Tomocoin ICO Review And TMC Token Analysis
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Tomocoin ICO Overview
The Tomocoin ICO and TMC token offer a new solution to the problem of smart contract scalability. The ability to handle a larger number of transactions per second would exponentially increase the utility of smart contracts for a number use cases. One of these cases pertains to decentralized finance, or the “Internet of Value”, as Tomocoin Founder, Long Vuong, describes it. Building the infrastructure for more decentralized finance applications would require vastly improved transaction volume and execution speed at a minimal cost. The Tomocoin ICO offers a solution through the Tomochain protocol and Tomocoin token.
Tomocoin ICO Value Proposition
To address the issue of scalability, Tomochain is envisioned to be a network of chains that support decentralized apps and token issuances built on an instant confirmation, near zero transaction fee smart contract. Central to the roadmap for adoption is “horizontal scaling”; Tomochain will be a second layer blockchain with improved performance functions integrated into Ethereum via atomic cross-chain transfers. An ecosystem building program is planned to help facilitate development of dapps for the long term growth of the project.
The Tomoapp will be the first consumer application utilizing the Tomochain infrastructure. The Tomoapp will be a tokenized version of the offchain Q&A social network, which is already available for download and has an estimated user base of 10k+. Once Tomocoin is integrated into the app, each user will obtain a Tomowallet and receive rewards from other users for his or her contribution to the network.
The underlying token of the project is Tomocoin (TMC). TMC will initially be released as an ERC-20 token, but will deploy a separate protocol once the mainnet is released, retaining an architecture based on Ethereum that instead integrates a Masternode design for scalability. The ERC-20 token will allow users to sell and buy tokens via third party exchanges. Tomochain itself will act as a sidechain, via atomic cross-chain transfer, hosting all financial transactions that occur on Tomochain apps and facilitating interoperability between the two.
Long Vuong is Founder and CEO of Tomocoin. Long’s experience in the crypto space goes back to his role as founding member of NEM (known by the username UtopianFuture on Bitcoin Talk). While his work and subsequent departure were not without controversy, the NEM community credited the importance of his contributions to the project. Long continued his career with various app startups, the latest of which evolved into what is now the Tomocoin ICO.
Sun Nguyen serves as Director of Engineering of the Tomocoin ICO. He has held a number of high level positions in tech over the past decade, including Senior Developer, Web Team Developer and Technical Lead.
Minh Chu is Blockchain and Cloud Lead on the project. Minh also has been in tech for well over a decade with extensive experience as a Cloud Architect. He spent 9 years as Chief Cloud Architect at Vietnam Communications Corporation of which an English introduction can be found here.
Tung Hoang is Product Manager of Tomocoin and Co-founder of the Tomoapp. Tung is handling front-end engineering and brings his 5 years of app development experience to the table. His Github can be viewed here.
From the list of advisors, Roger Lim is the shining star of the lot. Roger has leveraged his entrepreneurial experience and enthusiasm for blockchain technology to support a string of other high-profile ICOs including Qlink, Bluzelle and THEKEY. His supporting role of Tomocoin is a positive sign.
Tomocoin ICO Strengths and Opportunities
Development of Tomochain itself is already well underway. The testnet has been made publically available along with a demo wallet, where users can transfer tokens between chains. In addition, the Tomoapp offers an opportunity for integration of Tomochain into an existing user base. Unlike many projects on the market, Tomochain offer ICO contributors real deliverables as evidence for both the capability of the team and the viability of the product.
The cross-chain scaling offered by Tomochain is a noteworthy hallmark of the project. The increases in efficiency coupled with Ethereum interoperability make the project more of a complement than a competitor at the outset. Any business that plans to build their product on Ethereum can utilize Tomochain to exploit the increased speed and reduced cost while still supporting Ethereum smart-contracts through cross-chain token transfers. As Tomochain continues to scale the network, these benefits will be important for attracting developers and businesses.
Tomocoin ICO Weaknesses and Threats
As another smart contract protocol enters the field, there will be competition not only with other contenders but also with Ethereum itself. Should Ethereum find a viable scaling solution and implement it before Tomocoin’s planned mainnet release in Q4, one of the project’s big selling points will be lost. The Tomocoin team seem to be aware of this, having formed a long term plan to move Tomochain more and more in the direction of a completely independent protocol. Any dapps built on Tomochain in the meantime would still retain the benefit of cross-chain transfer, though the function may become redundant if the Ethereum scalability issue is solved .
The team have highlighted Tomocoin’s integration with Tomoapp as a strategy for adding immediate value to the project. According to Google Play, the app has 10k+ downloads. While the existing user base will carry over into the tokenized app, realistically speaking this adds very little value in and of itself. The dapp building program, in whatever shape or form it may take, will be an essential first step toward a viable decentralized finance ecosystem. A dapp competition seems a little more realistic for building value into the ecosystem than scaling Tomoapp to 50 million users, as is stated in the whitepaper.
