The post tomi unveils its own blockchain, hyper-scalable Layer-2 ‘tomiChain’ at Binance Blockchain Week appeared first on Coinpedia Fintech News
tomiChain will enable multi-token transactions for sending and receiving multiple assets for the first time ever. tomiChain will also introduce affordable transaction fees, intuitive interfaces, and new data policies for end users while providing developers with enhanced monetization tools and abilities to iterate and experiment quickly
tomi, a DAO-governed Web3 infrastructure project creating a decentralized alternative internet ecosystem, announces the upcoming launch of tomiChain, its Layer-2 scaling solution to enable Ethereum to scale globally in a more accessible and reliable way. The tomiChain announcement came live on stage during the tomi team’s address at Binance Blockchain Week in Istanbul, marking the first time multiple assets, both tokens and NFTs, will be transferable in the same transaction.
Despite blockchain’s many unique characteristics, technical obstacles to its usability make taking advantage of its benefits a challenge for average users. Furthermore, expensive and slow transactions on Ethereum limit the widespread adoption of blockchain technology while frustrating innovative builders. All of this is compounded by insufficient data privacy standards that create an imbalance between transparency and trustlessness.
tomi teamed up with zkSync, an Ethereum-scaling protocol leveraging zero-knowledge (ZK) technology, and ANKR, a builder of multi-chain tools, to design the tomiChain—leveraging Ethereum’s security and zkSync’s decentralization. The tomiChain, with the help of zkSync’s ZK cryptography, will allow for over 2,000 transactions per second—vastly outperforming Ethereum, which handles around 15 per second. In addition to addressing Ethereum’s scalability and slow transaction speeds, the tomiChain tackles the Layer-1 network’s high gas fees. By introducing a shared gas-fee model, tomiChain divides the funds between network operators, token creators and wallet developers, creating a circular economy and incentivizing participation.
tomiChain will introduce several other key features including:
- Automated payments: Similar to subscription-based models, these automated payment features enable recurring billing, which is convenient for subscribers as well as app developers seeking an easy monetization tool.
- No-code generator and DAO framework: This simplifies the onboarding of new assets and communities.
- DOP integration: tomiChain includes a native integration with the Data Ownership Protocol to give users complete control over their data in every interaction.
Led by seven leaders in the crypto industry, tomi is developing an alternative and decentralized internet to be governed by the community through a DAO. This vision manifests itself in tomiNet, tomi’s DAO-governed alternative to the World Wide Web, aiming to counter censorship while respecting privacy and promoting freedom of expression. The tomiChain will serve as the centerpiece of the tomiNet infrastructure and will be used for all future product launches.
#Information [Source: Coinpedia]