tomi’s own stated goal of the project is community-based and decentralized freedom on the blockchain. And to move that goal forward, tomi has a big announcement. Earlier today, at Binance Blockchain Week Istanbul 2023, the tomi team announced the launch of its tomiChain blockchain.
Let’s see what it’s all about and why it’s good for freedom lovers.
Binance Blockchain Week
First, the announcement came at Binance’s Blockchain Week conference. It’s still going on now as I write this. But if you want to see the announcement for yourself and see the crowd reaction, then you can watch right here.
Join us LIVE at Binance Blockchain Week Istanbul 2023 for an important announcement! https://t.co/5uR1TmqeJc
— tomiNet (@tomipioneers) November 8, 2023
More on tomiChain
tomiChain will be the blockchain that makes the whole ecosystem go. The chain is a fork of zkSync with the goal of scaling Ethereum. But, in a more freedom-loving way.
tomi’s blockchain will do what many L2’s do like use zero-knowledge proofs to shield your L2 transactions from the Ethereum network when they go there to settle. Or scale much faster at 2000 transactions per second. It also batches multi-token and asset transactions like NFTs and USDC together into a single transaction. This helps simplify the processes the sequencer uses and keeps costs down. But that’s not all it does.
Here are some cool things tomiChain will do that other L2’s don’t do:
- Break down and separate the gas fees so it’s cheaper for new apps to deploy
- Streaming payments and automated or recurring billing like for subscriptions
- A no-code token generator. This lets DAOs or other projects issue their tokens inexpensively but still on the most popular token network not named Bitcoin.
- Shared gas fee model where network, token creator (see #3 above), and wallet developers all share in the fees to sustain the network and the projects.
- And the big one, native integration with DOP. More on this coming up….
Layer 2 Usage With Data Control
Ethereum is not without its issues. It’s expensive. Its default Metamask settings put your data in the control of Consensys by using Infura. Transactions can be frozen with policies like these. Remember when that happened to Metamask users in Venezuela thanks to Infura?
Well, we remember.
Of all things, Ethereum is NOT as censorship-resistant as most of us would want. But tomiChain will bring MORE censorship resistance to Ethereum. The native integration with DOP is what unlocks this for users like us. With DOP, you control how much of your data you show to others. It can be all, some, or none. And with this integration, that means you will have a Layer 2 for ETH where you don’t have to reveal your data to the L2 (tomi) nor will you reveal your data to the L1 (ETH).
Most L2’s already protect your data from ETH by using zero-knowledge proofs and rollups to batch transactions anonymously into the sequencer. We gave an excellent breakdown of how this process works when we talked about DOP and privacy recently. So tomiChain protects your data from Ethereum. And most other L2’s do this too. So that’s a good start. But with the DOP integration, tomiChain won’t see your data either, unless you want them to.
The control of your data is all yours.
And that’s something other Layer 2’s do NOT offer you yet.
The Roadmap
It’s pretty easy to see how users benefit as we control how much of our data both the L2 and the L1 can see. That’s new. Businesses and developers benefit from the shared gas fee model so they can keep their projects moving. Validators and node operators benefit from the fee model too. It’s a real community-based win/win/win for all.
The tomi team says they intend to have their whitepaper on tomiChain ready before year-end. Then the testnet and mainnet will follow in Q2 and Q3 of next year.
tomiChain gives users what they want. The speed, scale, and low fees of an L2, with the data control that people crave. And it’s coming soon. Be on the lookout for it.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This post is sponsored by tomi.
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