TomoChain Says It’s Gunning for Ethereum, Could It Actually Happen?
February 27, 2019 by Evan Faggart
TomoChain, a Proof of Stake cryptocurrency developed by NEM co-founder Long Vuong, says it has Ethereum in its sights in 2019. Backing this claim with growth in its network and token price, the team sounds pretty confident. But can TomoChain really become a serious competitor to Ethereum?
Also read: Coinbase Pro Begins Ripple XRP Trading — But Excludes NY, Japan
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
TomoChain Reports Significant Growth Moving Into 2019
Founded in March 2018, and launched to the public on December 24th, 2018, TomoChain is reporting significant growth since it officially went online two months ago.
Since its mainnet launch in December 2018, the Ethereum Virtual Machine-compatible TomoChain has reportedly reached 1,000 transactions per second, while also amassing a network of 150 masternodes.
In fact, the team said demand for their masternodes has grown so much in the last two months, they have “had to step in and stop so-called staking, or voting, wars.”
Reflecting this growth, news outlet FinTech Singapore named TomoChain one of its top five funded startups in 2018.
Furthermore, the coin has grown significantly in the markets, rising 94th in the top 100 cryptocurrencies by market cap. Meanwhile, its overall price sits at 58 cents USD at press time.
TomoChain Has Ethereum in Its Sights
In light of this progress, the team told press their project “has Ethereum firmly in its sights.”
With its own mobile wallet, complete with a dApp browser and a populated library of dApps, along with its Proof of Stake algorithm and masternode system, TomoChain can certainly compete with Ethereum in several areas.
Furthermore, considering the abundance of drama and development issues surrounding the Ethereum community in the last two years, many people in the crypto community have called for a competitor to dethrone Ethereum as the king of dApps and smart contracts.
Many projects exist as potential Ethereum competitors, but none of them have managed to take its crown. However, if TomoChain’s growth remains on the trajectory it has established since December 2018, it could be a realistic competitor to Ethereum.
And that’s exactly what TomoChain plans to do: continue growing. According to a press release, the company has funding to cover development and operations for the next four years and has a major goal of expanding in US and European markets.
So while it’s still unclear how successful TomoChain will be, its team is confident it will quickly become a major player in the crypto markets.
What do you think of TomoChain? Share your thoughts in the comments below!
Image via TomoChain
