Recap of Exclusive AMA: TomoChain x StealthEX

Recap of Exclusive AMA: TomoChain x StealthEX

We conducted StealthEX & TomoChain AMA and here is a recap. Our guest was Lakrisen Haricharan, Head of the TomoMasterDAO ecosystem.

Recap of Exclusive AMA: TomoChain x StealthEX

AMA Questions from Twitter

Q1: Security is the first priority of all projects and platforms. Do you believe that your system is safe and secure enough against hackers? Does #TOMO project have Bug Bounty Programs for everyone that reward individual vulnerability detection of the system?

Lakrisen Haricharan: Security is one of the most important factors in the crypto space. Hacks and exploits vulnerabilities have been the cause of billions of dollars of loss across many ecosystems. This hasn’t been the case with TomoChain.

We provide strong security on the infrastructure level through a novel consensus mechanism called Proof of Stake Voting (PoSV).  This innovative system relies on a set of up to 150 masternodes, each governed by users who actively stake their assets to these nodes. This allows masternode owners and stakers to earn passively, while simultaneously increasing the security of the network.

From a security standpoint, we also have double validation. To ensure stable rewards between masternode owners and stakers, masternodes take turns in validating blocks. To ensure this remains secure a second masternode is chosen at random to validate. This brings an extra layer of security to the network without compromising speed. We also have a bug bounty program available. Given that we launched more than 5 years ago it’s not as active as it once was as any vulnerabilities that have been found have been resolved.

Q2: Most of the questions people ask in the AMA section are about the strengths of the project. On the contrary, I am interested in difficulties and challenges. So what difficulties did the team face while developing the project and how did they overcome them?

Lakrisen Haricharan: There will always be challenges when building innovative products. One of the key challenges we’ve been working hard to address is regaining user adoption and breathing new life into our community after the bear market period. During the bear market, we faced the hurdle of keeping our users engaged and enthusiastic. The dip in market sentiment did impact user adoption and community activity.

Challenges often serve as catalysts for growth and innovation. In response, we’ve been actively taking steps to reignite that spark. We’ve been working with partners to onboard new protocols, enriching our ecosystem. Also, we are organizing exciting events, interactive sessions, and even contests to rekindle that sense of belonging within our community. We’re not just looking to rebuild – we’re aiming higher to create an even more vibrant and dynamic playground for our users.

Q3: TomoChain is a highly scalable and secure blockchain My favorite features of TomoChain’s Blazing Fast transaction & Near Zero Fees cost, So my question What do you think are TomoChain’s strengths and competitiveness compared to other similar chains?

Lakrisen Haricharan: As many of us know, the layer one space is highly competitive. There comes a tradeoff in efficiency when it comes to decentralised networks and this is something we wanted to address. We recognized that to drive widespread adoption, we needed a smart contract platform that was not only cost-effective but also lightning-fast and highly scalable. This is precisely where TomoChain steps in to bridge that gap.

We wanted to make sure we were nailing it on the infrastructure level. Our network boasts near-zero gas fees, a 2-second block time, and capacity to process up to 2000 transactions per second. To put the gas fees in perspective, sending a simple transaction from one wallet to another will cost less than 1/1000th of one cent. We also offer unique token standards such as the TRC25 standard. This allows users to transact tokens on the network without paying gas in the native token. We believe all of these factors put us in an industry leading position.

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Q4: Following strategic investment, was the integration of Coin98 into TomoChain completed? Apart from integration, what steps are to be taken additionally as part of this investment?

Lakrisen Haricharan: Coin98’s recent strategic investment in TomoChain is a massive boost on the infrastructure level. To put it simply, we’re utilising Coin98’s resources and network to strengthen TomoChain, all aimed at revitalising the ecosystem and making it dynamic again. We are utilising this connection to build up the infrastructure in the ecosystem to the next level. On top of that, we are focusing to onboard top quality protocols, bring liquidity to the network through exchange listings and run more community initiatives with Coin98. This investment comes along with a strategic partnership to grow the ecosystem together.

