The leading cryptocurrency Bitcoin hovering in the band of 9 thousand 200 dollars has benefited some altcoins and especially those who are related to the decentralized financial sector. It can be understood that TomoChain (TOMO) is one of them, gaining 100% increase in the last 1 month. So what is TOMO and will this unexpected increase continue?
What is TOMO?
In addition to being a decentralized blockcchain project, TomoChain aims to solve scalability, the biggest problem of many blockchain networks. Aiming to solve the scalability by increasing the number of transactions per second, TOMO, although known as Ethereum blockchain, later switched to its home network.
Even a leading cryptocurrency project like Ethereum can only make 15 transactions per second. However, Visa or Mastercard, which is one of the biggest competitors of crypto money, has a transaction capacity of more than 6,000.
The developers of TomoChain also aim to close the bleeding wound of blockchain networks with the method known as Sharding and Staking focused voting solutions. Claimed to be able to process up to 5,000 transactions per second, TomoChain has two seconds of processing time and low transaction fees for users.
The team of TomoChain, which can also be used for decentralized applications, claims that using Sharding technology can reach 20,000 to 30,000 processing capacity per second. Using Proof-of-Stake Voting (POSV) consensus protocol, TomoChain differs from the leading cryptocurrencies in this aspect.
TOMO Sees 100% Increase
Entering the market with ICO in 2018, TOMO had collected 8.5 million dollars at that time and was launched with a unit price of $ 0.25. As of the writing of this article, TOMO is trading at $ 0.95 with an increase of 21%. TOMO, traded at $ 0.50 in the first days of July, seems to have taken its share from the DeFi frenzy, achieving an almost 100% increase.