Interview with LoMoCoin CEO and team ($LMC)
On this occasion I have the opportunity to interview the CEO and team of LoMoCoin. A disruptive project aiming to generate a new standard in the geolocation market. With a international network of more than 300K users, LoMoCoin wants to reinvent the way that business engage with their clients.
How would you describe the main pillars of the project?
LoMoCoin’s vision is to build a new ecosystem around the geographic location and information of people and integrating it with blockchain technology. The project started off in the end of 2015. In April 2016 we released our first product (v1.0) in China through a Proof of Stake (POS) mechanism and completed a mobile app that provides offline to online (O2O) marketing between businesses and users. This interaction is based on the user’s position on the map. Currently, more than 300,000 users have used our app in China.
For the future of LoMoCoin (LMC) we are working on many things. These include some new application models, such as a social economy based on the location of users and mini Asset Backed Securities (ABS) (i.e. payments derived from and collateralized by a pool of underlying assets), based on the geographic location and intelligent contracts between users. Furthermore, we are also focusing on forming many new and innovative architectural design, for instance, by combining blockchain solutions based on user’s geographic location and information and connecting it with the Internet of Things (IoT). This will form a whole new branch within blockchain technology and will be a major upgrade for what is currently being provided within the industry. We are, nevertheless, currently still at the experimental stage of many of these new solutions and more updates about this will come later on.
About the share of the LMC tokens, how is the distribution (share for team, investors, development..)?
The amount of LMC on the blockchain was initially set at a total of 1 billion, which have been accumulated through a Proof of Work (POW) mining process. However, after operating for six months we found out that the original mechanism was flawed, since we did not need so many coins. Therefore, in October 2016, the company burned most of the undelivered coins. At that time, the total number was reduced to 280 million. After integrating our PoS mechanism, the total supply of LMC has been continuously increasing, which is currently approximately 300 million.
The distribution of our coins is roughly as follows:
· 14.67 million of the team is locked and cannot be accessed until April 18, 2018. The address is can be found on the following link: http://explorer.lomocoin.com/address/sTgoTPxXsGYLBfuBiixtsXhPwyacGq8Cpr
· 75 million of the angel investors coins can gradually be accessed until April 18, 2018. Currently 46.875 million has been obtained and 28.125 million is still locked. The address is can be found on the following link: http://explorer.lomocoin.com/address/sczHcEm9kUux6qMVHqHiokCn7RHDFkShuE
(Note, however, that some angel investors do not apply for withdrawal of their LMCs on time. The address will thus continuously generate POS interest. The balance of the address is therefore greater than 28.125 million)
· 106 million has been given to people through crowdfunding. This has been completed on June 8, 2016
· 50.00 million has (and will be) delivered by the LoMoCoin app. 41.41 million has already been delivered and 7.59 million will be delivered in the future
· There is 20.00 million available for third-party cooperation and marketing. 15.6 million has been used so far and there is 4.4 million remaining
· Before burning the coins in October 2016, an interest of about 18 million has been generated. How this has been distribution is unknown
· After burning the coins in October 2016, an interest of about 16.5 million has been generated. How this has been distribution is unknown
For now, these tokens are listed at Bittrex. Are Poloniex or HitBTC on the horizon?
LMC has already gone live on platforms such as www.bittrex.com, www.allcoin.com and www.coinexchange.io. We will strive in the future to get on more exchanges such as Poloniex and HitBTC. In addition, the closed beta test of our coin-to-coin exchange Xstar.io, which is being invested in and supported by the founders of LoMoCoin, will also be carried out in the end of September. Xstar will officially launch in October and we will list LMC on Xstar.io to further enhance the LoMoCoin ecosystem.
What’s the role of the tokens in the LoMoCoin project?
