Lomostar (LMS) is the upgraded 2.0 app version of LoMoCoin (LMC) with over 300,000 users in China and is currently online in multiple countries around the world. (1)
LMS extends the value of blockchain by integrating it with people’s geographical location. Based on their blockchain and combining it with specific applications.
LoMoCoin uses proof-of-stake as a security model, with a combined proof-of-stake/proof-of-work minting system. LoMoCoin is based on Bitcoin, while introducing innovations to cryptocurrency field including new security model, energy efficiency, better minting model and more adaptive response to rapid change in network computation power.
The platform has achieved a currency for social interaction by connecting it to real assets and business advertisements. LMS issues rewards through the location-based system allowing currency to be a social contact point in the real world and the virtual world.
LMS has therefore built a new token for social interaction, for global individuals and offline shops. LMS relies on their own online exchange called Xstar. (2) When the CEO of LMS was asked about what XStar is, he answered: ‘’XStar is a trading platform that I and some other friends in the Chinese community have set up, not only to provide liquidity to LMC, but also because we are optimistic about the future of the blockchain industry. (3)
Lomostar app info
The application will use cryptocurrency by making use of micro-financing, asset-backed securities (such as credit card receivables, auto loans, manufactured-housing contracts), anonymity, and by allowing for social empowerment through global liquidity. There a multiple possible business interactions based on cryptocurrency within the LoMoStar application.
Cryptocurrency social interaction by using red envelopes
Users can use the red envelope function of LoMoStar, which transfers cryptocurrencies to other users and drops these envelopes anywhere in the world. By picking up an envelope, one automatically joins the group of the user that has dropped this envelope. This allows users to attract other users to join their own social groups. (In Asian societies, a red envelope is a monetary gift which is given during special occasions).
Socialization based on micro-assets
It also allows for cross-currency trading, cross-regional communication, smart contracts and other features. When users want to perform certain tasks, they can launch a request to cooperate with another party and use cryptocurrency to reward others in order to achieve their goals. Automated trading between users and investment opportunities will become available and people can use LMS to perform many social related activities, such as marketing activities, group-related activities, organizing events, participating in treasure hunts, digital investments etc.
Business to consumer socialization
Pop-up Stores are often unique and trendy and GPS advertisement can mark the geographical position of the Pop-up Store to cooperate with the locally placed digital red envelopes around the Pop-up Store.
LoMoStar’s decentralised transactions will be based on smart contracts and cross-chain technology. This will provide users a peer-to-peer, decentralised and multi-currency exchange. Users and organizations can conduct mutual transactions and can rely on LoMoStar’s social applications to connect with one another for direct deals without any intermediaries.
LBS-based asset investment
LoMoStar combines its location-based system (LBS) map functions with real-world assets to create models that allow users to utilize cryptocurrency for investing in retail, real estate, attractions and other various immovable properties in order to gain profits. For example, based on the existing function of an Initial Coin Offering, they help assets in the real world to conduct assets raising activities. This allows users to realize their investment returns and allow companies to airdrops coins to attract new investors and expand its influence. Conclusion; The LMS Digital Currency Social Platform has multiple functions: payment transaction function, red envelope functions of currencies, LBS geographic location components, multi-cryptocurrency wallets, group function and cryptocurrency marketing.
CEO: Xiong Lijian, Co-founder of Sfards technology, a company that uses the latest semiconductor technology to create new bitcoin mining chips, to achieve continually better power efficiency, and to provide high-performance modern solutions. Sfards was formed by joining 3 companies together. Mr. Lijian was CEO of 2 of these companies (DigInForce and WiiBox). (4/5)
CTO: Wang Xiaodong, Ph.D. in physics, 15 years experience in programming, 5 years of development in blockchain technology. (6)
CMO: Zou Taoji, 13 years in Marketing. (6)
Founding partner, Xu yang: 15 years in programming, software manager Macquarie (Australian investment bank), R&D for Motorola.
Product director: Zhu Guiliang, Bachelor degree from university of Aeronautics and Astronautics, master degree of Posts and Telecommunications. 10 years experience in internet product development, 2 years in blockchain technology development. (6)
The strategic and first partner of Lomostar is Cfun. (7) Cfun is Dapp based on Qtum turning the former content creation led by a few Key Opinion Leaders into a decentralized app. It aims to motivate and recognize individual creativity.
The CEO mentioned that there are already 10 other projects wanting to airdrop on Lomostar. They claim that only the quality projects will be selected. (8)
They claim to cooperate with local partners in Japan, Korea, Southeast Asia, North America, Europe, Australia, and Russia where blockchain and cryptocurrencies industry is growing fast to carry out innovative advertising, for an attention and traffic driven economy. (9)
– The first step in the construction of this ecology has already been completed. The foundation has been laid by connecting the global cryptocurrency framework.
– The second step is to expand the financing of blockchain enterprises into a universal event with mainstream participation. Transaction-based events on the virtual map will empower participants to enhance the impact of their influence through donation, sponsorship, investment, and other relationships.
– The third step is to integrate the boundary between the real world and the virtual world. They already proposed the ‘online to offline’ marketing model previously and in the future they will expand the opportunities for this to include micro-commercial asset securitization based on smart contracts and automation of new retail. LoMoStar’s decentralized trading will be released in the first half of 2018.
– The more important changes will be the support and expansion of smart contracts, integrating it with IoT and Big Data, “which will also happen in the near future”. To conclude in one sentence, LoMoStar aims to integrate the physical world and the virtual world through the blockchain. The physical world lacks channels for democracy while the virtual blockchain world lacks social innovation. The goal is to bring these two worlds together.