Author: Norah Amboko

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LoMoCoin

What is LoMoCoin?

When Bitcoin was launched in 2009, Satoshi Nakamoto probably never knew that he was opening a very important era of blockchain technology.

Now, new blockchain platforms are being created and projected to other areas other than the financial niche. One of these platforms is LoMoCoin.

  • The LoMoCoin platform and its founders

This is a Chinese entertainment application created on the blockchain technology that helps to bring together augmented reality and real maps to drive commerce.

The focus is on serving the gaming industry and offering a fun experience to all users across the globe.

The platform was founded by a team of blockchain and gaming experts who wanted to see the industry grow to reach more people in the niche. This team brings huge experience that has made the industry to start looking at LoMoCoin as the pointer to the next generation of augmented reality games.

The most notable of the founding team is Xiaong Lijian. Lijian has many years of experience in programming and blockchain management. In 2013, he was part of the research and development team that created the first Gridseed Litecoin miner. He also created Wiibox.

Other members of the founding team include Wen Gebin and Xu Yang. To drive the platform to its current status, the founders introduced Wang Xiaodong, Zhu Guiliang and Zou Taoji as part of the development team.

  • The LoMoCoin price performance in the market

The LoMoCoin coin (abbreviated as LVC) was first introduced into the market in September 2016. The starting price of the token in that September was $0.006 before growing by 500% to reach $0.04 in December 28th, 2016.

The price of LoMoCoin remained within the range of $0.04 and $0.01 between December 2016 and June 2017 when it rose marginally to $0.1. In December 2017 and early January 2018, the price of LoMoCoin grew to hit the highest point in its history.

On January 14th, 2018, the value of LoMoCoin was $0.3. However, this impressive growth did not last. By early February 2018, the price of LoMoCoin had dropped to $0.06. It continued on a downward decline hitting $0.01 by the close of the third quarter of 2018.

Note that even with this drop, the mark recorded in the third quarter of the same year, the price was still 800% higher than the starting price. This difference and the huge growth in December 2017 and early 2018 are being used to point at the high potential of LoMoCoin.

What is the problem that LoMoCoin solves?

Though the blockchain niche has been growing steadily, the main focus of new developers has been how to advance it to more sectors. This is hampered by the different problems in the blockchain niche. Here are some of the problems that LoMoCoin solves.

  • Low uptake of blockchain technology in the gaming industry

Blockchain experts are of the view that the industry has started slowing down. Most of the networks in the market are mainly designed for the financial sector. This implies that many sectors such as the gaming niche are lagging.

Despite the industry being very lucrative, developers have either not seen the opportunity or the growth into the niche is very slow. This is why LoMoCoin was created to ensure that the virtual reality niche can also be part of the irresistible blockchain wave sweeping the globe.

  • Complex process involved when acquiring digital coins

When the problem of poor adoption and use of cryptocurrencies is being discussed, the complex process of acquiring the tokens always comes up. Today, the process of buying new tokens requires users to join cryptocurrency exchanges and opening accounts.

Note that the process is charged a fee that makes the process expensive and unreliable. The markets are also very risky, and users are required to operate with caution or risk losing their assets.

The LoMoCoin seeks to address this problem by simplifying the purchase process and making it available on multiple platforms.

  • Difficult of bringing gaming experts/ developers together

The augmented reality industry operates in a highly fragmented way. The developers work individually or in their respective companies to support and promote respective games. This has limited the ability to pool synergies and grow the industry at a faster pace. LoMoCoin seeks to address the platform by opening the lid to allow for open source development.

  • Lack of incentives for people seeking to participate in the blockchain network

Though there have been calls for people and traders to join the blockchain niche, the efforts have been unfruitful. It appears that the industry is reeling from the lack of incentives for both traders and individual users.

LoMoCoin targets to open the incentives groove so that more people can identify with the blockchain and exploit associated features.

How does LoMoCoin solve the problem?

