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.
https://www.lomostar.com/index.html
https://coincheckup.com/coins/lomocoin
https://coincheckup.com/coins/lomocoin/purpose