Date: 9/12/17
Do you use the app? How do you like it?
Of course, I really like it. In fact, today I was very excited to demonstrate our app to some of my friends and show them the active users within the app.
Will we be able to convert currencies through the app?
Yes, we will be able to convert currencies via the app and we will be updating the app this month to support the conversion of more currencies.
What is your estimated value of 1 LMC?
This is unpredictable. Compared to many other cryptocurrencies, I believe the value of LMC is by no means worse than them.
What is LMC’s primary and secondary market?
In recent years, digital currencies have enjoyed rapid growth in all countries around the world. We are in particular optimistic about Japan and South Korea, North America, Europe, Southeast Asia and others.
Has anyone been researching how the West can be won?
Although we have prepared for our overseas development, we have still much to learn and are continuously studying it extensively. In the meantime, we have also welcomed people specialized in Western economies to our team in order to assist us in our endeavour of overseas expansion.
How is the progress on LMC being listed on other exchanges?
We have contacted quite a few exchanges, but at the moment many listings are very expensive. In addition, the major exchanges are currently crowded with all kinds of cryptocurrencies queuing.
What will the smart contract function enable? Will this be done on the LoMoCoin Blockchain?
Currently we have an open-sourced Linux wallet on GitHub with the added functionality of basic smart contracts. In the meantime it does not support virtual machines like you see with Ethereum and Qtum. In fact, their virtual machine technology is flawed as can be seen with ETH recently, where in one instance 280 million USD worth of ether was lost, so we are very wary of using new untested technologies.
It enables the ability to issue mini asset backed securities, for example. This is an innovative application that comes from the idea of a friend who runs a vending machine. The technical aspects of this application are not complicated, but at the moment, they face huge legal compliance challenges. Our current Chinese partner is subject to China’s current policies and we will postpone this development in China. However, this business model may be able to take off in other countries. Therefore, we welcome partners from other countries to explore a similar cooperation. If implemented, we will build on the LMC’s blockchain. However, I foresee other blockchains might develop similar features in the future.
When can we expect China to be upgraded to 2.0 and how do you feel it will affect the app?
The OTC platforms operating in this business are currently adopting the legal structure of overseas companies. We are also building this new legal framework, but this will take some time. Our compliance team and lawyers are communicating with the regulatory authorities. We expect to upgrade to 2.0 in China in February 2018. This will probably be a simplified version compared to the overseas version.
When will we get a new explorer? The one we currently have is not very good.
Yes it is a bit crude, mainly because the team is involved with a lot of other development tasks, so the explorer is not yet optimized. This browser is based on an open-source software. If there are programmers in our volunteer community, please help us to find a better open-source software or help us to develop a new browser. We are willing to pay LMC for this.
Can we please have some proof that this a real company? A video tour would be great or a short video of each core member describing their role of the company?
Thank you for your suggestion. We will make a video about our team. In addition, we were part of a documentary filmed in October which is expected to be released in January and it will feature our team’s workplaces.
Can you tell us how XStar will help with the growth of LMC?
XStar is a trading platform that I and some other friends in the Chinese community have set up, not only to provide liquidity to LMC, but also because we are optimistic about the future of the blockchain industry. LoMoStar and XStar will be mutually reinforcing each other. Moreover, XStar is a trading platform that will provide a different and larger trading experience, which is not exactly the same as that of LoMoStar. This is what we have discovered in the Chinese market. Also, from a perspective of marketing theory, different needs of user groups can be mutually relocated. Therefore, LoMoStar and XStar may adopt different approaches and strategies when they are promoted in various countries. In any case, if LoMoStar first enters a country, it can help XStar; if XStar first enters a country, likewise, it can in turn help LoMoStar.
How is the decentralised exchange realised? Is it XStar?
Decentralized exchange relies on smart contracts, but as we mentioned earlier, our view of smart contract technology is relatively conservative. We think smart contract technology is a big innovation, but all the current blockchains in the world are not mature enough in this regard. There are still some risks involved.
Can you explain what the decentralised exchange will do?
There are two types of OTC transactions, one is secured by LoMoStar’s centralised system to guarantee the transaction; the other will be the DEX model.
We are currently researching on cross-chain currency exchange based on smart contracts on our blockchain. In the future, DEX will be able to exchange many currencies. This area of research is a very popular topic at the moment, including Polkadot who lost a large number of ETH some time ago.
What is the purpose of the OTC feature? How will it work?
