MXC Global Community AMA Recapitulation- TomoChain – MXC Fans
Guest:Kyn Chaturvedi (TomoChain CBDO)
Host: Molly
Introduction:
Kyn: Let me tell you a bit about us for sure, So I am the Chief Business Development Officer for TomoChain. I handle all of our partnerships and revenue generating opportunities. TomoChain is a Public Blockchain powered by Proof-of-Stake Voting which launched into Mainnet 1 year ago in December 2018. TomoChain is EVM Compatible and runs at a super speedy 2000 TPS with a 2 Sec Blocktime. Based out of Vietnam, we are Southeast Asia’s largest public blockchain. We have enterprise clients, a suite of DeFi products, and have been expanding into Gaming. TomoChain also has a number of major crypto-partnerships including Neo Blockchain, Chainlink and Crypto.com. Our Masternode network is run by some of the largest players in the space as well, including NGC, CoinGecko, 1kX, and KuCoin among others. TomoChain earned its place onto Binance.com with a free listing earlier in August this year. Binance has written up a Binance Research Report and awarded us the V-Label. Recently we have been interviewed by Forbes.com official and had an in-person interview at NASDAQ at their office in the heart of Times Square, New York City about TomoChain and our upcoming TomoX Protocol.
Segment 1:
Questions from Community
Molly: Q1. What is your long-term vision about the industry which Tomochain is working at? Are you afraid someday there will be another Project with more innovative technology can replace Tomochain? From @binhbont
Kyn: Innovation is something that TomoChain is constantly staying on top of. If we start to see a technology direction that makes sense, we’ll adjust our approach. However, we are not fearful of competition. It’s something that needs to be there in order for the space to grow.
That said, the focus for TomoChain is about real-world usage and real-world users. The biggest issue we see is that the crypto space is pretty much only catering to crypto users. Many think that the way crypto will expand is by convincing more people to go through the same level of friction we all have gone through… knowing what Bitcoin is, figuring out which exchanges are, understanding altcoins and wallets, and then the whole fragmented Dapp ecosystem.
That’s the reason the entire crypto space has only 20 dApps with more than 1000 DAUs a day. In a world where we would complain if our Netflix movie takes 10 seconds to buffer do we really think navigating crypto is even close to being mainstream-level easy?
TomoChain is working on a different approach. We believe blockchain technology doesn’t need to be a visible component to the end-user. For example, how many Android mobile phone users even know that their devices are likely powered by a Qualcomm, Exynos, MediaTek or Kirin processor? It should be the same way with Blockchain in our view.
And so, the value of the Blockchain is in its utilization (how many quality transactions it is performing), and we want millions to be using TomoChain. So, we’re working on a way to bring Blockchain to the mass market, not the other way around. In this way we hope to expand use of blockchain across solutions in Open Finance, Entertainment, and Enterprise.
Molly: Q2. Can you please explain how the voting for masternodes candidates occurs? How does the coin-holders vote, what kind of information they get from the different candidates, in order to decide which one is better for the network? From @micki26
Kyn: Sure, voting is really simple honestly. TomoChain holders can manually stake on any of the masternodes in the network and earn staking rewards every 30 minutes! To begin with, I usually tell people to use our TomoWallet since the interface is awesome and intuitive for voting (i.e. staking).
So, on TomoChain, 150 Masternodes actively secure the network. However, if you look at our chain you’ll see that there are actually more than 150 running. The reason is that only the top 150 voted Masternodes actually create and verify blocks on the TomoChain network.
When selecting a Masternode a few things to look for.
(1) Slashing History: Masternodes with low “slashing” history. When a node is slashed it’s not securing the network and not earning rewards as a result.
(2) Higher/Lower Risk/Reward ratio: Every Masternode earns the same fixed amount of rewards every block. Those rewards are then distributed across all stakers. So, the more votes on any one Masternode, the lower the rewards per vote, but the Masternode is also less likely to drop out of the Top 150. So voting depends on your risk profile here.
(3) Active Masternode owners: I tend to vote for Masternode Owners who are active in our community because they truly represent and essence of understand the core values of why TomoChain is such an ideal technology platform.
