Singapore-based blockchain startup TomoChain has announced the acquisition of Lition, a German company developing a second-layer solution aimed at enabling decentralized applications (dApps) to achieve scalability, privacy and data deletability. The deal is set to improve TomoChain’s standing in the enterprise blockchain sector.
Tomochain to Use Lition’s Technology to Increase Its Enterprise Appeal
Tomochain has recently made a major move towards higher prominence in the blockchain space by incorporating German public-private second-layer solution Lition. The startup that has already conducted a number of successful pilots with leading European companies, such as SAP and Schürmann Rosenthal Dreyer.
Lition’s current architecture relies on a sidechain running on top of Ethereum. Lition also has its own ERC20 token LIT that will continue to power the Lition sidechain. However, Lition’s stack also allows the creation of other second-layer platforms that can connect to other blockchains in addition to Ethereum, including TomoChain.
The gem in Lition’s crown is its data deletability feature. It essentially enables smart contracts on the public main chain to verify transactions without getting access to the sensitive data that never leaves Lition’s private layer. Importantly for many businesses, Lition’s data deletability functionality enables them to handle consumer data in a matter that is compliant with the European Union’s GDPR legal framework, while still relying on blockchain technology.
One of the dApps that is already running successfully on the Lition platform is Lition Energy Exchange where consumers and energy providers have already made millions of dollars of trades in a peer-to-peer manner. Lition’s other successful initiatives have been a Proof of Existence tool for legal documents and the Syndicated Loan Blockchain Application.
One of the ways in which TomoChain is planning to leverage Lition’s technology is by incorporating it into its upcoming open finance solution. The latter will mark TomoChain’s own attempt to join other leading public blockchain platforms in trying to lure major financial institutions in more actively embracing distributed ledger technologies.
Commenting on the successful acquisition of Lition, TomoChain’s CEO and Founder Luong Vuong stressed its enterprise offering’s potential, saying: “Lition’s assimilation into our Enterprise division strengthens TomoChain’s consultation services and product development for large-scale enterprises, as well as for government. We intend to optimize Lition’s core technology as a base to further extend digital money and other financial products.”
TomoChain Continuing to Distinguish Itself Among Competitors
Running on mainnet since December 2018, the TomoChain platform markets itself as a scalable public blockchain solution relying on a Proof of Stake Voting consensus mechanism. It has established itself as one of the leading blockchain technology providers in the East Asian markets.
In addition to the Lition acquisition, TomoChain recently hit headlines by announcing the development of its own version of Ethereum’s popular decentralized exchange protocol, Uniswap. Called LuaSwap, it is designed to address the flaws of its predecessors, particularly through incorporating better tokenomics. The distribution of LuaSwap’s governance token LUA is supposed to incentivize not just early adopters but also decentralized exchange participants in the long run to actively contribute to the protocol. LuaSwap will also be implemented on multiple chains simultaneously in the future.
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