As mentioned before, the LoMoCoin blockchain will be a multi-format ecosystem, which uses the geographic location and information of users. LMCs will be used as pricing for various assets and as a value transfer method in various applications of our blockchain. For the social economy applications, LMC is responsible as a payment method for products and services in the social network of our location-based services (LBS). With regard to the mini ABS, LMC will become the way for transaction and settlement of pricing units and chains. Additionally, we as a company are responsible for the rights of using these business advertisements and data that is being gather as a driving force for users to interact with businesses through the O2O advertisements in our app.
About the team, what are your strengths? (Relevant backgrounds and experience…)
Our team:
· We have more than 4 years of experience in technical research, business operation, and in the development of Bitcoin and blockchain technology
· We have advanced understanding of the blockchain industry and we posses cross-industry resource integration capabilities
· We have the expertise in transforming the technology for various applications
I was a programmer in my early years and later on I became a management and strategy consultant. In 2010, I become more involved with internet advertisement, which resulted in me starting a business. In 2013, I started another business in the Bitcoin industry and participated in the research and development (R&D) of the world’s first Gridseed Litecoin miner, which sold more than 100,000 miners around the world. I also created WiiBox and launched its open source software, which became the most used mining control software for Litecoin miners. After that, I worked with Li Xiaolai (and many others) to establish SFARDS, which has researched, developed and manufactured the world’s first 28nm Bitcoin and Litecoin dual algorithm chip SF3301 and the world’s first SF100 double miner.
LoMoCoin’s core team has been working together since 2013 and has experienced the mining and trading of Bitcoin and Litecoin in the early days. We are also one of the first teams in China that begun R&D application and development of blockchain technology. At present, there are more than 30 people in our team and we have started to recruit talents all around the globe with the ability to settle in various countries and regions to jointly promote and help develop LoMoCoin.
Thinking about the future, do you have any road map with relevant upgrades? What’s the added value of LMC in comparison with other competitors?
As mentioned before, LoMoCoin will develop a variety of blockchain application models that help support the needs of businesses and users on many different geographical locations around the world. These new innovative features will be launched in several phases. Some are still in the experimental stage and some have already achieved “technical results”, but they still need more resources and further development in order for them to be implemented in the LoMoCoin ecosystem.
At the end of September 2017, the beta version and multi-language version of LoMoCoin 2.0 will be released globally (China’s launch will come later due to the current uncertain situation within the country). In the initial stage, the social economy application and multi-currency functions will be released for our core users. The experience and suggestions of users from various regions around the globe will be collected and used and commercial enterprises will also be contacted during this period. In the future, more personalized and customized approached will be offered for businesses and users to interact with one another.
Our future roadmap:
· In October 2017, the official version of LoMoCoin v2.0 will be released
· In October 2017, the F5 lab program will be officially released, which will announce their progress and future plans of our laboratory projects. They will also be recruiting developers and partners around the world
· In December 2017, the LMC Simplified Payment Verification (SPV) lightweight wallet will be released
· In the first half of 2018, a demo of commercial application solutions will be released. This is based on our new SPV lightweight wallet in combination with the LBS geographic information of users
· In 2018 (perhaps later), a new generation of IoT blockchain solutions will be released, which will be integrated with our LBS system
In comparison with our competitors within the industry of digital assets, LoMoCoin has always been taking a different route. By our own unique technical and commercial capacities, we will always strive to establishing our own course within the blockchain industry.
Valuation of the current scenario for LoMoCoin and the geolocalization/crypto industry.
As mentioned before, version 1.0 was released in China in 2016. Now in 2017 version 2.0 will be launched all around the globe. Nevertheless, we are still in our infancy of what is about to come within the geolocalizatoin/crypto industry. Moreover, to reduce the threshold for users and enhance the security of our users’ assets, we have used off-chain to achieve transactions among users. With the release of the SPV wallet, advanced users will be able to use on-chain to experience more application functions, such as the mini ABS.
With regard to the valuation of the current scenario, different valuations and judgments originate from different understandings of the nature of blockchain technology and its potential commercial value within various sectors. No matter how others evaluate this technology, we have great confidence and enthusiasm about our project and we are certain that we will leave are mark in history. This is just the beginning.
Thanks for your time
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