Full disclosure: I also run a Masternode 🙂
Molly: Q3. Tell us about TomoP, the first ever EVM-compliant private transaction protocol, and what’s so special about it? What improvements have occurred for users with the launch of Tomoz mainnet? What sets TomoX apart from other DEX protocols? From @bitboyss
Kyn: Sure. TomoP is our Privacy protocol. I’m so excited for it too! It uses proven Ring Signature and Bulletproof cryptography techniques to accomplish transactions that are both private and anonymous. It’s also the FASTEST implementation of a privacy protocol yet.
How fast? 4–6 seconds fast! And within the TomoWallet, you can easily toggle On/Off private sends. It’s that easy.
Anyway, I don’t want to bore everyone with too many technical nitty gritties, but part of the beauty of TomoP is it that actually uses our TomoZ protocol (Issue a token where the gas fees are paid by the token itself — no need to hold native TOMO) to anonymize your gas fees in a trustless way through smart contracts. There is no trusted third party handling meta transaction fees.
The solution is that elegant.
As for TomoX, it’s a decentralized DEX protocol in testnet today, and set to launch into Mainnet in Q1 2020. With TomoX, we want to democratize the ownership and running of DEXs so the focus can be on generating value for customers, not on the technical hurdles necessary to run an exchange. Hence, anyone can issue their own DEX in minutes — nearly turnkey.
TomoX is a Layer 1 protocol, meaning it’s built into the Masternode framework that secures the TomoChain network. So, the experience is fast and as close as we can get to an experience on a centralized exchange. TomoX is also a PURELY permissionless DEX protocol, meaning no centralized component exists. All trades move from wallet to wallet and the Order Book is distributed across and managed by the Masternodes.
When you think DeFi, TomoChain has been working on it since Day 1 of the whitepaper.
One last thing to add is TomoP will be launching early next year.
Molly: Q4. Focusing on game development on blockchain is TomoChain’s direction in 2019, so do you have any plans to collaborate with game developers? And is Tomochain’s database system sufficient to meet the needs of game development? From @lukman_id
Kyn: So, I’m actually a former game developer. I have about 10 years of work experience playing different roles in the space, including game designing and producing games in partnership with companies like Microsoft Games Studios. So, gaming on the blockchain is close to my heart.
We are actively building out our relationships with game developers to partner up and launch games that can target mainstream users without the need for crypo-knowledge. Part of that initiative is a recent workshop we hosted with Neo Blockchain in Hanoi, Vietnam. The focus with our partnership is co-ecosystem development. We want to educate developers and support them as they build on the blockchain.
Even today I had lengthy conversations with two major Blockchain game developers about some cool new tech we’re exploring. Can’t say anything about it yet. but it’s all about reaching the masses
Blockchain will add a whole new dimension to gaming via true ownership of gaming assets. So, moving into 2020, we will certainly be forming more relationships catered to the gaming ecosystem and ramp up products utilizing TomoChain’s unique blockchain technology to support it.
Molly: Q5. Could you give me 3 key points to convince me and other angel investors invest in Tomo in long-term? From @nhulai1998
Kyn: Oh yeah. So
(1) Perfect for Payments — 2000 TPS / 2 Second Blocktime. We are integrated with two payment solutions, WisePass & Urbox in Vietnam that allow TOMO users to purchase everything from beverages to housewarming gifts.
And, a Singaporean company run by a former Vice President of Market Development for Mastercard is moving from Ethereum to TomoChain to enable its crypto payment solution with thousands of offline vendors across SEA.
(2) Enterprise and Government Relationships — We have an office in Tokyo, Japan that is working directly with large scale enterprises in the Healthcare and Automobile sectors to incorporate blockchain into their day-to-day operations. We completed Phase 1 POCs this year and have been greenlit for Phase 2 to start in early 2020
We are also work closely with the Vietnamese Government in forming crypto related regulation. We held a symposium with them back in September to try to identify a form of sandbox rgulation based out of Hanoi. We work with the Ministry of Education in developing blockchain based coursework.
(3) Largest Blockchain in SEA — Vietnam is where the focus is at right now. Retail investors in Vietnam represent the Top 5 on both Binance and Huobi for Daily Active Users. Trust Wallet’s largest geography is also Vietnam. China has been working to enter the Vietnamese space for nearly a year now and many of the larger players are working with us for that.
