Decentralized smart contract platform TomoChain is preparing for a major network upgrade this month. Singapore-based TomoChain, which works to improve functionality on the Ethereum blockchain, says the upgrade will be a “major DeFi enabler.”
Since the world of decentralized finance (DeFi) exploded last year, the Ethereum network has been congested and the gas fees — cost of making transactions — have increased.
The long-awaited Ethereum update, ETH 2.0, is hoping to solve these problems. But TomoChain is also providing solutions.
TomoChain is a decentralized blockchain network working to improve scalability on the Ethereum network. Its upgrade to the ‘Zorro’ network on January 22nd will improve the functionality of the Ethereum Virtual Machine (EVM) — a collection of nodes that ensure security for the Ethereum network.
In Plain English, Please?
OK, so in simple terms, the upgrade will allow anyone to wrap any ERC20 onto TomoChain without permission.
Those wrapped tokens will be powered by TomoChain’s TomoZ protocol, which will allow gas fees to be paid within the token itself.
The idea is that it will be easier for developers to build on TomoChain, in turn making transactions process quicker on Ethereum.
TomoChain claims that it will be the “one of the most frictionless DeFi systems in the space.” With interest in DeFi applications more popular than ever, and more people wanting to make transactions in the DeFi world, this upgrade is planning to make the whole process smoother.
TomoChain’s Success To Date
TomoChain has come a long way since its launch in 2017. It acquired Ethereum-based sidechain Lition late last year, and recently partnered with Vietnam’s Ministry of Education, who will utilize the blockchain to secure millions of diplomas.
Kyn Chaturvedi, CBDO of TomoChain, said: “This upgrade will elevate TomoChain’s capabilities, making the network suited to hosting enterprise applications that can operate at scale.
“Making it easier for developers to build on TomoChain, through upgrading its EVM, is a vital step in realizing this goal.”
If this upgrade does what it says it will do, this project will solve a lot of issues on the struggling Ethereum network.
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