The development of LoMoCoin was considered a great success for the gaming industry after a long time of being “left out”.  LoMoCoin has finally made it possible to bring the industry to the blockchain sector. Here are some of the methods that LoMoCoin uses to address the outlined problems.

  • The LoMoCoin mobile application

The mobile application is an important part of any augmented reality game. LoMoCoin has its mobile app designed for both Android and iOS platforms. The application provides the user with direct access to the blockchain and their wallets.

Whether you want to send value or pay for the AR game of choice, the application makes the process easy and fast. It also helps users to keep their clients updated for optimal security.

The main challenge for the application is that those outside the Android and iOS platforms cannot use it to enjoy the AR games of the LoMoCoin.

  • The LoMoCoin proof of stake consensus algorithm model

The LoMoCoin system administration is based on the proof of stake (PoS) consensus algorithm. This implies that for you to participate in the voting and mining process, you will need to have a larger stake of LMC coins.

This consensus method is considered an improvement of proof of work (PoW) that requires people to generate very high hashing power to be allowed to mine the next blocks. But the PoS consensus model has equally attracted criticism from experts and the community.

By putting weight on people who have a lot of stakes, it implies that those who can only afford a few stakes will rarely get a chance to vote or mine the network. Therefore, this protocol is considered a form of centralization that could ultimately risk the platform with 51% attack.

  • Direct cooperation with offline shops

When people hear of digital assets, some find it hard to establish how the coins can link with their daily lives. To help bring more aboard the blockchain industry, LoMoCoin works with offline stores to position the characters in their premises and then direct gamers there.

It has become a very reliable method of driving traffic and in various stores. Some of these stores are now coming forward to contribute to the development of the LoMoCoin platform. Some contribute directly by supporting research through funding while others use their premises for LoMoCoin ecosystem advertisement.

  • Complete decentralization of the native LoMoCoin coin

The LoMoCoin coin is one of the crucial components of LoMoCoin ecosystem. The coins are used for payment in the ecosystem but can also be traded in the markets. You could also use them in the stores that support digital currencies.

The LoMoCoin has a total of one billion coins that will ever exist on the platform. In June 2016, 100 million coins were sold during the LoMoCoin token ICO. By the third quarter of 2018, the total coin supply was 331.3 million.

Unlike the few coins in other platforms such as Bitcoin, that only has 21 million; the large supply in LoMoCoin implies that more people can have the opportunity to own the coins without causing unnecessary pressure on the coin’s price.

What makes LoMoCoin better than its competitors?

The competition in the blockchain has made developers become extra creative to win more clients and a bigger market share. Here are some of the things that make LoMoCoin better than its competitors.

  • LoMoCoin targets a niche that is less explored.

The LoMoCoin is directed to a high potential niche that has been less explored by other developers. By extending to the virtual reality niche, LoMoCoin is expected to enjoy near monopoly status. This is expected to grow the value of the network and price of the native LMC coin.

  • LoMoCoin supports multiple platforms.

Unlike other platforms that are largely available for the desktops only, the LoMoCoin platform is also available in mobile versions. This implies that whether you are at home or away, it is possible to stay connected with your LoMoCoin account.

  • A highly enthusiastic development team leads the LoMoCoin platform

The development platform of LoMoCoin is managed by an enthusiastic team of experts in both gaming and blockchain niches. This is the reason why the team has progressively been working on new features to help advance the industry. The community is looking at the team for a new and more impressive gaming experience.

How can LoMoCoin be categorized?

LoMoCoin is a pioneer of blockchain technology in the virtual reality niche. The design and commitment of the team has helped to extend the blockchain niche to an area less explored and opened new ways of attracting more players.

From offline stores down town to new gaming enthusiasts, the LoMoCoin platform has demonstrated that they can be brought together using the blockchain technology. The platform has also opened doors for more developers to join and help craft better games.

What is LoMoCoin’s vision on security?