Q5: In the rapidly evolving Defi landscape, how does Tomochain aim to stay ahead with the recent developments? Is TomoChain able to support the development of the Metaverse, AI, and NFT infrastructure?

Lakrisen Haricharan: TomoChain is a seamless playground for development. There are a few factors that contribute to being the perfect place for innovative sectors in the Web3 space to flourish. The first is that TomoChain is highly scalable. The second is that gas fees are virtually free. This makes it an incredibly cheap place to develop and test out new technology. The BD department at TomoChain work tirelessly to onboard the next wave of innovative products. We have recently integrated with the Dagora NFT marketplace to help boost the NFT infrastructure. Between world class infrastructure, and a dedicated team we have all the ingredients to lead the next generation of innovation.

Q6: Here tell us about TOMO wallet, how can users feel safe their funds for using this wallet? how secure is this wallet? What types of protection are given here?

Lakrisen Haricharan: TomoChain is a seamless playground for development. There are a few factors that contribute to being the perfect place for innovative sectors in the Web3 space to flourish.

The first is that TomoChain is highly scalable. The second is that gas fees are virtually free. This makes it an incredibly cheap place to develop and test out new technology. The BD department at TomoChain works tirelessly to onboard the next wave of innovative products. We have recently integrated with the Dagora NFT marketplace to help boost the NFT infrastructure. Between world-class infrastructure, and a dedicated team we have all the ingredients to lead the next generation of innovation.

Q7: I generally like to ask this to put perspective to the chat: from your point of view, of all the characteristics of TOMO, which you think is the most: 1. Innovative 2. Abstract 3. Attractive for new users what economic thinking did you translate into TomoChain?

Lakrisen Haricharan: Interesting question here. Here is what I believe for each of these factors:

  • Innovative: The TRC25 token standard is one of the most innovate in the crypto space. Every EVM network has their own token standard which is a copy of the ERC20. If you want to transact a token, you always have to pay a gas fee. In the case of Ethereum, if you want to send some SHIB, you’ll need to pay gas in ETH. This can become a nightmare if you don’t have any ETH available to pay for gas. This is where TRC25 comes in handy. This standard allows you to pay gas in the token you are transacting and not the native token for the blockchain. So if you were transacting the C98 token on TomoChain, you can pay those gas fees in C98. We see this as removing a big roadblock in the road to mass adoption.
  • Abstract: I see the Proof of Stake Voting consensus mechanism as one of the most abstract factors. It is very similar to proof of stake but uses governance to select the masternodes. There are a maximum of 150 masternodes that validate the network. Users can stake to these masternodes to vote for them, and unstake to take away their votes. This gives proper incentives to masternodes to perform correctly and allows users to passively earn while securing the network.
  • Attractive for new users: Cost is a great factor for coming into the TomoChain ecosystem. You will never worry about having enough TOMO in your wallet to pay for gas fees for using DApps or transacting on the network.

Q8: TomoChain has been in mainnet since 2018. Can you highlight some of the key milestones and achievements the project has reached during this time, and how they have contributed to its growth and adoption?

Lakrisen Haricharan: We’ve had a pretty big year at TomoChain with plenty of major changes and exciting developments. Coin98 strategically invested in TomoChain earlier this year. Also, we have just received further investment from DWF Labs that was announced a few weeks ago. We’ll be using this to boost the infrastructure of the network and push it to further heights.

One of our recent milestones was the launch of Tomo Foundation. This non-profit organisation is dedicated to nurturing the growth and prosperity of the TomoChain ecosystem. It’s a reflection of our unwavering dedication to creating an environment that fosters innovation, collaboration, and inclusivity.

We are also working to onboard top-quality protocols to the ecosystem and bring $TOMO into the hands of more users. This has been achieved through top exchange listings such as Stealth X, as well as increasing the interoperability of the network through integration with Layer0, among many other partnerships and integrations.

