We are please to announce that we had one of the best AMA ever with our friends from TomoChain! Kyn Chaturvedi, TomoChain CBDO, was in @Satoshi_Club at 14:00 UTC, 9th of March. We had an AMA in our Russian group as well: @satoshi_club_ru
The total reward pool for both AMAs was 200 USD. Here is the recap of the AMA.
Funny moments:
Irina Kravchuk:
AA baterries, anyone remembers them?
Kyn | TomoChain – CBDO:
I had consoles that used 5 AAA 😂
Irina Kravchuk:
Hopefully Greta (*Greta Thunberg) doesn’t see this
For the PART 1, we have selected 5 questions from the community and Kyn answered them:
Kyn:
Hey everyone 🙂 Pleased to be here. Thanks @sspurss for the invite 😀
Irina Kravchuk:
Hi @KynChaturvedi . Thanks for taking the time to join us today
Kyn | TomoChain – CBDO:
It’s my pleasure. I love meeting our crypto fraternity.
Kyn | TomoChain – CBDO:
2020 is shaping up to be an awesome year for all of us 🙂
Irina Kravchuk:
Everyone is very excited to find more about TomoChain
Irina Kravchuk:
or sorority
😁
Kyn | TomoChain – CBDO:
100!
Serg:
For the introduction, could you briefly tell us some information about yourself and TomoChain?
for our fraternity and sorority
😀
Kyn | TomoChain – CBDO:
Sure. Happy to.
So my name is Kyn. I’m the Chief Business Development Officer for TomoChain. I earned dual degrees in Economics and Industrial Engineering from Georgia Tech, as well as an MBA from the Wharton School of Business. My background is in technology with a focus in video game development.
Regarding blockchain, I got into the blockchain space as an investor in 2014. It became my second passion after games and so I turned it into a career as well.
Serg:
do you have any games developed on Blockchain?
Irina Kravchuk:
Sound like a great story. Passion turned into a career.
Kyn | TomoChain – CBDO:
I actually am developing two right now, on TomoChain 😀
But regarding my gaming career, it was way before blockchain. And also included pre-iPhone dev haha. Dating myself
Irina Kravchuk:
Ice Age 😊
Serg:
yeh, my mom is still playing those games 😄
Kyn | TomoChain – CBDO:
Games that were as small as 64KB, yeah indeed
Kyn | TomoChain – CBDO:
ROFL 😂
Well hopefully she’s a Tetris or Snakes fan then
Serg:
indeed 😄 very to happy to meet you. Shall we start with the questions from the community?
Kyn | TomoChain – CBDO:
Let’s go Serg
Serg:
Question 1 is from @copytrader1
As a Vietnamese project, do you find it difficult to compete with other projects around the world? How do you think about the blockchain market in Vietnam, which is your potential development market?
Irina Kravchuk:
AA baterries, anyone remembers them?
Kyn | TomoChain – CBDO:
I had consoles that used 5 AAA 😂
Irina Kravchuk:
Hopefully Gretta doesn’t see this
Kyn | TomoChain – CBDO:
[In reply to Serg]
Actually, quite the opposite. Being a project out of Vietnam is a competitive advantage for us. The Southeast Asia market has been gaining traction rapidly within the blockchain space and has been pegged as a major region to enter.
If we look just at retail investors, like you or me, Vietnam was ranked in the Top 5 on both Binance and Huobi during 2019 by the number of daily active users. Oh, and when I spoke with Viktor Radchenko, founder of Trust Wallet, in November, he was bewildered. Why? Because Vietnam represented its largest user base! 😀
And, since TomoChain is geared for mass market use, Coin98 (one of Vietnam’s largest crypto media houses) launched a Mobile App in January along with their C98 token powered by TomoChain. Within 6 weeks they had over 50,000 users & 160,000 transactions logged on TomoChain. Top 10 Finance App in Vietnam’s Play Store, and Top 40 in the Apple App Store. That’s the power of Vietnam
As a result, we have formed a number of valuable relationships globally, with 2019’s particularly coming in from China and South Korea. CoboWallet (China’s second largest wallet) listed us. HashQuark & HashKey, two major players under the Wanxiang Blockchain Group (the group that work on blockchain regulation) out of China offered TomoChain as part of their Staking / Wallet services, respectively. We launched an Ecosystem Development partnership with Neo Blockchain in December and co-hosted a meetup + workshop in December.
Because of this growth, we are launching a soon-to-be-announced crypto product focused initially in Vietnam exclusively, with a global launch planned for later in 2020. I wish I could tell you more, but the point is Vietnam is HOT! And it’s at the heart of the larger Southeast Asia market.
Irina Kravchuk:
Wow. I have a 15cm long response on my desktop
Serg:
😄
give me 2 minutes to read this please
Kyn | TomoChain – CBDO:
I talk a lot and have too much to say haha. That’s how much I love this biz 😁
Kyn | TomoChain – CBDO:
Haha If you need more, It’s cool. I have a paused game of Zelda: Breath of the Wild next to me
Irina Kravchuk:
How comes that you came to be involved in TomoChain, given your US education background?