The LoMoCoin’s vision for security is to become the most secure platform for virtual reality gaming around the globe. The development team seeks to offer the gamers and LoMoCoin coin users’ optimal security when using the ecosystem. They use encryption, progressive review, and complete decentralization to keep the platform secure from attacks.

Examples of LoMoCoin’s use cases/ applications.

The main target of many blockchain niches is to have more use cases for greater adoption and ability to deliver value to clients. Here are the main use cases of LoMoCoin:

  • Use the LoMoCoin coin to make payment on a peer2peer basis.

Like other cryptocurrencies, LoMoCoin can be used to send value in the network. However, the platform was only available in China by the close of the third quarter of 2018. For those outside China, you will have to wait until the platform is extended globally.

  • Use the native coin to invest and save funds

As a digital currency, it implies that people can still use the coin to save value. Many prefer to buy and hold the coins waiting for the price to grow and enjoy the return on investment or trade it in the markets.

  • Use LoMoCoin coin to pay for augmented reality games

This is one of the primary roles of the native LoMoCoin coin. The platform has many games from different developers for the users to select what they prefer. As a decentralized platform, it implies that LoMoCoin will attract more developers and ultimately feature more games. This will give users a more enthralling fun experience.

  • LoMoCoin is used to drive traffic to shops by positioning the imaginary characters there

This is one of the most of the creative ways of incentivizing the local shops to become part of the blockchain niche especially the LoMoCoin.

Because augmented reality involves positioning virtual characters such as monsters at strategic points so that gamers can search, fight, and win/lose games, the LoMoCoin platform has become a great way to direct traffic to specific stores. This is done by placing these virtual characters inside conventional shops downtown.

  • Use the LoMoCoin platform to create augmented reality applications.

As an open-course platform, developers are open to join the network and develop new AR (augmented reality) games for sale on the platform. This is one of the main targets for helping to progressively advance the program by crafting games that are more appealing to players.

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SIBCoin

What is SIBCoin?

SIBCoin is a decentralized digital currency and peer2peer payment platform. It was forked from the Dash blockchain but with major tweaks such as enhanced encryption. The platform was created by Russian cryptographers in 2015 to advance the gains achieved in the blockchain system.

A coin initially crafted to cater to the Siberian community

The coin was originally designed to act as an altcoin for the Siberian region. It targeted to address the needs of the Russian speaking community to reach the Eastern European region that had been left because of cultural barriers.

However, it was later adopted by the neighboring countries and finally went overseas.

The users in the SIBCoin users interact directly and form a network where transactions are recorded on a public ledger that is tamper-proof and distributed across all computers in the system.

The platform employs a reinforced hashing algorithm referred as Streebog that is ASIC resistant.

In their white paper, the development team refers to SIBCoin as the coin of the people, by the people, for the people. The network’s Coinprism protocol also supports custom-made digital assets.

The SIBCoin price performance in the market

Since inception in 2015, SIBCoin performance has been very impressive in the market.  When SIBCoin entered the market in September 2015, its price was $0.0052. The price remained within the same range until April 2016 when it grew significantly with more than 1500% to reach $0.08.

After the price surge of April, the value fell back to $0.04 and remained within the range of $0.07 until October when it started rising steadily. In July 2017, the price of SibCoin broke through the 1 dollar mark.

The price continued to grow and hit the highest mark of $5.14 December 27th, 2017. This was the highest mark in the coin’s history.

Starting in early January 2018, the price took a steady decline that culminated to $0.2. Though this was a major drop in the value of about 2400%, it is more than 3900% higher compared to the opening price recorded in September 2015.

What is the problem that SIBCoin Solves?

While major successes have been achieved in the blockchain industry, the community feels that the uptake of the technology has hit a snag.  SIBCoin is seeking to provide every person with the opportunity to become part of a fair economy.

With the cryptocurrencies becoming the currencies of the future, the SIBCoin development team felt they wanted to address the following key problems.

