What is LoMoCoin (LMC)?
Future of LMC Cryptocurrency and know how to buy LMC

#1 – LoMoCoin: The Basics

What is LoMoCoin?

  1. LoMoCoin is a Chinese entertainment app built on the blockchain, which combines augmented reality and real maps to drive commerce.
  2. It is a mobile app which brings together offline shops’ demand for human traffic with entertainment and incentives using the blockchain and digital currency.
  3. LoMoCoin aims to bring traffic to online shops while simultaneously providing a fun and rewarding experience to customers, combined with exciting discounts and incentives in the form of LoMoCoin’s currency, LMC.

LoMoCoin Development

  1. The LoMoCoin website lists a six-member core team for the currency, though when we include the developers, product managers, marketing team and others, LoMoCoin’s team goes to about 20 members.
  2. The CEO, Xiong Lijian has several years of experience in programming and management, and over 5 years of experience in blockchain technology and cryptocurrencies. In 2013, he started a business in the Bitcoin industry and was a part of the R&D for the world’s first Gridseed Litecoin miner. He also created Wiibox and launched its open source software, and worked with Li Xiaoli and others to establish SFARDS.
  3. Other members of the LoMoCoin core team include CTO and partner Wang Xiaodong, CMO Zou Taoji, Product Director Zhu Guiliang and founding partners Wen Gebin and Xu Yang.

 

#2 – What are the advantages of LoMoCoin?

LoMoCoin Technology

  1. LoMoCoin is a mobile app compatible with Android and iOS phones, currently available only in China. It is a digital currency based on LBS (location-based services) and O2O (online to offline); the first of its kind and the only one existing till date.
  2. The service consists of a multi-layered architecture - containing the application, the service itself, a middleware layer that connects the other layers, followed by a wallet layer that interacts with the core blockchain to deliver services and operations.
  3. It is in the application layer that user operations are performed, and games and services are executed.
  4. As stated in its whitepaper, the SDK layer “offers a set of APIs based on blockchain and wallet technologies to provide the external applications with the current interfaces, which have been enabled by the application server. It also allows application server developers to complete the related business logic without having to know much of the blockchain technology itself and to integrate these inside the LoMoStar application, the server, and the underlying blockchain.”
  5. The wallet layer itself is divided into 3 parts - a cold wallet, a hot wallet, and the user wallets itself. The layer uses multi-seg protocols to ensure the additional safety of user funds.

Features

  1. The app is meant to increase human traffic to offline shop while also providing an entertaining and rewarding experience to the customers. It’s similar, in a way, to the recently popular “Pokemon Go”, only the incentives provided through the LoMoCoin app are in the form of actual discounts or digital currency (LoMoCoin’s native LMC tokens).
  2. It has 3 O2O business patterns implemented so far, which are:
    1. LoMoCoin will direct people towards the offline shops it promotes through a treasure hunt experience using real maps. Shop owners will reward customers in LMC, LoMoCoin’s currency. The players would thus get real benefits and discounts and earn LMC, while shops would get traffic.
    2. LoMoCoin officials can set up LMCs at popular places, where people can hunt treasures on their regular routes. Partnerships with big brands would contribute to the LMC ecosystem with advertisements.
    3. Tour guides can earn LMCs by referring the LoMoCoin app to tourists, who can in turn use the app in the ways mentioned above.
  3. The LoMoCoin cryptocurrency works on a Proof-of-Stake model, giving a specific interest rate based on the number of LMC held by the user.
  4. Previously based on the Proof-of-Work model, LoMoCoin now boasts of a block time of just 60 seconds and aims to decrease it even further in the future.
  5. It has 3 mobile app versions, one for Android, iOS and H5 for WeChat. The H5 version was released as a beta in April 2016, followed by the release of the Android and iOS versions, available on major app stores.
  6. After downloading the app, players can find LMC treasure chests in nearby geographical locations and walk up to them to claim the coins.
  7. In addition to store owners creating treasure chests with LMC and discount coupons to attract customers, players can themselves create chests for their friends to find and redeem.
  8. Unfortunately, the platform is only available in China currently (as of July 2018), but it’s set to expand in the future.

 

#3 – How to buy and store LoMoCoin coins (LMC)?

How to buy LMC

LMC is available in surprisingly few exchanges, for a coin almost 2 years old. You can buy LMC tokens from Bittrex, CoinExchange and Allcoin, paying Bitcoin. You can also exchange CNET for LMC on BCEX.

  1. These are just platforms where you can buy or sell LOMOCOIN coins, but the prices differ marginally on each one. CoinSwitch, one of the largest cryptocurrency exchanges around, will help you decide which to choose by displaying the prices at the exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your LMC token, and CoinSwitch will help you decide the best one for you!
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

LMC Storage

  1. LoMoCoin tokens (LMC) can be stored in its native wallet, LoMoCoin Core wallet, which is a desktop wallet compatible with Windows, Linux as well as Mac Operating Systems.
  2. The LoMoCoin official wallet is readily available for download on the website.
  3. The LoMoCoin mobile app is compatible with Android and iOS, and there is also an H5 version for WeChat.

 

#4 – What is the future of LoMoCoin?

