[Ethereum] web3.toAscii(transaction hash) for web3js version 1

You aren't creating the contract object correctly. What version of Web3.js are you using? 1.0 or 0.2.x? Here is how you do it for each:

1.0: var myContract = new web3.eth.Contract(abi, "0x2a2a7c53a6cc3d775e80c38d0fc446e73078902f")

0.2.x: var myContract = web3.eth.contract(abi).at("0x2a2a7c53a6cc3d775e80c38d0fc446e73078902f")

I highly suggest you use 1.0 if you aren't yet, even though it's in beta.

sendTransaction returns transactionHash in callback. If the transaction was a contract creation use web3.eth.getTransactionReceipt() to get the contract address, after the transaction was mined.

web3.eth.sendTransaction({data: code}, function(err, transactionHash) {
  if (!err)
    console.log(transactionHash);

  var receipt = web3.eth.getTransactionReceipt(transactionHash);
});

In order to wait until transaction is mined, you can use this module:

module.exports = function getTransactionReceiptMined(txHash, interval) {
    const self = this;
    const transactionReceiptAsync = function(resolve, reject) {
        self.getTransactionReceipt(txHash, (error, receipt) => {
            if (error) {
                reject(error);
            } else if (receipt == null) {
                setTimeout(
                    () => transactionReceiptAsync(resolve, reject),
                    interval ? interval : 500);
            } else {
                resolve(receipt);
            }
        });
    };

    if (Array.isArray(txHash)) {
        return Promise.all(txHash.map(
            oneTxHash => self.getTransactionReceiptMined(oneTxHash, interval)));
    } else if (typeof txHash === "string") {
        return new Promise(transactionReceiptAsync);
    } else {
        throw new Error("Invalid Type: " + txHash);
    }
};