Serg:
cool developments and great achievements. A big userbase pool which is great for adoption
Kyn | TomoChain – CBDO:
[In reply to Irina Kravchuk]
Most of my career has been outside of the U.S. actually. I’ve worked in South Korea, China, Indonesia, India, Japan, now Vietnam, and other countries. It’s been a blessing
The energy and opportunity is in Asia as I’ve seen it since the Dotcom Boom. So made a lot of sense to dive in
Serg:
thanks for this valuable insights, Kyn. Can we go to the next question?
Kyn | TomoChain – CBDO, [09.03.20 16:13]
[In reply to Serg]
Yah, we’re getting there. Still a distance to go to really say we have mass adoption, but the TomoChain tech is ready for it
Irina Kravchuk:
Question #2 from @paraphan
By TomoP Protocol, users can have private transactions on the TomoChain public blockchain. However, how will TomoChain balance privacy and regulation if your project has a plan to implement this feature in the future and expand it to regulated markets?
Kyn | TomoChain – CBDO:
Get ready for another wall of text. Your community knows what to ask 🙂
Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
Shoot
Kyn | TomoChain – CBDO:
So TomoP is currently in Testnet. I can’t wait until the mainnet launch because its really Privacy Suite of Tools with a ton of functionality.
Yes, the main thing is that it’s the fastest damn privacy send you’ll experience in blockchain today at only 2-4 seconds per transaction.
Beyond that, we’ll be opening up a bunch of cool features:
- Send Any Token Privately – Any token issued on TomoChain will be able to utilize TomoP to send them privately and anonymously. And that’s not all. You’ll be able to send wrapped BTC, ETH, USDT, and other tokens Privately and at the same blazing speed. We’ll even include Monero to help them out a bit
- Dapp Privacy – TomoP is going to allow for us to create a slew of brand new Dapps which are truly private. Anyone familiar with Staking knows that the Staker address and their holdings as public information. With TomoP, we could launch a Dapp to mask all of that information. Extrapolate from this what it could mean for any Application that is built to handle customer data. True financial privacy, including from the Dapp operators themselves.
- Issue Purely Private Tokens (TRC21p Standard) – A new token standard will be launched that is purely private. The only data available will be on its token supply. Beyond that, nothing. Think of these tokens like a faster Monero that can also meet regulatory compliance. Token issuers can optionally provide auditing access to enforcement authorities. What this means is if the next PayPal competitor can build their service right on TomoChain and meet the most basic criteria required to stay above board in many jurisdictions.
Got some links for yah guys too to test:
If you guys want to check TomoP on testnet go here and login: https://wallet.testnet.tomochain.com/
Get some free Testnet TOMO that can be used with the TomoP testnet: https://faucet.testnet.tomochain.com/
Serg:
[In reply to Kyn | TomoChain – CBDO]
when we will be able to see the mainnet?
Kyn | TomoChain – CBDO:
And, before it’s asked, the Testnet TOMO can’t be sent to exchanges to sell 😂
Kyn | TomoChain – CBDO:
[In reply to Serg]
We’re still planning for it depending on how Testnet goes. We’re hoping to see it go live in Q2.
Serg:
[In reply to Kyn | TomoChain – CBDO]
I think that our fraternity and sorority knows already 😉
Kyn | TomoChain – CBDO:
[In reply to Serg]
👌👌👌
Serg:
looking forward for the mainnet then 🙂 ready for Q3?
Kyn | TomoChain – CBDO:
Let’s go
Serg:
Question #3 from @Zerrynoz
TomoX and Relayers How does it enable businesses and investors to build decentralized exchanges? Can any business create their own stock exchange? What will be the legal basis of these exchanges?
Kyn | TomoChain – CBDO:
TomoX is also in testnet right now and we anticipate a mainnet launch next month. It’s a DEX Protocol that allows anyone to launch their on permissionless Decentralized Exchange in minutes. The legal structure for each DEX will be based on the operator’s own jurisdiction.
TomoX minimizes custody and security challenges that centralized exchanges have to contend with since since all users are always in possession of their assets. No usernames/pwds needed either
A TomoX DEX can be launched in minutes, requiring minimal technical knowledge. Operators have access to adding any tokens they want. And they also have access to a shared liquidity pool across all DEXs. That means a user buying on one DEX can be matched with a user selling on another DEX.
- TomoX is a layer 1 protocol, meaning it’s run and secured by the entire TomoChain network directly. Our Masternodes manage the transaction instructions directly, rather than other DEXs that operate as a Layer 2 protocol. What this means is TomoX DEXs will operate at about 50x faster than a typical 0x exchange. That significantly improves the end user experience.
- Fees. Unless you want to trade TOMO specifically, there is no need to hold TOMO to pay trading fees at all. If you are trading a Token minted on TomoChain or trading wrapped BTC, ETH, etc. the fees you pay are solely in that token.
