Ethereum founder Vitalik Buterin is well-known for dismissing blockchain projects that claim high transaction speeds as “centralized” and unworthy. Long Vuong, founder of TomoChain () has fired back with some criticism of his own.
TomoChain Offers 1,000TPS Compared to Ethereum’s Double Digits
The TomoChain network aims at being a public EVM-compatible blockchain with faster and cheaper transaction fees, among other features and promises.
Except it isn’t all just hot air. Their network already boasts transaction speeds of 1,000TPS–compared to Ethereum’s double digits.
Vuong recently stuck the knife into Ethereum, saying:
There are trade-offs in most systems. But Vitalik won’t be the one who makes the call about what’s trash and what isn’t.
He then twisted it a little further, adding:
This year won’t be a good one for Ethereum… Vitalik and Ethereum are in a difficult place. On one hand, they are disrespected by the bitcoin maximalist camp, on the other they cannot seem to solve performance issues efficiently.
TomoChain Fights Back at Vitalik
Vitalik came out at the Blockchain Connect conference earlier this year stating that many projects that claim high transaction speeds are more centralized than the Ethereum network.
In fact, he criticized them, saying:
A lot of the time when a blockchain project claims it can do 3,500TPS because it has a different algorithm, what it really means is ‘we’re a centralized pile of trash’.
Vuong took exception.
He highlighted TomoChain’s already impressive transaction speeds at 1000TPS, 150-plus master nodes, and lower fees to boot.
TomoChain’s mainnet launched in December 2018 and has been slowly gathering traction. Vuong firmly believes that his Singapore and Vietnam-based company can provide a viable solution for Ethereum’s .
Ethereum Contracts Can Easily Transition to TomoChain
TomoChain is certainly an interesting prospect, centralized piece of trash or no. It already features 150 masternodes, with a Proof-of-Stake voting consensus method, low fees, and almost instant transaction confirmation.
More importantly, TomoChain is Ethereum Virtual Machine-compatible (EVM). This means that contracts written in Ethereum can be ported to TomoChain without friction.
This could give struggling ETH DApp developers another way of bringing their projects over the finish line.
Since its well-publicized scaling issues, many ETH DApps are practically inactive with last week. If projects like TomoChain start picking up speed, they may just give Vitalk a run for his money.
Will other platforms unseat Ethereum when it comes to smart contracts? Share your thoughts below!
Images courtesy of Shutterstock
Published at Sat, 16 Feb 2019 23:00:08 +0000
