Blockchain platform Tomochain is starting the year on a high note. The decentralized tech platform has released details of several important updates expected on its platform in 2021.
Topping this list, according to TomoChain official blog post, is its proposed block prize halving. The halving is expected to take place on February 7, 2021, at block height 31,536,000.
- Vietnam partnership – Interestingly the Singapore-based platform recently entered a strategic partnership with Vietnam’s Ministry of Education and Training. This partnership will facilitate the trustless and reliable storage of student academic records on the blockchain. According to TomoChain, the platform is expected to go live soon as a demo of the project has been submitted to the government. Once launched, an estimated 1.5 million certificates will be stored on the TomoChain blockchain in its first phase.
We want to have Vietnam’s CBDC https://t.co/z7qGvwv0U3
— Nguyen Sy Thanh Son (@thanhson1085) October 28, 2020
- Lition acquisition – Towards the end of 2020, the blockchain platform acquired Lition, excluding its peer-to-peer (P2P) electricity trading product. TomoChain CTO Nguyen Sy Thanh Son says the acquisition is quite important for CBDCs. In a tweet, he says, “We want to have Vietnam’s CBDC.”
- Pools partnership – The blockchain platform also joined Pools, making it the second platform to do so, following Ethereum. The integration with Pools will help boost interoperability between Ethereum and TomoChain. This makes it easier for dApps to move from the Ethereum chain to TomoChain. Therefore, providing such dApps with better scalability and lower operating costs.
Upcoming Updates in 2021
Several updates are expected in the early part of 2021. Notably, Some of them have already taken place.
First is its partnership with PAID Network and its entire smart contracts. PAID Network will utilize the TomoChain blockchain to manage, create, and sign legal contracts.
Next is its proposed TomoChain 2.3 upgrade, dubbed Zorro. The upgrade is expected to take place at 30,915,660 block height, which is predicted to be on January 22, 2021.
Zorro will bring to live amazing updates like:
EVM update – This update enables developers to seamlessly transfer codes from other EVM chains to TomoChain.
TomoX update – Once the TomoX update is completed, the TomoX cancellation fee will be set at 0.001 TOMO. This amount will be for all TOMO pairs. However, non-TOMO pairs will attract zero cancellation fees.
LuaSwap multi-chain – LuaSwap is a DeFi platform currently operating on the Ethereum blockchain. The platform will move from the Ethereum Chain to TomoChain once the Zorro update is completed.
Lastly, is TomoChain’s block prize halving.
It is important to note that TomoChain was built using the proof-of-stake (PoS) consensus mechanism. For now, only 150 masternodes can be selected on the platform. TOMO token holders control which nodes can act as masternodes, which are those that can verify or create new blocks on the TomoChain blockchain.
The blockchain prize halving is slated to take place at block height 31,536,000th. This is expected to take place on or around February 7, 2021. Following the halving, TOMO supply will reduce from 4 million to 2 million. Therefore, reducing the crypto token’s inflation rate by half.
At the time of writing, TOMO was up by 3.3% and was trading at $1.37. The token also has a market cap of $104,722,357 and a 24-hour trading volume of $15,806,575.
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