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Singapore-based TomoChain introduces the P2P credit feature

June 5, 2020

The Singapore-based cryptocurrency exchange TomoChain will launch a peer-to-peer credit (P2P) function over its TomoDEX platform in two weeks.

According to an ad, TomoDEX is the first decentralized switching center (DEX) that is operated with the TomoX Layer 1 protocol and on which a maximum of 150 DEX are executed. It is currently in the soft launch with spot trading activated. The DEX has a reported speed of 2,000 transactions per second.

Long Vuong, CEO of TomoChain, said that the P2P credit function requires a reliable custodian and there will be no information asymmetry:

“”All functions are managed via verifiable smart contracts and ensured by the TomoChain blockchain. The P2P loan service uses a well-known and unique spot trade order book approach to provide 1, 7, 30 and 90 day USDT term loans based on interest rate and position. Borrowers can also flexibly secure their loans through a selection of guarantees, including BTC, ETH and TOMO. “

Singapore-based TomoChain introduces the P2P credit featureSingapore-based TomoChain introduces the P2P credit feature

TomoChain is based on a system of 150 master nodes with PoSV consensus (proof-of-stake voting). Support for EVM-compliant smart contracts, protocols and cross-chain atom token transfers.

Vuong said that the platform “It has no permissions and no centralized component, unlike most other DEXS hybrids.”

In addition, he explained that TomoDEX can work at the same speed as the chain, as its functionality is integrated directly into the base layer of the TomoChain blockchain:

“Users get a fast trading experience close to a central exchange without the disadvantages of trusting a third party.”

TomoDEX users do not need the company’s native TOMO token, as wallet-to-wallet transactions are fully chained. The “Know Your Customer” process is optional for all DEX started on TomoX:

“TomoDEX is an intermediary that does not protect user funds or manages user accounts in any way other than a traditional centralized exchange. The responsibility therefore rests with the dealer who is responsible for reporting the profits and losses on his accounts.” local jurisdictions. Against this background, we will observe and comply with the cryptocurrency regulations as they arise and, if necessary, comply with them. “

Looking ahead, TomoChain told Cointelegraph that they would soon be listing other native blockchain tokens.