An open letter by CEO Xiong Lijian before the launch of LoMoStar 2.0
Hello, global LoMoCoin fans. My name is Xiong Lijian, but you can call me Feixiong, and I like to thank you for all your enthusiasm and concerns in the last few weeks.
LoMoStar 2.0 is about to be launched online for beta testing and we are very excited for this. Our project started off in the end of 2015 and 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 we provide is based on the user’s position on the map. Currently, more than 300,000 users have used our app in China. Our vision is to keep building a new ecosystem around the geographic location and information of people and integrating it with blockchain technology.
In addition to this, we are also working on many other things. These include some new 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. We are, nevertheless, currently still at the experimental stage of many of these new solutions and more updates about this will come later on.
At present, 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 currency-to-currency 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. Our 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.
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. I myself 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.
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 LoMo ecosystem. At the end of September 2017, the beta version and multi-language version of LoMoStar 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.
There are many things coming up for all of you:
· In November/December 2017, the official version of LoMoStar v2.0 will be released
· In November 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
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.
· 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. Version 1.0 was released in China in 2016. Now in 2017 our LoMoSTAR 2.0 app will be launched all around the globe. We are, nevertheless, still in our infancy of what is about to come within the geolocalizatoin/crypto industry. 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.
Along the online release of our 2.0 version, we will issue a limited beta testing experience activity for our users. We are very welcome to your feedback in order to continuously improve the product and our company in general. We therefore look very much forward to the valuable opinions you all will offer.
Xiong Lijian CEO of LoMoCoin
September 24, 2017