Upcoming: TomoChain Masternodes - What You Need to Know
TomoChain is working towards solving the problem of scalability, which is present in several blockchain platforms, including the Ethereum blockchain. The blockchain is EVM compatible and has near-zero transaction fees, double validation, fast throughput time of about 2 seconds, and randomization for security guarantees.
One of the highlights of TomoChain’s network is that it relies on just 150 masternodes to create, verify and validate new blocks on the platform. This is in addition to a dynamic Proof of Stake Voting (PoSV) system which ensures that only the best masternodes remain at the top.
To become a masternode holder on the network, a user must deposit a collateral of 50,000 TOMO (approximately $13,000 at press time) tokens to their Voting Smart Contract. Coin holders, otherwise known as “stakers” can vote for who they want to become a masternode. Only the top 150 depositors with the highest number of votes will become masternodes. This way, while masternodes validate transactions, stakers serve as watchdogs to ensure that masternodes are properly doing their job.
There are three metrics used to grade the performance and effectiveness of a masternode:
- Workload (memory charts)
- Work performance (number of blocks signed)
- Activity (last block signed)
An underperforming or malicious masternode can always be unvoted. Both stakers and masternodes are incentivized on TomoChain.