Market Research on TOMOchain $TOMO - The Ethereum KIller

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Avatar for thesatoshistore
3 years ago

I recently stumbled upon this project after I saw this tweet shedding light on it and decided to do some more research on it and here's what I've found and why you might consider this project.

What is Tomochain?

At first glance, we can see Tomochain is a scalable blockchain protocol like Ethereum and Tron, which has a variety of use cases from the ability to create your own Decentralized Exchange (DEX), launch your own tokens on the Tomochain, create dapps, staking, and a lot more.

The first thing I noticed about Tomochain was the fact that unlike Ethereum (and Tron) where when you create an ERC20 token you also need to have some ETH in your wallet for fees to send that token. On Tomochain, if you create a coin called "coin X", users can send and receive coin x freely without needing to have $TOMO in their wallet.

Another great feature about Tomochain is the ability to launch a DEX, as you might know, the future of crypto is leaning towards Decentralized exchanges as centralized exchanges are prone to hacks and other market attacks.

Decentralized exchanges do not store user info, it's peer 2 peer

Being able to launch a DEX in minutes will allow qualified participants to create their own DEX's which will lead to more stability in the crypto markets and possibly more liquidity.

They also allow DEX owners to provide Defi (Decentralized finance)services like borrowing and lending.

I also checked out the developer hub, where Tomochain lets developers build Dapps (Decentralized apps) that run on the Tomochain, to find use cases.

On dapp.com, I found a couple of dapps that use $tomo, you can see games, social apps, and more.

Here's a dapp called Trip. A decentralized app that pays you to travel and tour the world.

You can also stake your Tomo by choosing a master node. I found a master node with some of the big exchanges like Kucoin and Binance. You can also see Coingecko on the list, this shows money is being poured into TOMO.

I also noticed they are partnered with Chainlink, as you may know, I think Chainlink is one of the big projects to hold as previously stated in this article.

Now, I wanted to see the team behind this project

I went to their Github, to check for developments on the project and you can see below the latest update was 26 minutes ago, as at the time I was doing this research.

You can also see the contributors to the latest update and you can see the Co-founder and CTO Son Nguyen, contributed to this update, showing you the top team members are actively working on developments on this project.

Now let's look at the charts

$TOMO recently rallied from about 3700 sats in March 2020 and is currently sitting at 6700 sats, a 100% increase in price. I will be placing buy orders if we get a dip anywhere in the yellow zone as that is closer to the bottom (red line).

I believe $TOMO might have a huge rally soon as DEFI coins are the new wave, so I will also set buy orders if we break past the blue horizontal resistance line on the chart.

In Conclusion, long term, we're still early on this project. As adoption and more updates are released I believe $TOMO will see a new All-time High between now and 2021.

This post is for educational purposes and not investment advice, please do your own research before investing in any project. I hope you found this post useful? if you did, subscribe and upvote for more posts like this. Cheers!

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3 years ago

Comments

Your all article is always informative. Thank you sir.😊

$ 0.00
3 years ago

Nice amount of TOMO is staked for months and there are so many fans for this project. I've known it for several months and I have not heard of any negative comment based on the project

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3 years ago

Nice

$ 0.00
3 years ago

Wow nice and thank you for sharing this tomachain. This is the first time I heard this currency. Great article you open my eyes in cryptoworld.

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3 years ago