- Full Decentralization. The Order Book is on-chain. For many other decentralized exchanges they store the OB on a centralized service in order to speed up the execution because their blockchains are just too slow to process in real time. That means there is a centralized point of weakness for them. Not for TomoX. Since the TomoChain Blockchain can process at 2000 TPS, orders are executed quickly and flawlessly
- You can checkout TomoChain’s own DEX in testnet, aptly called TomoDEX here: https://dex.testnet.tomochain.com/
Again, here is a link to get some free Testnet TOMO that can be used on testnet versions of TomoDEX and TomoP: https://faucet.testnet.tomochain.com/
Alrighty, more walls of text….
Serg:
you are building the great wall here 😄
Kyn | TomoChain – CBDO:
That’s what I love doing, bro. BUIDL On 😅
Irina Kravchuk:
[In reply to Serg]
It’s popular lately to build walls 😊
Serg:
😄
Kyn | TomoChain – CBDO:
So I’ve been told 😉
Irina Kravchuk:
Ok, ready for Question4?
Kyn | TomoChain – CBDO:
Q4 readyyy
Irina Kravchuk:
Question #4 from @Leokes
If Ethereum figures out their scaling issues, then projects like Tomo will not be able to compete. How will you respond to it?
Kyn | TomoChain – CBDO:
Good question. I get this a lot.
I actually see it as a common misconception that Scaling is the end-all be-all for blockchain technology. Like any other product or service in a specific market that has competitors there are differentiating factors to consider.
As a simple example, let’s say you choose to launch a mission critical product on a scalable Ethereum. You’re bringing in customers and generating revenue. All of a sudden there is a massive technical glitch and you’re not able to trouble shoot it. Every minute that goes by can represent lost income and possibly lost customers. What do you do? Post on a forum asking for help from the community? There certainly is not support desk to call.
Not so, at TomoChain. We value our partners and treat each one with priority to ensure smooth operation of their applications built on TomoChain. Though our blockchain is decentralized, we as a company are not, and that allows us to be involved with clients and builders to guide and troubleshoot.
Regional specialty is also important, like I mentioned earlier with how hot the Vietnam market is and why we have a key advantage. Not every competitor can survive in every key market. As an example, Uber sold their business to Grab in Vietnam and to Didi Chuxing in China. In India Uber Eats was just purchased by Zomato. Uber just couldn’t cut it in these markets. Blockchain adoption by businesses will be similar in my view.
Serg:
[In reply to Kyn | TomoChain – CBDO]
maybe we can call Vitalik? 😄
Irina Kravchuk:
[In reply to Serg]
We asked Buterin for a comment on this, but he was busy building POS algorythms
Kyn | TomoChain – CBDO:
[In reply to Serg]
He’s visited our offices. I’m sure he’d have a nice response hehe
Kyn | TomoChain – CBDO:
[In reply to Irina Kravchuk]
ROFL
Kyn | TomoChain – CBDO:
If he needs any help we’re available
Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
Looks like he does actually
Serg:
[In reply to Kyn | TomoChain – CBDO]
that;s a good one
Kyn | TomoChain – CBDO:
HAHAHA 😂
Irina Kravchuk:
Ok, thanks for the answer. I agree that the reality is more complex than just one single issue. When you’re ready, we can jump to Q5.
Kyn | TomoChain – CBDO:
Ethereum is relevant and will be relevant, as can other blockchains. So, we’re not looking to be their death note. We have our own tech and proven usecases. I think we will see multiple blockchains be successful and eventually specialize. All friends 🙂
Kyn | TomoChain – CBDO:
Sure let’s do Q5
Serg:
Last one – question #5 from @sakilan
In the crypto field, it’s very hard for projects to generate revenue/profits, some projects have a 10% dev share(10% from transaction fees taken by the project), can you explain to us in what way that TOMO creates revenue/profits?
Kyn | TomoChain – CBDO:
Absolutely agree. TomoChain’s founders come from a variety of backgrounds and are experienced in looking at the long tail of business operations. We knew that the funds raised during the ICO wouldn’t last forever so a plan was already put in place to ensure the company’s longevity.
TomoChain runs consulting operations in Blockchain. We also have expertise that have allowed us to build customized tokens, wallets, exchanges, and enterprise solutions.
One client I am allowed to mention is UcarPac, a top 10 user car company out of Japan. We completed a first phase pilot with them in January on a traceability solution. The client has greenlit phase 2 in order put all the pieces together for the purposes of commercialization. Exciting stuff.
As a result of these services, we anticipate breaking even this year.
Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
Sure. Agree on this. We can’t deny the huge role it had and has on the industry.
Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
When will this projects be live? Or are they?
Kyn | TomoChain – CBDO:
[In reply to Irina Kravchuk]
As with most things in Japan, things take time. Since we just got Phase 2 Greenlit, I’m guessing it’ll take another 6 months or so before it’s completed and evaluated. Then Phase 3 will be the true commercialization version. Probably 2021
Kyn | TomoChain – CBDO, [09.03.20 16:29]
The Pilot we worked on with UcarPac was in development for about a year. These things take a long time
In PART 2 we opened the chat for live questions. During 3 minutes, more than 500 questions were asked and Kyn have chosen 5 of them to be answered.
In PART 3 we had a Quiz about TomoChain with multiple winners.
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