TomoChain Partners with Portal Network

TomoChain Partners with Portal Network

tomo

 

TomoChain ($TOMO) is a testnet-stage cryptocurrency which aims to offer similar functionality to Ethereum ($ETH), but with significantly lower cost and higher transaction throughput. It plans to do so through a mechanism called Proof-of-Stake Voting which is extremely similar to the Delegated Proof-of-Stake consensus algorithm used by currencies such as ARK ($ARK) and BitShares ($BTS)

(OCT 7, 2018) A new TomoChain partnership has been announced with the Blockchain Name Service (BNS) provider, Portal Network.

But what is Portal Network, exactly? And what will this mean for TomoChain?

Portal Network is a Blockchain Name Service (BNS) provider, which is a feature that can be added on top of an existing cryptocurrency to significantly improve usability for regular users.

The way that BNS works for the end user is very simple- it takes a human-readable name (such as proofofburn.eth) and converts it into a real address (such as 0x000000000000000000000000000000000000dead) so if you want to send currency to that address, you can simply put in the human-readable name and it will send properly. Users have to pay a small fee to keep their name, and popular names have to bid on. You can read more about Blockchain Name Services (here/in a future article?)

Portal Network has partnered with numerous other cryptocurrencies to provide name service functionality already, including Ethereum ($ETH), NEO ($NEO), and ICON ($ICX). You can see all the coins they’ve developed for here. Name service functionality is a very important step to large-scale adoption, but is currently seeing little usage since the bidding process on names is complicated, and few places support named addresses. It’s likely that in the future, this process will be simplified for the end user significantly and more widely adopted.

 

Source: https://medium.com/tomochain/tomochain-portal-network-partnership-announcement-16ff864121ab

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