What is Bloom (BLT)?
Future of BLT Cryptocurrency and know how to buy BLT

#1 - What is Bloom?

The current credit infrastructure faces a number of challenges. Due to the lack of international portability for credit histories, people have to re-establish their entire credit records. The credit system operates on an outdated mechanism for recording data related to debt repayment. Lenders do not have a global loaning capacity. The system is vulnerable to identity theft. It follows a centralized uncompetitive framework. Bloom strives to address and resolve all these problems.

Bloom - The Basics

  1. Bloom is a decentralized credit platform that examines credit risk on a peer-to-peer network. The platform provides identity verification services to its users while also establishing their creditworthiness.
  2. The project is developing itself as a secure and global credit system to replace the inefficient traditional framework. It not only helps users to port their credit histories internationally but also enables asset lenders to provide cross-border loans.
  3. One of the primary concerns of the Bloom protocol is to create a healthy, competitive credit scoring ecosystem.

Bloom Development

  1. A group of four serial entrepreneurs came together to establish Bloom. Alan Meier is a Stanford graduate and the co-founder and CEO of identity verification company Cognito. He has worked for a number of cryptography projects.
  2. Jesse Leimgruber is also a Stanford graduate with a number of prestigious accolades to his name, such as the Thiel Fellowship. He founded an enterprise analytics software called Neoreach.
  3. John Backus is an identity infrastructure expert with work experience in data engineering. He also co-founded Cognito with Meier.
  4. Ryan Faber has made many contributions in the user acquisition methodology. He founded a multi-platform marketing company called AdKick.

 

#2 - What are the benefits of Bloom?

Bloom Technology

  1. Bloom operates on the Bloom protocol. It creates a portable and inclusive credit profile with universal validity. Its primary purpose is to provide a substitute for the traditional infrastructure in the banking sector and create a new credit scoring system. Bloom seeks to fulfil this purpose through a decentralized credit platform operating on the blockchain.
  2. The Bloom protocol uses three main components, the first of which is BloomID. It enables users to create a federated identity on the platform with global validity and legal verification from independent third parties. This concept allows the users to establish their creditworthiness as well. Through a peer-to-peer network, Bloom lets the users’ peers to also vouch for their identity.
  3. Another important component of the protocol is BloomScore. It indicates a user’s capacity to pay debts according to their credit history. This feature divides the credit scoring mechanism into three phases and weighs different data points to determine the score for every individual. It takes into account a user’s peer-to-peer credit stakes from BloomID. It also analyzes a user’s expenditure and credit habits to establish their creditworthiness.
  4. The last component of the protocol is BloomIQ. It tracks and reports the debt obligations under a user’s BloomID. Its main function is to transfer the pre-existing credit history to the blockchain and provide user privacy through n approval-based method of information distribution. This concept helps in calculating an individual’s credit risk through a decentralized platform.

Features

  1. Network Currency: The Bloom network remunerates independent third parties, such as identity attesters and risk assessors, in the form of BLT tokens. It is similar to the current credit system wherein identity verification and risk assessment companies get paid for their services.
  2. Accrediting Attesters: The platform will reflect the users’ credit histories in their BloomScore. This way, the organizations within the Bloom network will have complete access to credit data about their customers.
  3. Bloom Invitation System: In order to create a secure network, the platform will require some amount of BLT to allow users to invite their friends to the platform.
  4. BloomCard: BloomCard is Bloom’s Ethereum-based debit card, built with the objective of increasing the adoption of the Bloom protocol. It will be distributed on the basis of the users’ BloomScore.

 

#3 – How to buy and store BLT?

How to buy BLT

Bloom’s token BLT is a utility token built for the participants of its ecosystem to contribute to and utilize the platform. It is available for purchase on exchanges like Bittrex, IDEX, EtherDelta, and BiBox.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, allows users to trade their cryptocurrency for BLT utility tokens across exchanges, from one place. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your BLT cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

The BLT tokens can be stored in any ETH wallet like MyEtherWallet since they are ERC20 compliant. You have to first create an account on the wallet website and finish the setup process. Next, you have to add some ETH currency in order to trade it for BLT tokens. Once the exchange is finished, you have a safe storage for your coins.

Other storage options include hardware wallets like Ledger Nano S and Trezor. Exodus and Jaxx are also the storage wallets for BLT. Holo is in the process of making its own wallet as well.

 

#4 - What is the future of Bloom?

Bloom’s whitepaper enlists six broad phases, detailing the project’s future roadmap.

  1. The first phase concerns the development of the Bloom Invitation System and Voting. It will enable the users to invite their friends to the network via BLT coins. It will also provide the users with voting rights for developed-related proposals.
  2. The second phase deals with the Bloom Identity Matching (BloomID) mechanism. It will create the Bloom protocol’s component that establishes users’ identity and verifies the related data.
  3. The third phase involves the development of the Credit Staking mechanism. It involves the development of peer-to-peer staking modules that will be converted into organizational staking.
  4. The fourth phase is regarding the development of the BloomScore component. It gives users the facility to check their credit score and explore other opportunities on the platform.
  5. The fifth phase involves the launch of the Bloom Credit Protocol and BloomCard. The launch will take place once the risk assessment process is complete. The BloomCard will be a new way of establishing creditworthiness.
  6. The sixth phase will witness the design and development of a democratized autonomous credit infrastructure. It will include the mass adoption of BLT and changes in the platform’s governance system.

Also Read: Complete Analysis of Bloom | Live Bloom (BLT) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Aug 01, 2018

0.227071

0.232235

0.216051

0.226977

41,987

10,867,998

July 01, 2018

0.209958

0.211485

0.195792

0.200710

58,369

10,016,053

June 01, 2018

0.454930

0.457897

0.378049

0.432525

368,521

21,719,468

Mar 01, 2018

0.566051

0.700933

0.456732

0.695629

2,028,740

22,357,082

Feb 01, 2018

1.05

1.10

0.807472

0.908872

1,218,720

41,331,536

 

#5 - How is Bloom different from other cryptocurrencies?

The Bloom protocol has a distinctive idea related to the credit infrastructure. It does not have any major competition in the crypto market due to the novelty of this idea. There are a few features that make it unique in terms of a blockchain platform.

  1. The Bloom protocol provides a decentralized credit scoring system to resolve the challenges faced by the traditional framework.
  2. It uses a set of three components to determine a user’s creditworthiness on the basis of their identity verification, debt obligations, and credit history.
  3. It will also launch its own Ethereum-based debit card for the users to enjoy better scoring facilities deploying the Bloom protocol.

 

#6 - Should you invest in Bloom?

  1. Bloom comes with a unique value proposition. It strives to revolutionize the current credit infrastructure by addressing problems like identity theft, cross-border credit scoring, lenders’ global loan capacity, and more.
  2. The project has a well-detailed whitepaper that covers several aspects regarding the Bloom platform. The technical information along with the future roadmap indicates the effort and planning that the team has put into the project. However, the lack of a temporal framework for the roadmap is a definite drawback.
  3. Bloom’s future potential largely depends on its team of professionals. The co-founders have impressive work experience while the team of developers is also loaded with talent. The project stands at a high market cap which indicates lower returns. However, a long-term investment in Bloom can provide profitable returns.
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