Segment 2:
Free-asking Session
Q1. What’s advantages the partnership between tomochain and Neo? As China is the largest democracy in the world, how you are seeing China Market for project adoption and growth? From @Bobbycarassandy
Kyn: The partnership with Neo is to do a few things.
(1) Help developers to learn about blockchain and about the technology layer for both Neo and TomoChain.
(2) Aid developers in marketing and distribution of their content across both blockchain networks and channels.
(3) Help with areas like localization and publishing.
We plan to hold multiple events to do just this.
But that’s not all. When it comes to China we have a lot more going on. We have relationships with the largest wallet providers like CoboWallet, the biggest blockchain company in the space that is working on legal regulation, Wanxiang Blockchain group through its subsidiaries HashKey and HashQuark. We know all the major media guys there. It’s been a blast to get to understand the CHina space and I think next year there is a lot more to do there.
Q2. People are often interested in asking about technology and useful products. But I want to ask about your financial resources. To research and develop many such products, surely the cost you pay is not small. So where do you get all the profits from? How do you reduce costs and maximize profits? Can you tell us how much your profits have been up to now? From @RaghavCrypto
Kyn: Great question. You’re right. Most blockchain companies don’t think about how to maintain their reserves after the treasury runs out. There is a reason I chose to join TomoChain, because it’s full of experienced veterans. Our founds, Long, is the founder of NEM back in the day. Our CFO has had a ton of experience in the financial sector. I come from an entrepreneurial background where we had to make ends meet and spend wisely.
Similarly, TomoChain is very cautious with where we invest and we also look for revenue generating opportunities. Our enterprise venture is actually one of those. We charge our clients for developing solutions. We are working on everything from traceability to wallet building to exchange building too. And all of this is allowing us to break even starting next year.
We think of ourselves as a business, a startup. Not a marketing/shilling project.
Q3. We’ve seen significant expansion of DeFi and exchange-oriented crypto products in Asia recently, particularly with derivatives instruments and loan-making vehicles offered by exchanges (e.g., binance ). Can you provide some insights into the regulatory sentiment around the likes of Bitcoin, tomo, stablecoins (i.e., Tether), and the growth of institutional-focused products like crypto derivatives exchanges in SE Asia? From @LeoCavin
Kyn: The macro factors are something we really do have to keep a close eye on. It’s ever changing and new rules just keep coming in. Some SEA countries have set rules (which are still continuing to evolve) like with Thailand’s licenses for various areas supporting crypto like exchange licenses, ICO licenses, etc. Then you have Singapore which is going to be making it even easier to spend crypto next year.
Indonesia and Vietnam are still developing their regulation around crypto.
The thing is SEA recognizes the power of blockchain and can see it as a way to shift power to this sector. First mover advantages can be tremendous if the implementation is done right.
With that said, these countries also have to consider their own currencies. The Vietnam Dong, as an example, is THE currency of Vietnam. So, will they open things up to Stable coins, Bitcoin, and the like? Perhaps, but it’ll take time and incentives to ensure that VND still has staying power.
A VND Stable coin could be great though. Easy to trace for central governments which is something that a number of countries want. And of course, easy to send and receive. A layer of DeFi where there is no central authority may be more challenging though.
We’ll have to see what takes place in the DeFi side over the next year, but things are heating up in the region and TomoChain will be the first to react based on new information since we are at the heart of it.
Segment 3:
Quiz session
1. What’s is the tagline of TomoChain?
Answer: The Most Efficient Blockchain for the Token Economy
2. TomoChain mainnet launching date?
Answer: 14/12/2018
3. Which latest TomoChain protocol has been announced its mainnet?
A. TomoX — the decenetralized exchange protocol to build Dexs in mintutes
B. TomoZ — the pay-by-any-token protocol
C. TomoP — the private protocol
Answer: B
4. What is the official TomoChain twitter account?
Answer: https://twitter.com/TomoChainANN
5. Which trading TOMO pairs are currently listed on MXC?
Answer :TOMO/USDT
6. Can you build Dapps on TomoChain?
Answer: Yes
7. How long is 1 blocktime created on TomoChain?
Answer:2s
8. How many TomoChain masternodes are there?
Answer:150
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Published at Tue, 31 Dec 2019 05:22:18 +0000
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