  • Lack of privacy

When Bitcoin was created, many people felt that they had finally gotten a reliable method for running transactions anonymously. But, the Bitcoin network only provides users with pseudonyms that can be trailed to reveal the user’s personal and transaction details.

However, some people in the blockchain communities have been asking; “Why fork Dash which is considered one of the most secure blockchains?” In their white paper, the development team wanted to make SIBCoin the platform for the next generation cryptocurrency. Therefore, users enjoy all the features present in the Dash platform and newer ones introduced by the development team.

  • Centralized mining and associated high cost of energy

When decentralized networks were discovered, the primary goal was to ensure that people could send value and run transactions without worrying about suffering from one point of failure. This was the main dream that Satoshi Nakamoto took a lot of time to make come true. However, the evolving industry resulted in the development of advanced mining equipment especially those referred to as Application-specific integrated circuit (ASIC).

The ASICs mining equipment is designed to generate very high hashing power to optimize returns. However, the ASICs very expensive and require a lot of power. The impact is that only a few very wealthy people can afford them resulting in the centralization of mining.

When only a few wealthy people can afford the mining equipment, it further implies that the coins are at risk of falling in the hands of a very few individuals. This raises the danger of the network suffering from 51%. SIBCoin wants to address these concerns by making the entire system completely decentralized.

  • Poor scalability

The discovery of decentralized networks and blockchain technology was a major success in helping to take the financial sector to the next level. However, the fact that all or most of the nodes are required to arrive at a consensus before transactions can be completed has held hostage the blockchain platforms.

At Bitcoin, the network can only support seven transactions every second, and it requires an additional 60 minutes for confirmations. Even the Bitcoin Cash that is considered a major improvement of the Bitcoin Core protocol can only support 61 transactions and requires about 60 minutes for confirmation to be made.

Other networks with higher scalability include Ethereum that confirms transactions in 6 minutes and IOTA that supports 1500 transactions/ second and confirms them in every two minutes. SIBCoin targets to address this transaction speed to ensure that more people including traders can use the platform without a serious backlog.

How does SibCoin solve the problem?

When SibCoin was created in 2015, the development team had been involved with other top blockchains such as Bitcoin and Dash. Therefore, they ensured that all the gains of these earlier networks were consolidated and newer technologies adopted to address the issues. Here are some of the solutions used at SIBCoin.

The Streebog consensus algorithm

The Streebog algorithm is a successor of another algorithm referred to as GOST. GOST was a Soviet government standard symmetry key block cipher that utilized a block size of 64 bits. Now, Streebog is a cryptographic hash function designed to replace GOST.

Streebog is a family of 2 hashes, the Streebog-256 and Streebog-512. The new algorithm is very useful in the SIBCoin because it is ASIC resistant. This implies that the SIBCoin can be mined with standard GPU and the risk of the coins falling into the hands of only a few coins is eliminated.

Three advanced privacy protocols

One of the main things that SIBCoin development team took very seriously was privacy. The first protocol is RingCT that acts as privacy barriers and also hides transaction information on the network. The other protocol used to enhance privacy is ring signatures. These are used to hide the addresses of the sender and making it impossible for third parties to know your details.

The last method used in the platform is the stealth addresses. This protocol helps to conceal the addresses of the receiver by generating multiple public addresses. Unlike in the Bitcoin network where third parties can trail transactions and pin together details to know the recipient, SIBCoin is different. The stealth addresses give the impression that the recipients are different though they ultimately point at the same public address.

SIBCoin, like Dash and Monero, is now classified as one of the completely private networks. This implies that users do not have to worry about their personal or transaction details when using the network.

The SIBCoin platform’s X-Layer

To address the problem of scalability, SIBCoin adopted the X-Layer technology that was developed by Nokia in 2014. The main focus of X-Layer is helping to transact large data in real-time without compromising other protocols. This technology is used when transferring funds from sender to receiver when purchasing goods and services.

In addition to the outlined technologies, SIBCoin also adopted most of the features used by Dash. Here are some of them.

