In the fast-paced world of blockchain innovation, the world’s second-largest cryptocurrency already is being left behind.
Ethereum was launched a few years ago with the objective of building a world computer based on the newly invented blockchain technology. Think of it as a decentralized Amazon Web Services (AWS) based on an open-source network with crypto tokens. Developers can now deploy decentralized applications (so-called dApps) on the network and get quick adoption from a community of ETH (ETH-USD) users spread across the world.
However, progress has been stymied by the ETH team’s inability to upgrade the network and evolve with changing technology. The network is still too slow and bloated to be used in mainstream applications. Meanwhile, smaller and newer rivals like Singapore and Vietnam-based Tomochain (TOMO-USD) already have surpassed the legacy network in many respects.
Launched just three months ago, TomoChain applies a modified version of the Proof-of-Stake…