TomoChain, the scalable smart-contract public blockchain for decentralized apps, token issuance and token integration for business today announced that it has formed a partnership with Terra, the price-stable cryptocurrency project building the next-generation payment system on the blockchain.
Both projects will work together to implement Terra’s Cross Chain Stability Mechanism, allowing TomoChain decentralized app (dapp) developers to easily incorporate Terra as a form of payment.
The parties are also engaging in platform evaluation and technical support for the joint purpose of providing usable and stable services to provide easy onboarding and accelerate adoption of blockchain technology.
“We are excited to partner with Terra. The alliance between TomoChain — an innovative solution to the scalability problem of blockchains — and Terra — an innovative solution to the price volatility of cryptocurrencies — can open the gateway to an explosion in practical large-scale blockchain applications. Stablecoin is an important part of the TomoChain ecosystem. With reliable stablecoins incorporated in TomoChain, we have the power to unleash a much greater number of use cases than what we see today on the blockchain.”
“We are building a universal payment system on the blockchain, and we believe that the ability of blockchain networks to interact and integrate with each other is key to achieving mainstream adoption. As one of the leading blockchain projects, TomoChain is also focused on solving scalability and usability issues, and we immediately struck a chord. We look forward to working together to implement our cross chain mechanism and develop more diverse use cases for Terra.”
Terra strives to become a widely adopted cryptocurrency. It uses a dual-token model to fully collateralize its stablecoin Terra, with a decentralized asset and second token called Luna. Terra is backed by an ever-growing alliance of partners — including eCommerce giants in Asia-Pacific such as TMON (Korea), Baemin (Korea), Carousell (Singapore), and Tiki (Vietnam) — who will integrate its blockchain payment system to their platforms. To date, the Terra Alliance has a collective annual transaction volume of $25 billion and 40 million customers, setting the stage for Terra to reach mainstream consumers at a massive scale.