The OTC function is essentially a guaranteed transaction. It will be valuable to the follow demographics:
- Users who are not able to access exchanges, such as the current Chinese users and users in underdeveloped areas.
- Users who require a small transaction value. BTC, for instance, is now too expensive with a high transaction fee. This is not suitable for small payments, especially in some underdeveloped areas. By using the app, they can perform OTC exchanges securely and trade with others.
- Following airdrops and ICOs and before these new currencies are released on exchanges, LoMoStar will allow users to still make use of it. Some users might want cash in quickly, some users might want to share, and this will allow users to start trading immediately.
What is the value of our blockchain. Why did you create your own blockchain? Why not use another blockchain?
Speaking of the real application of BTC, it is currently mostly used for money laundering, payment in gray, black industries, large cross-border payments, and store of value, right? ETH, because of the invention of smart contracts, can develop a lot of DAPP’s. Nevertheless, it is still lacking with regard to handling large numbers of users. I am afraid that CryptoKitties in recent days showed how the ETH network can be overloaded easily at the present moment. Why is this happening you may ask? Because the whole blockchain technology industry is not yet mature enough. Because of its current performance and other issues, the various blockchain cannot really handle large-scale commercial applications. As for LTC, I don’t see what it is really used for. There are so many digital currencies in the world right now, but most are still speculation in the air. Then after more than a year of operation and trial and error in China, we found that the demand for small, socially-owned digital currencies is actually broader. Therefore, at this stage, LMC is mainly exploring new modes of monetary socialization. In the future, we will upgrade and optimize technically at the level of our blockchain to explore applications including mini asset-backed securities and the Internet of Things.
We all know that when one currency is being used more people will get involved and the value increases. Similar to BTC and ETH, most currencies are only used for trading on exchanges at the moment with no business use cases at all. I believe LMC will succeed because of this.
What kind of advantages will LMC have within the application in comparison to BTC/ETH/LTC, etc.? This is still unclear.
This can, for instance, be when ICO projects are promoted and only LMC holders will be able to participate. More than 10 projects have recently already discovered the value of LoMoStar and hope to promote and even accept LMC as an investment. We choose projects very selectively and they are still under review.
What do you think about the CryptoKitties project? Do you think something like this can also be integrated within our app? If so, do you want Sirius to help?
Haha, CryptoKitties is a great idea and their success is really surprising and intriguing. If Sirius can do this, I would be very happy!
Will a new wallet be released soon for people to stake their coins? The current one is bad.
Yes, we are developing a new wallet that will replace the current QT version. This is a new all-node wallet software, suitable for Windows, Mac and Linux. As LoMoStar’s recent promotion and new feature development time is tight, it has diverted some resources from the wallet development. We will evaluate how the development is progressing and provide you with a timeline.
Can you update the roadmap with clear goals and expected timeframe (in terms of quarters)?
Sure, we will update the roadmap to increase transparency.
How will you be able to attract businesses in other countries? Do you think this will be hard in unfamiliar territory?
Yes, it is very hard. So, let us start with the promotion of the digital currency community and attract more users to join, in order to attract the attention of potential business partners in various countries, and then explore cooperation with these partners. We can start with partners in the digital currency industry that are speaking a more common language with each other. When there are more users, it may be easier for us to expand offline business cooperation.
How can we protect our investments and our character from negative press?
- Give positive responses to negative comments. We have been developing in China for more than a year and have encountered a lot of slander and negative comments, but we insist on walking our own true path.
- With more people, a bigger community, more communication and more transparency.
- Performing our planned work seriously, having more rigorous management, reaching the promises we have given.
- Let everyone’s investment be more robust with the developments we make within the blockchain industry, and create profits.
PS: LMC’s decline yesterday, in addition to the negative slander on social media, was because of the rise of Bitcoin. The capital is fleeing all altcoins into Bitcoin and most other currencies have dropped similarly.
Xiong Lijian: My English reading is OK, but speaking and writing is difficult. In the future I will practice more and I hope we can communicate with you directly afterwards by voice or video. I will work hard! I will work hard not only for LMC, but also to learn English well. Thanks for all my friends. Thank you for your time, I appreciate it very much.
Q&A #1–24/11/17: with CMO Taoji Zou: https://hackernoon.com/answers-by-zou-taoji-cmo-of-lomostar-98c870cd94c5
Sirius: If you like to join our Q&A sessions, please visit the official LoMo Telegram channel: https://t.me/lomocoin.
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