There’s no denying the power of blockchain technology. It introduced us to smart contracts while promoting valuable concepts such as decentralization, transparency, and immutability. Of course, blockchain technology is so much more than just Bitcoin and crypto. But just because the technology has proven to be disruptive and is being adopted by mainstream financial institutions doesn’t mean there is no room for further innovation.
Despite blockchain’s many unique traits, technical obstacles to its usability make taking advantage of its benefits a challenge for average users. Furthermore, expensive and slow transactions on Ethereum limit widespread adoption in the Web3 space while also frustrating innovative builders. All of this is compounded by insufficient data privacy standards that create an imbalance between transparency and trustlessness.
tomi, a DAO-governed Web3 infrastructure project creating a decentralized alternative internet ecosystem, aims to correct these shortcomings. The DAO, which is led by seven crypto veterans, created a lot of buzz at this year’s Binance Blockchain Week in Istanbul by announcing, live on stage, the upcoming launch of their own Layer-2 blockchain network: tomiChain.
tomiChain will serve as a Layer-2 scaling solution to enable Ethereum to scale globally in a more accessible and reliable way. It will also enable multi-token transactions for sending and receiving multiple assets—an industry first. Additionally, the Layer-2 network, set to go live in 2024, will 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
tomiChain will also introduce several other key features, including:
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.
Tomi’s big-picture vision centers around the development of 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.