The Verdict on Tomocoin ICO
The Tomocoin ICO offers one solution for scaling that is novel in its approach. The team have demonstrated their capacity to deliver with alpha versions of all three products. On the flipside, the scaling race is underway and it is anyone’s guess who will come out on top, or how much room there will be for coexistence. If Tomocoin can fix their sites on high-throughput use cases early on (like payments), they will have a better chance at gaining a base from which to grow. We’ll be placing a medium bet on the Tomocoin ICO.
Learn more about the Tomoco ICO from our Telegram Community by clicking here.
Today’s Date: 2/6/17
Project Name: Tomocoin
Token Symbol: TMC
White Paper: Tomocoin Whitepaper
Crowdsale Hard Cap: $8.5 million
Total Supply: 100,000,000
Token Distribution: 50% crowdsale, 15% to the company, advisors and bounties, 35% to Reward Engine/Ecosystem Building program
Price per Token: 1 TMC = $0.25 USD
Maximum Market Cap (at crowdsale price): $25 million
Accepted Payments: ETH
Bonus Structure: 25% for presale
Presale Terms: Complete
Important Dates: Crowdsale- 3/1/18
Expected Token Release: 3/15/18
ICO Review Disclaimer
The team at Crypto Briefing analyzes an initial coin offering (ICO) against ten criteria, as shown above. These criteria are not, however, weighted evenly – our proprietary rating system attributes different degrees of importance to each of the criteria, based on our experience of how directly they can lead to the success of the ICO in question, and its investors.
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This category accounts for the leaders, developers, and advisors.
Poor quality, weak, or inexperienced leadership can doom a project from the outset. Advisors who serve only to pad their own resumes and who have ill-defined roles can be concerning. But great leadership, with relevant industry experience and contacts, can make the difference between a successful and profitable ICO, and a flub.
If you don’t have a team willing and able to build the thing, it won’t matter who is at the helm. Good talent is hard to find. Developer profiles should be scrutinized to ensure that they have a proven history of working in a field where they should be able to succeed.
What is the technology behind this ICO, what product are they creating, and is it new, innovative, different – and needed?
The IOTA project is a spectacular example of engineers run amok. The technology described or in use must be maintainable, achievable, and realistic, otherwise the risk of it never coming into existence is incredibly high.
Tokens which have no actual use case are probably the worst off, although speculation can still make them have some form of value.
The best tokens we review are the ones that have a forced use case – you must have this token to play in some game that you will probably desire to play in. The very best utility tokens are the ones which put the token holder in the position of supplying tokens to businesses who would be able to effectively make use of the platforms in question.
There doesn’t have to be a market in order for an ICO to score well in this category – but if it intends to create one, the argument has to be extremely compelling.
If there is an existing market, questions here involve whether it is ripe for disruption, whether the technology enables something better, cheaper, or faster (for example) than existing solutions, and whether the market is historically amenable to new ideas.
Most ideas have several implementations. If there are others in the same field, the analyst needs to ensure that the others don’t have obvious advantages over the company in question.
Moreover, this is the place where the analyst should identify any potential weaknesses in the company’s position moving forward. For instance, a fundamental weakness in the STORJ system is that the token is not required for purchasing storage.
With many ICO ideas, the timing may be too late or too early. It’s important for the analyst to consider how much demand there is for the product in question. While the IPO boom funded a lot of great ideas that eventually did come to fruition, a good analyst would recognize when an idea is too early, too late, or just right.
Progress To Date
Some of the least compelling ICO propositions are those that claim their founders will achieve some far-off goal, sometime in the future, just so long as they have your cash with which to do it.
More interesting (usually) is the ICO that seeks to further some progress along the path to success, and which has a clearly-identified roadmap with achievable and reasonable milestones along the way. Founders who are already partially-invested in their products are generally more invested in their futures.
Community Support & Hype
Having a strong community is one of the fundamental building blocks of any strong blockchain project. It is important that the project demonstrates early on that it is able to generate and build a strong and empowered support base.
The ICO marketplace is becoming more crowded and more competitive. While in the past it was enough to merely announce an offering, today’s successful ICO’s work hard to build awareness and excitement around their offering.
Price & Token Distribution
One of the biggest factors weighing any analysis is price. The lower the price the more there is to gain. But too low of a price may result in an under capitalized project. It is therefore important to evaluate price relative to the individual project, its maturity and the market it is going after.
The total supply of tokens should also be justified by the needs of the project. Issuing a billion tokens for no reason will do nobody any good.
Communication is key. The success of a project is strongly tied to the project leaders’ ability to communicate their goals and achievements.
Things don’t always go as planned but addressing issues and keeping the community and investors in the loop can make or break a project.