program , please join and contact us through the following channels:
TomoX Telegram Channel: https://t.me/TomoX