Also Read: Complete Analysis of LoMoCoin | Live LoMoCoin (LMC) Price Charts And Predictions

Market Cap and Global Acceptance

  1. LoMoCoin’s ICO was held in June 2016, selling about 100 million LoMoCoin tokens (LMC), out of the total of 1 billion.
  2. The distribution of the LMC tokens is as follows:
    1. 600 million (60 %) tokens to be distributed for free on the app over 2 years.
    2. 150 million (15 %) given to angel investors, locked for 2 years after launch of LMC.
    3. 50 million (5 %) used for market promotion, third-party cooperation incentives and building external ecology.
    4. 100 million (10 %) sold in ICO, and
    5. The remaining 100 million (10 %) is held by the development team to pay for the blockchain network, team salaries, server system, internal incentives, etc.
  3. The circulating supply of LMC tokens is currently about 237.8 million, and it has a market cap of about $ 5.14 million USD with an individual price of about $ 0.0216, at the time of writing this article.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.028615

0.029438

0.027023

0.027987

4,421

67,75,490

Jun 01, 2018

0.042896

0.04397

0.04136

0.043448

13,365

1,00,40,500

May 01, 2018

0.06818

0.06818

0.06347

0.06659

61,953

1,55,47,900

Apr 01, 2018

0.040518

0.042172

0.037982

0.040342

10,476

92,39,700

Mar 01, 2018

0.065033

0.069312

0.064425

0.067672

63,889

1,47,64,800

Feb 01, 2018

0.083301

0.084956

0.067701

0.076601

2,02,482

1,87,51,200

Jan 01, 2018

0.144857

0.191372

0.138981

0.187977

31,83,640

3,22,92,600

Dec 01, 2017

0.061357

0.073039

0.056953

0.071026

7,48,814

1,35,50,000

Nov 01, 2017

0.04833

0.050815

0.043244

0.043688

3,81,248

1,05,69,000

Oct 01, 2017

0.059702

0.061469

0.055142

0.057059

5,49,025

1,29,28,100

Sep 01, 2017

0.051724

0.053084

0.050309

0.0514

1,70,029

1,10,78,900

Aug 01, 2017

0.038625

0.039693

0.035487

0.039142

1,22,341

81,95,720

Jul 01, 2017

0.065985

0.069474

0.056999

0.056999

7,32,245

1,38,78,000

Jun 01, 2017

0.017199

0.018264

0.01704

0.017759

1,01,967

35,84,480

May 01, 2017

0.016668

0.01856

0.01429

0.017707

7,703

34,41,040

Apr 01, 2017

0.011717

0.013471

0.011551

0.012653

4,727

23,94,650

Mar 01, 2017

0.011707

0.016585

0.011705

0.012142

3,967

23,68,850

Feb 01, 2017

0.007821

0.022605

0.007821

0.022225

7,240

16,44,100

Jan 01, 2017

0.029346

0.03023

0.025953

0.026997

6,08,884

61,68,640

Dec 01, 2016

0.007288

0.007581

0.006938

0.007334

39,989

15,31,980

Oct 01, 2016

0.006732

0.006732

0.006732

0.006732

699

-

Sep 09, 2016

0.007169

0.007169

0.006854

0.006869

24,527

-

Trends so far

  1. Like most other cryptocurrencies, LoMoCoin has seen quite a bit of change in value in the nearly 2 years of its existence. From its initial value of $0.0068 when it released in September 2016, it dropped to a minimum of $0.0046 in January 2017. Its maximum value till date was about $ 0.34 in January 2018, which has since fallen to $0.0216 as of July 2018.
  2. Considering its very low individual price, LMC is unsurprisingly not among the first 500 cryptocurrencies worldwide in terms of market cap despite its relatively high circulating supply. It currently ranks 556th among cryptocurrencies globally, as of July 2018.
  3. Just because a currency has a low market cap or even a low individual price, it doesn’t necessarily mean the coin has no potential or future scope. It combines the newest technology and monetary incentives with fun, and is the first and only such platform existing in the crypto world.

 

#5 – What makes LoMoCoin different from other cryptocurrencies?

  1. LoMoCoin is the first and only cryptocurrency which is based on LBS and O2O, incentivizing users and benefitting offline shops by driving traffic towards them.
  2. The platform also sets the record for being the only one among its peers, for which the team worked to develop 3 versions (WeChat H5, Android and iOS apps) simultaneously and succeeded, releasing all three versions in succession after the launch of the platform.

 

#6 – Should you invest in LMC?

  1. The numbers related to LoMoCoin (market cap, individual price) are quite discouraging, especially when you look at the moderately high circulating supply and compare it to the currency’s global ranking. One certainly expects a two-year-old coin to have done better in the market.
  2. However, the cryptocurrency, unlike many others, has an excuse for its low ranking: the fact that it’s only available in China. The app being available only in a single country is a definite deterrent for the demand of the currency as well as its use.
  3. This, of course, only makes the scope of the cryptocurrency larger and its potential brighter, because the currency can slowly expand to a global scale, including a large population in the process.
  4. Investing in the coin would help in its development and therefore, its appreciation in value. It’s also inexpensive, as the coin has a low enough cost that even buying a significant number will not put a dent in your pockets.
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