Ethereum promises large Things. Large projects are being built on its platform and market capitalization is exploding. The ETH currency hit an all-time high recently, and decentralized applications running on their network are impressive.
But there is a catch.
The platform is overloaded: with so many apps and users on the network, gas charges are high and transactions can be slow.
One platform, TomoChain, based in Singapore, suggests solutions. The smart contract company uses an innovative consensus method called PoSV (Proof of Stake Voting) that incentivizes everyone TomoChain Token holders who play an active role in staking out in a network of 150 high quality master nodes.
It is only intended to help the Ethereum network work more efficiently.
And it just announced a coin exchange platform running on its network that will help achieve that.
LuaSwap is a coin exchange platform. With LuaSwap, users can exchange tokens – be it UNI for USDC or SUSHI for BTC.
Up until now, exchanging coins has been difficult: a single trade with Uniswap or SushiSwap could, for example, require up to US $ 20 in gas fees.
TomoChain helped LuaSwap run it on its blockchain – essentially eliminating such fees and speeding up the process.
Why is that a good thing?
With the Ethereum network so congested until ETH 2.0 drops, low value transactions will continue to be expensive and exclude beginners from the market at all … right?
TomoChain’s launch of LuoSwap will change all of that. Now, coin exchanges are getting cheaper, faster and easier.
Gas fees will be close to zero and transactions will be much faster than Ethereum, with blocking times of 2 seconds and more than 2,000 transactions per second.
And that is just the beginning.
TomoChain has announced that it will continue to help other DeFi projects use its system so that the Ethereum network can reach its true potential.