TomoChain recently announced its strategic partnership with PAID Network, an efficient blockchain-based dApp ecosystem that aims to deliver SMART Agreements that are powered by DeFi.
With this partnership between TomoChain and PAID Network, users and companies that execute PAID SMART Agreements on the PAID Network will gain from secure, low cost, and fast transaction processing on TomoChain.
This partnership will benefit both long-term & non-blockchain users https://t.co/ye1ITrYaTX
— TomoChain (@TomoChainANN) January 12, 2021
The goal of TomoChain is to improve the experience of users by developing applications with blockchain benefits while masking the friction of blockchain technology.
On the other hand, the goal of the PAID Network is to improve the existing business contract, as well as the process of settlement and litigation. The network aims to do this by making a simple, cost-friendly, and attorney-free dApp for businesses and users so that those entities who need to actually get paid.
Development of Wrapped PAID Token
The partnership between PAID and TomoChain is geared towards developing a wrapped PAID token. This wrapped token will totally remove gas fees for PAID users. The removal of gas fees is hinged on the fact that the wrapped token will run on TomoChain rather than Ethereum, which is known for high transaction fees.
The rise of gas fees is in relation to the complex nature of a transaction. For this reason, the making of smart contracts becomes more expensive during their execution. Most people that make use of the Ethereum network are currently faced with a rise in gas fees and congestion. These impediments are still in place even as the launch of Ethereum 2.0 draws nearer.
Kyn Chaturvedi, the CBDO of TomoChain, says, “It’s a pleasure to partner with PAID Network to solve the complex issue of composing, signing, and managing legal contracts. By integrating the TomoChain blockchain, PAID customers within and outside the TomoChain ecosystem can expect a fast and seamless experience without needing to hold a native blockchain token to pay gas fees.”
He added, “This frictionless experience can then be extended to non-blockchain users, which is where we see PAID Network’s solution being incredibly impactful.”
In this partnership, TomoChain will integrate PAID agreements into its ecosystem. Users of PAID SMART Agreements stand to benefit from TomoChain. This is due to TomoChain’s multi-functional contracting features and its low cost in regards to transaction fees. The strategic partnership between PAID and TomoChain shows that the former is fulfilling its goal of improving the general affordability of outstanding end-to-end contracting solutions.
Before now, TomoChain announced a partnership with Frontier. The result of the partnership was the integration of TOMO and TRC-21 assets into Frontier’s cross-chain DeFi platform.
TomoChain (TOMO) Price
As of time of writing, TomoChain price was $1.33 with a 24-hour trading volume of $11,792,043. TOMO price also went up by 1.1% over the last 24 hours. It also has a circulating supply of 76.7 million TOMO coins and a max supply of 100 million. Besides, Binance is the current most active market trading TOMO.
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