TomoChain, the scalable smart-contract public blockchain for decentralized apps, token issuance and token integration for business announced today the publishing of the whitepaper for their TomoX decentralized exchange protocol. The development for TomoX has been ongoing for two months, and the team is planning for it to go live on the mainnet in late Q1/early Q2, 2019.
The TomoX protocol is integrated into the core TomoChain blockchain consensus layer which can potentially handle many thousands of transactions per second. Based on Tomo’s Relayer-Masternode architecture, the team believes that “TomoX is the most sophisticated DEX design to date — with the potential to become the highest performing DEX once operational.”
Feature Highlights of TomoX
- Full decentralization: Most of the existing DEXs are semi-decentralized. For example, IDEX requires traders to deposit their tokens to their centralized server and all orders are stored on this centralized server. Even though the traders still have full control of their assets (because the centralized server does not know the private keys of traders), there is still a single point of failure – the centralized server. If the server is attacked, all orders can be lost. Alternatively, if the server is corrupted, it can do front-running attacks since it controls how orders are matched. TomoX Protocol, on the other hand, is fully decentralized because the order book database, matching engine and trade execution mechanism is decentralized to all masternodes. As a result of this decentralization power in TomoX, we believe this can significantly reduce front-running risks that currently appear in some centralized exchanges or semi-decentralized exchanges.
- Security: As previously described, centralized exchanges have some safety and security problems. These problems have resulted in some of the biggest attacks such as MtGox and Bitfinex where 850,000 BTC in 2014 and 120,000 BTC in 2016, respectively, were stolen. These attacks happened and were successful because of the single point of failure problem in centralized exchanges, and the fact that traders on centralized exchanges do not have control of their private keys. TomoX and decentralized exchanges generally solve this problem because the users have complete control of their assets. However, while some DEXs require traders to deposit their assets, TomoX does not impose this requirement on traders, which is an advantage of TomoX over other DEXs.
- Cost: TomoChain provides near-zero transaction fees, which significantly reduces trading fees compared to most existing DEXs.
- Interoperability: TomoX will support cross-chain exchanges so that traders can interact with and exchange other native tokens of other blockchain infrastructures – such as ETH and BTC. Atomic Swap techniques will be used for improving interoperability.
- Accessibility: Fiat integration has been missing in most existing DEXs. While TomoX Protocol does not directly support exchanges between fiat currencies and cryptocurrencies, Relayers have the potential to provide this service.
Once these tools are online — thousands of projects, developers, and users can interact seamlessly to build and use multiple new financial services on-chain. We believe our focus on strong product development, combined with an efficient and user-friendly ecosystem will pay-off in the long-term, and make TomoChain one of the most valuable blockchain networks in the world.
Japan Office Opens
TomoChain also unveiled their new Japanese office, which opened last month. The Vietnamese originated project also has offices in Hanoi and Singapore. TomoChain’s Japan office is a joint venture between TomoChain and the Japanese IT solution provider, VNext. Over the long term, TomoChain will collaborate with VNext to create multiple blockchain and AI solutions.
December Mainnet Launch
Lastly, of note, TomoChain is holding a Global Mainnet Launching Series in multiple cities from December 2018 to the end of February 2019. The first event will be on December 6th in Hanoi, and following events will be organized globally by the TomoChain community in support of the December TomoChain mainnet launch. If interested in supporting TomoChain, and organizing an event in your city, contact the TomoChain team — as they will provide necessary support in terms of funding, materials, marketing etc. for a successful event. The series aims to introduce all the key products of TomoChain’s ecosystem, as well as raise awareness of TomoChain’s solution to local communities worldwide.