  • PrivateSend: This ensures that all transactions are made in a completely private way.
  • InstantSend: This feature is used to ensure that transactions are made promptly and irreversibly between sender and receiver.
  • Telegram Bot: This is a personal assistant designed to help run payment processes in a more user-friendly model.
  • Exchange and payment: This is a convenient feature that allows users to pay telecom bills through Coinex. The feature allows users also to buy USD or Euro directly using SIBCoins.

What makes SIBCoin better than it’s competitors?

From its design to implementation, the SIBCoin development team targeted to make the platform better than its competitors. Here are some of the things that make it better than the competitors.

  • While many cryptocurrencies have been grappling with the problem of privacy, the SIBCoin has managed to come up with a reliable solution. This implies that users sending funds or using the platform to store their funds can rest knowing that no third party can easily pull out their details.
  • The platform is a completely decentralized system which implies that it does not have a single point of failure. All the transactions are taken and confirmed by nodes spread in the system before being confirmed. It does not rely on centralized organizations the way it happens with banks and credit card companies.
  • The platform is ASIC resistant. This implies that users do not need advanced and expensive mining equipment such as ASICs. This has made it easy for more people to join and use the network in their daily lives.
  • SIBCoin supports faster and more transactions compared to other networks such as Bitcoin and Ethereum. This has made it a more reliable option especially by traders who want to transactions to clear fast without keeping clients on the queue.
  • The platform was launched in 2015 and, therefore, considered more stable compared to emerging blockchains. Many people have become wary about new platforms because some are designed to simply operate as a pump and dump scheme. However, SIBCoin has been in the market for more than three years, and its structures have been tested and proven highly reliable.

How can SIBCoin be categorized?

SIBCoin can be categorized as a truly decentralized and private network. The primary focus of the development team to advance the gains made by Dash and to take the blockchain to the next level has made more people believe that its value could grow and even surpass top coins such as Bitcoin.

At a time when the regulatory environment has become very uncertain, the SIBCoin is expected to continue growing in demand and value because people are assured that their details cannot be easily pulled out by third parties. This is part of the reason why the value in the third quarter was more than 3900% compared to when it first hit the market.

What is SIBCoin’s vision on Security?

 

The primary goal of SIBCoin is to ensure that users can enjoy completely decentralized and transactions. People coming to the network are assured of their details and coins security using the following strategies:

  • Advanced cryptography.
  • Advanced privacy features such as Ring Signatures and Stealth addresses.
  • The Streebog algorithm used at the network helps to ensure that more people can mine and participate in consensus building to reduce the danger of 51% attack.
  • The development team has indicated that it is progressively updating the protocol to ensure that it identifies gaps and vulnerabilities easily. Then, these gaps are closed promptly to prevent the danger of getting attacked.

Examples of SIBCoin’s use cases/ applications.

Like Dash, Bitcoin was designed with the primary goal of facilitating faster, peer2peer and cheaper payment processing. Here are the main use cases of SIBCoin.

  • SIBCoin can be used to pay for transaction charges at the SIBCoin network and in the exchanges when sending value across the globe.
  • The coin can be used in paying for goods and services in stores that accept them. This process has been made simpler with Moneypolo and Coinex that allows users to easily convert SIBCoin to fiat when making payments in conventional stores.
  • For people who want to invest or save their funds, the SIBCoin platform has proven to be a better network. Because of its unique features and fast-growing community, the value of SIBCoin is expected to grow in the coming years. Therefore, those who buy and hold their coins can expect to reap optimally when the price of the coin finally increases.
  • Use SIBCoin to send value across the globe. Unlike the standard banking systems that are centralized, SIBCoin is completely decentralized. This implies that sending value is instant, cheaper, and highly reliable.
  • Trade SIBCoin in the markets. Like other coins such as Bitcoin, SIBCoin can be traded in the exchanges such as Binance and Bittrex. Note that you will be required to join such exchanges by creating trading accounts and forming trading pairs.

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