Victor Ugochukwu · Dec 14, 2020 . 5min read
TomoChain announces Enterprise Blockchain Lition acquisition
TomoChain has acquired Lition to become a global blockchain player. It intends to leverage Lition's expertise in various industries.
By Komal Joshi · Oct 30, 2020 . 5min read
TomoChain (TOMO) has announced that it acquired the enterprise blockchain unit of Lition (LIT). It is a Singapore-based blockchain protocol. TomoChain’s large scale and resources will enhance Lition’s sidechain-infrastructure and European footprint. Further, it will position TomoChain as a strong blockchain player across the globe.
Intricate details about Lition and TomoChain
Lition (LIT) approaches the field of private or public blockchains for complex commercial use cases. Its products are famous for several different deletable data options. Lition is a scalable side-chain developed on Ethereum for enterprise use, driven onto mainnet in October 2020.
Furthermore, TomoChain (TOMO) is a scalable blockchain. It is powered by Proof-of-Stake Voting (PoSV) consensus. Moreover, TomoChain is amongst the flagships blockchain of Southeast Asian decentralization hubs. Despite offering various services for specific use cases, it concentrates on corporate distribution solutions.
Lition will serve as a key division.
The acquisition comprises all parts of the Lition (LIT) assets, product, human resources, treasury, and digital properties. Lition will resume operations as a key division of TomoChain (TOMO). It will support the growth of its side-chain technology for commercial use cases and its associated business development collaborations in Asia and Europe.
For the uninformed, Lition has developed a multi-million dollar peer-to-peer marketplace that combines renewable energy providers with customers. Lition also currently piloted a $20 million loan between a national real-estate developer and two of Germany’s VR Bank cooperatives. TomoChain intends to leverage the unique expertise of the Lition team, particularly in the area of renewable energy sources, healthcare and automotive industries.
Furthermore, TomoChain will begin a new emphasis on the Lition website to celebrate this acquisition significant for both projects. Also, TomoChain will operate as a validator to ensure the security and uprightness of Lition nodes. Nevertheless, the Lition coin, a native utility asset of the platform, will remain accessible on the Ethereum blockchain as an ERC-20 token.
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