Q9: Going through TomoChain’s website, I noticed that it has a staking feature, so my question is do we lose our staking rewards and earnings when we unstake TOMO coin before the stake expires? Is there a way to Boost our earnings to more than the required percentage APY? How long does it take to withdraw our stake rewards? Lastly, what are the minimum and maximum amount of TOMO coins required for staking? Thank you.

Lakrisen Haricharan: Staking on TomoChain not only allows users to earn rewards but also helps keep the network secure. Rewards are sent directly to your wallet every 30 minutes. There is no need to worry about losing out on any staking rewards if you were to unstake. It would take 2 days before you can withdraw your $TOMO if you unstake. The minimum amount is 100 TOMO to stake and there is no maximum amount. If you did want to stake large amounts up to 50,000 TOMO I would recommend running a masternode to boost your rewards. Current APY is 10% for stakers and 25% for masternode owners.

Q10: How does TomoChain’s PoS consensus mechanism balance the interests of its validators and its community members, and what measures are in place to prevent centralization?

Lakrisen Haricharan: The PoSV consensus mechanism allows for a maximum of 150 masternodes. Through the voting system, it ensures that any masternodes that do not perform can be unvoted by the community members that stake to those nodes. This allows users to help prevent centralization in the system. The other factor is that the entirety of the team tokens are unlocked and 98% of the $TOMO supply is currently circulating. When TomoChain was being architected we put a big emphasis on decentralisation. It is one of the core reasons that we founded the network.

Live Questions

Q1: What’s your main focus right now for $TOMO? Are you focused on the community, market/exchange, or the products? Thank you! 💖

Lakrisen Haricharan: Our main focus at Tomo right now is on ecosystem development. We’re pushing to onboard top-quality protocols and make $TOMO accessible to everyone. This in turn will push the value higher for the ecosystem and all our users

Q2: I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate?

Lakrisen Haricharan: We have just rolled out our new ambassador program called TomoDachi. We are getting users involved in the content-making process and helping build brand awareness on a grassroots level.

Q3: Most investors focus only on the short-term price of the token instead of the actual value of the project. So what are the benefits for long-term investors in your $TOMO project?

Lakrisen Haricharan: TomoChain has been around for a long time relative to how long the crypto market has been active. We have long-term goals that rely on building the infrastructure for the next generation of users. All team’s tokens are unlocked and 98% of the supply is already circulating. We are pushing the network to the next levels of decentralization.

Q4: What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?

Lakrisen Haricharan: Bringing non-crypto natives will be an important factor of success as we enter the next bull market. We are making an effort to make it easier for non-crypto natives to get started by using social logins to manage crypto wallets. We will have more news coming out about this. Keep your eyes peeled for updates.

Q5: What is your strongest advantage that you think will make your team leading the market?

Lakrisen Haricharan: Our team is dedicated to bring the most value for users. This is done by working to bring new partnerships to the ecosystem as well as running community initiatives and supporting new projects that want to launch in the ecosystem

Q6: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?

Lakrisen Haricharan: The maximum supply of $TOMO is 100 million tokens. Currently, 98% of the supply is circulating and all team tokens are unlocked.

Q7: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?

Lakrisen Haricharan: Currently, the best way to participate in governance on our platform is through staking to masternodes. This way you can earn passively and help keep the network secure.

Q8: Are there any upcoming interesting collaborations?

Lakrisen Haricharan: We have recently had some pretty interesting integrations. We just integrated with Layer0 for interoperability between networks, QuestN for running campaigns, Dagora for NFT trading, and IntoVerse for SocialFi.

Recap of Exclusive AMA: TomoChain x StealthEX

StealthEX: Thank you everyone for being here, and we hope that you enjoyed the AMA! 

You can swap TOMO coin on StealthEX exchange platform.

How to Buy TOMOCHAIN (TOMO) Crypto?

Just go to StealthEX and follow these easy steps:

  1. Choose the pair and the amount for your exchange. For example, ETH to TOMO coin.
  2. Press the “Start exchange” button.
  3. Provide the recipient address to which the coins will be transferred.
  4. Move your cryptocurrency for the exchange.
  5. Receive your crypto coins!
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