TomoChain is a cryptocurrency project centered on scalability and real-world uses. Utilizing a Proof-of-Stake (PoS) consensus mechanism, TomoChain offers a way for other active users to vote and make their voice heard while building out the TomoChain network.
To understand TomoChain, you first need to understand that there are two things being discussed: the blockchain (TOMO), and the TomoChain product ecosystem.
The ecosystem being built at TomoChain consists of various partners, liquidity providers, wallets, and decentralized application (dApp) channels. All of this combines to create a way to move and use TOMO quickly and efficiently.
TomoChain is a scalable and rapid blockchain that can compute a new block in as little as 2 seconds – a marked change from the larger, more heavy blockchains that can take minutes or even hours to compute a block.
TomoChain’s native currency is TOMO which is utilized to reward individuals who stake their holdings and operate a node, offering a way to earn recurring passive income for contributing to the TomoChain network.
When an individual stakes TOMO, they are holding a certain amount of that cryptocurrency in a specialized “node” that is connected to the ecosystem, allowing them to help compute transactions and keep information flowing rapidly and accurately.
People who contribute to the ecosystem through voting earn TOMO regularly, the equivalent of around 6.5% interest per year.
Holders who have more TOMO than usual can attempt to become a Masternode; while they will be expected to contribute more to the network, they often can receive around 26% annual interest in TOMO.
One of the most common uses for TOMO is for cross-border payments. With transaction times often falling between 2-4 seconds, and fees nearly 1,000 times less than a similar transaction on the Ethereum network, TomoChain is actively trying to become a staple for international peer-to-peer payments.