LoMoCoin prepares for LoMoStar app launch
LoMoCoin, ticker symbol $LMC, released the beta version 2.0 of their LoMoStar app. LoMoCoin will be the world's first cryptocurrency build in LBS Entertainment app. The beta app is sent via e-mail to people who signed up for the beta-testing program.
Most people are probably familiar with the game Pokémon Go, where you have to physically walk around and collect Pokémons with the help of location services and a map service. LoMoCoin puts this type of game to a completely new level with its integrated cryptocurrency functionality. Currently Bitcoin and Lomocoin are available. Bitcoin can be stored, sent and received like in a normal wallet. Lomocoin's can be stored, received, sent and purchased directly inside the app. Converting Lomocoin to Bitcoin and vice versa is possible inside the app as well.
How to play the game
Where in Pokémon Go the user is on the hunt for unique Pokémon figures, in LoMoCoin's version of the game, users can place and collect so called "Red envelopes", locally or worldwide. In Pokémon Go it it’s fun to hunt for virtual characters with no value in the real world but with LoMoCoin, users can hunt for real value, usable outside of the application. If you find a "Red envelope" and you open it, you receive LMC tokens. Currently one LMC token is worth about 0.0001350 Bitcoin or $0.06 in fiat currency. I expect these numbers to increase significantly. To create and place a "Red envelope" a user must have virtual "Diamonds", a unique LoMoCoin feature. These Diamonds are purchasable via PayPal. I hope that in future versions, "Diamonds" will be purchasable with LMC tokens or Bitcoin. These "Red envelopes" can be used to create groups and raise awareness. Kinda like an invitation letter, I guess that is why it is called an envelope, maybe?
Inside the LoMoStar app users can follow, direct message and chat with other community members. It is even possible to send LMC tokens via a personal "Red envelope" to a specific person. Discover posts from the people you follow or join groups for messaging.
Business to Consumer Model
Another interesting aspect is the integration of LoMoCoin into shops and stores. Shops will be able to offer special "Mengdai" with coupons and LMC tokens. People will visit the store to collect their reward.
"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. application models, such as a social economy based on the location of users and mini retail 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." Source: Open letter by LoMoCoin CEO Feixiong
Currently still in beta with more users joining every day, the app is stable and has no big issues. I expect the feedback from the beta testers to be implemented before the official release in October 2017 where the app will go public and be available in the Google Play and Apple store.
Giving the current market capitalization of $12.5 million, I think LoMoCoin is undervalued. The team does a great job and is interacting with followers. Feixiong (Xiong Lijian) seems to be a smart and trustworthy person with a great idea and vision in mind. The total supply of LMC tokens is currently about 300Mil with a circulating supply of 216Mil. These numbers are good but I would not want the total supply to increase much further if possible.
I can give $LMC a solid "Buy" rating at this point. Expect the value of the token to increase with the upcoming events.
Two events we care about in October 2017 is the launch of the official version of the LoMoStar app and the release of the F5 LAB program with progress and future plans of the laboratory projects.
Oh and by the way, Project XStar.io is in the making. LoMoCoin's own crypto-currency exchange. The closed beta testing is supposed to finish at the end of September 2017 with the exchange expected to go live in October 2017. More about that later. ;)