TomoChain price pumped nearly 20% after announcing the new TomoP protocol
The crypto’s hidden complexity and novelty have made getting users into this ecosystem one of the industry’s most formidable challenges. The promise of decentralized applications and the use of cryptocurrencies as a medium of exchange has taken some promising steps, but there are still technical issues with the user experience.
Some of the common issues that hinder the adoption of cryptocurrencies and blockchain networks on a large scale include high gas costs and bulky interfaces, token markets, and their still-confused roles in the public blockchain system and awareness of the advantages of using decentralized applications (Dapps).
One of the more promising areas where Dapps and public blockchains are trying to make an impact is financial. A wave of Dapps focused on mortgage lending, stablecoin issuance, and derivative tools has emerged as part of the ‘DeFi’ crypto bubble story.
Attracting a mass of core users requires a more efficient infrastructure – a model in which the complex and stagnant mechanisms of previous public blockchains could be improved.
TomoChain is attempting to build the necessary infrastructure to facilitate the widespread adoption of cryptocurrencies. TomoChain is a public Ethereum Virtual Machine (EVM) compatible blockchain with the PoSV consensus mechanism. It has a 2-second block time, with 4-second confirmation (due to Double Validation) and a near-zero, random fee to prevent handshaking attacks and fair voting systems.
TomoChain currently has a market capitalization of $ 37.1 million at the time of writing, has 67.1 million TOMO in circulation, and a total supply of 100 million TOMO (per Coinmarketcap). TomoChain has called itself “The Most Efficient Platform for the Token Economy” with a hybrid consensus protocol ( Proof of Stake Voting – PoSV) with more than 2,000 TPS and many other reasons.
The new protocol allows to create anonymous transactions
Privacy is necessary to ensure freedom on the internet. When your transactions are being monitored, you will lose the ability to make decisions, allowing hackers to take advantage of your account.
Attempts to develop blockchain technology to address scalability and security concerns with the technology itself and to maximize technology adoption in everyday life.
Most public blockchain platforms/technologies have an integrated cryptocurrency in which every transaction displays the number of tokens or coins the sender is transferring to the recipient.
For this matter, the blockchain provides transparency for all users, which is not always expected. Some businesses want to hide transaction amounts.
TomoChain’s TomoP allows creating anonymous transactions about the transaction value, the sender, and the receiver to protect the financial privacy of token holders. This is the first EVM compatible private transaction protocol that allows anonymous senders to transact transactions without requiring intermediaries.
PoSV, TomoZ, TomoX, and now Tomo Privacy protocol. Testnest ETA is February. I am excited to see what TomoChain will bring in 2020! #TOMO https://t.co/6pUWQM4Xnf
— Long Vuong (@longvuong22) December 18, 2019
TomoP will support the private tokens released on TomoChain. A new private token standard TRC21P will be supported by extending the TRC21 token standard. It enables gas-free transactions in a decentralized way to anonymize msg.sender in anonymous transactions to secure smart contracts. TomoP transactions are similar to Monero transactions.
TOMO price has increased by nearly 20% after the news was announced, reaching a daily high of $ 0.58. Although it has now decreased slightly, it still maintains an increase of more than 14%. The price is currently trading at $ 0.55.
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