TomoChain, the blockchain platform trying to fix Ethereum scalability issues and enable blockchain interoperability is heading towards a major upgrade. According to the official press release shared with Altcoin Buzz, TomoChain will undergo the Zorro upgrade at block 30,915,660. Interestingly, the upgrade will enhance the features and functionalities of the Proof-of-Stake blockchain. Zorro brings TomoChain an upgraded Ethereum Virtual Machine (EVM) and that is a piece of exciting news for developers.
The TomoChain is expected to reach the 30,915,660-block height on or around 22 January 2021. This event will activate the Zorro upgrade that will elevate TomoChain’s capabilities. Here are the 3 important capability enhancements the community should be looking forward to:
1) Scaling TomoChain for Enterprise applications
TomoChain’s current infrastructure supports 2-second confirmation times and processes 2000 transactions per second (TPS). According to the press release, the Zorro upgrade will make the network more suitable to host high scale enterprise applications.
2) Making developers job easy
Zorro comes with an EVM upgrade. Effectively, this will make it easy for developers to build on TomoChain. One of the major features of the Zorro upgrade is that it will add the latest version of Solidity to TomoChain’s EVM. Solidity will facilitate easy deployment of code from other EVM chains to TomoChain. That too with minimum customization. Furthermore, this will lay a strong foundation for the functioning of LuaSwap, the multi-chain liquidity protocol which is about to launch soon.
3) DeFi Enabler
According to TomoChain leadership, the Zorro mainnet upgrade will prove to be a major DeFi enabler. Firstly, Zorro will help meet the technical requirements for the enablement of the Trifecta protocol. It comprises of TomoZ, TomoX, and TomoP. Trifecta is the layer 1 protocol of TomoChain’s DeFi ecosystem. Once Zorro activates, the cancellation fee on TomoX(DEX protocol) will adjust to 0.001 TOMO for all TOMO pairs. Moreover, the non-TOMO trading pairs will attract no cancellation fees independent of their value on the order book.
Secondly, Zorro will enable the development of one of the most frictionless DeFi systems. Team TomoChain strongly believes that cross-chain is the future of DeFi. To achieve this, last week, the team upgraded TomoBridge and TomoIssuer. Effectively, now anyone can issue a wrapped ERC-20 token using TomoIssuer and list it on TomoBridge within a click.
The interoperability b/w #TomoChain & #Ethereum levels up as anyone will be able to wrap any #ERC20 token with the new upgraded #TomoIssuer & #TomoBridge$TOMO‘s frictionless & scalable ecosystem expands to welcome more projects from other chains
https://t.co/SaAiUAcCCr
— TomoChain (@TomoChainANN) January 8, 2021
Furthermore, the TomoZ protocol powers these wrapped tokens which maximizes the frictionless experience. The network usage fees can be paid within the token itself rather than the TOMO token.
Thus, Zorro will help TomoChain operate without the challenges faced by Ethereum and the chain will become interoperable with all ERC20 projects.
All these technical changes triggered by Zorro will help in the smooth introduction of AMM LuaSwap on TomoChain. According to the press release, the team will make the release announcement of LuaSwap on 27 January 2021.
Will Zorro upgrade impact TOMO token-holders?
As soon as the Zorro upgrade is activated, it will render the older versions of TomoChain incompatible with the rest of the network. Thus, the masternodes and full node operators are advised to update their software. However, nothing is going to change for the TOMO token holders.
In an exclusive interaction with Altcoin Buzz, Long Vuong, Founder & CEO of TomoChain said, “TomoChain’s mainnet upgrade v2.3.0 is a major milestone that brings the latest solidity compiler to TomoChain’s EVM (virtual machine). This upgrade also includes precompiler functions that utilize the application of Zero-Knowledge proof to support TomoP protocol which will be released subsequently. Our core team is continuously improving TomoChain infrastructure as a decentralized, low-cost, and performant smart-contract platform to developers worldwide.”
TOMO token
According to CoinGecko, TOMO, the native TomoChain token is up by over 25% in the last 7 days. At the time of press, TOMO is trading close to $1.18.
For daily crypto updates, subscribe to our Altcoin Buzz YouTube Channel.
The post TomoChain (TOMO) to Boost its Capabilities with Zorro Upgrade appeared first on Altcoin Buzz.
