Lomocoin (LMC) is the world’s first built-in crypto-currency entertainment app which combines LBS (Location based game), to real maps and real life to drive commerce. There are locations that you can walk to in order to collect LMC which can then be sold directly to exchanges or used in something they are calling “offline shops”.
The goal of LMC is to bring never before seen traffic, trade and monetizing opportunities to business while giving customers a fun AR game that could afford them special discounts. Like Groupon which offers business incentives to sell through their app and give customers the discounts, LMC rewards business with traffic and allows customers to explore the map and collect LMC’s that can be redeemed for discounts or goods at participating stores.
LoMoCoin marks the first mobile app attempting to bring together offline shops’ demand for human traffic directing, player participation in entertaining games, and block-chain digital currency. The app enables players to explore on the map and in reality to get LMC and special offers from shops, and shops to win the high-value O2O (Online to offline) traffic created by players, bridging between players and shops for value exchange and traffic monetizing in a different way.
Highlights of LoMoCoin.
- It is a block-chain digital money system supported by LBS game and actual business credits.
- It is the world’s first mobile LBS app with built-in block-chain crypto-currency system.
- LMC is available to be traded publicly at a third-party market and can be exchanged at any time.
- By following clues to hunt the treasure, players can be directed to shops, thus building a LBS ecosystem step by step.
LoMoCoin App and Business Model.
There are three mobile versions of LoMoCoin. The H5 version (private beta test) for WeChat was launched on April 18, 2016. Android and iOS versions were unveiled in late April and May respectively, and can be downloaded at major app stores (Google play is on the way).
After opening the app, players can spot nearby treasure chests on the map, and walk up towards to claim LMC within. Players can also create their own treasure chests for friends and classmates to collect, bringing more fun for gathering activities like outing. Shop owners can also create treasure chests with LMC and coupons inside, attracting players to come in and consume.
The developers will keep updating the app and bring more functions, playing patterns, activities, and diversified game modes for players.
Mengdai is like the red envelope in WeChat, and user can see Mengdai on the map. Each Mengdai has several LMC to be claimed by certain players. Each player can get random number of LMC. After seeing Mengdai on the map, walk up to it (20 m range) and click it to see details, and then click “Claim” to get LMC. Each player can claim LMC from one Mengdai for only one time.
Mengdai includes two types:
- Some sent by the system automatically, often near the location where players log in;
- Others sent by players. Every player can customize LMC quantity, number of claims, location, and information issued. For example, Mengdai sent by a restaurant can include the information of its special offers; and when outing with your friends, you can send Mengdai to each other, and hunt treasure by the sea and in the mountains.
At its early stage, all players can send a Mengdai for free every day after logging in the game. The LMC quantity and number of claims are default, while location, title, and content can be customized. The LMC of such Mengdai is given by the system. You can send customized Mengdai at any place you like for other players to collect.
Each player has 10 points of stamina for each day, and each Mengdai claimed will cost one point. Stamina will automatically recover at midnight every day. For campaigns at major holidays, the max stamina point may be increased.
When you are in the game, you can check nearby teams and their members, and then you can click to join a team. After joining the team, each Mengdai claimed by team member will also be shared by other members. The team only lasts for one day, and will be automatically dismissed at 2:00 a.m. the next day. The top three members getting the most LMC will be rewarded after team dismissing.
After inviting your friends to LoMoCoin, they will automatically become your followers. Besides paid Mengdai sent by your friends, Class I followers will give 3% of proceed to you every day, and Class II followers (your followers’ followers) give 1%.
Users of LMC.
- Players can hunt treasure with real maps for free LMC.
- LMC can be traded or held for appreciation.
- LMC can be used for game prop purchase or offline payment.
- Shops and stores will set Mengdai with coupons and LMC inside.
- Players are attracted to shops for LMC collection.
- Popular shops in turn stimulate offline consumption by players.
- Algorithm: POW to POS.
- POS interest: 5% for annual.
- Transfer fee: 0.0001LMC default.
- Block time: 60 seconds, to be reduced in further update.
- Total supply: 1 billion.
LOMOCOIN (LMC) OVERVIEW.
Current coin Value: $0.051724 (+6.62%).
Market Cap: $11,079,416.
24hr volume: $162,028.
Circulating Supply: 214,203,857 LMC.
Total Supply: 299,203,857 LMC.
LMC is short for LoMoCoin, a brand new digital currency in the LoMoCoin app issued on the basis of block chain technology. A total of one billion LMC will be distributed in two years. With offline treasure-hunting in corresponding places on the map , players can get free LMC.
LoMoCoin uses proof-of-stake consensus as a security model, with a combined proof-of-stake/proof-of-work minting system. LoMoCoin is based on Bitcoin, while introducing many important innovations to cryptocurrency field including new security model, energy efficiency, better minting model and more adaptive response to rapid change in network computation power.
Value of LMC.
The value of LMC comes from: first, players’ actual stamina and the time they consume, which turn into a huge human traffic, bringing massive trade opportunities and monetizing chances for shop marketing; second, cash paid by shops for sending LMC to players; third, real commodities and services specially offered by shops; fourth, app popularity created from ongoing interaction among players and between players and shops; and fifth, outside investors’ outlook on the future value of the entire LoMoCoin ecology, etc.
All these elements form the backed up value of LMC, which can be seen from LMC’s conversion price and total capitalization.
How to get LMC?
After logging in, player can get LMC for free by a number of ways:
① New user gift pack;
② Daily attendance award;
③ Open the Mengdai;
④ Join a team and share the Mengdai opened by team members;
⑤ Invite your friends as followers to share the reward;
LMC Supply and distribution.
The cryptocurrency will be freely distributed in the LMC game. 60% or 600 million is set to be distributed in two years. 150 million will be awarded to angel investors. It’ll be locked for 24 months and thereafter evenly unfrozen in eight seasons.
50 million will be used for promotional activities, creation of external ecology and 3rd party cooperation enticement.
100 million will be distributed through an ICO. The ICO was successfully held at the beginning of June 2016. Finally, 100 million will be held by the development team for block chain network, server system, team salary, internal incentive, etc.
- com: CNY https://www.yuanbao.com/trade/lmc2cny
- com: BTC https://bittrex.com/Market/Index?MarketName=BTC-LMC
- io: BTC https://coinexchange.io/market/LMC/BTC
Engineers are developing a PC-side full node wallet with a better UI / UE. An SPV light purse based on LoMoCoin blockchain will also be released in late August.
More importantly, based on the new LMC SPV wallet (Android and IOS) architecture, the overseas developer community will launch a series of fast landing applications, and all of these applications will be open source. These applications have a huge market scale and potential, and overseas promotion and operational resources have been prepared. By then, based on the LoMoCoin blockchain, a totally decentralized product completely different from LoMoCoin APP of marketing advertising model will be released.
Current LMC Wallet download. http://www.lomocoin.com/english/html11/download_qt.html
LoMoCoin plans to release a brand new 2.0 version, which will completely change the original LMC free distribution mechanism. This version will establish and consolidate LoMoCoin’s vision of O2O marketing business closed-loop and ecosystem.
It will be based on the original pattern – explore the red envelope on the map, but with a better UI / UE design as well as a new Advertising and marketing system based on blockchain assets. A multi-level agent distribution system will be deployed, whereby capable users can act as agents to gain rebate of crypto assets or directly legal money.
Addition to LMC, LoMoCoin APP 2.0 will support other popular cryptocurrencies such as BTC and ETH. Multi-language support enables a global expansion and users all over the world can take part in the ecosystem. Its administrators will closely cooperate with the local partners in Japan, Korea, Southeast Asia, North America, Europe, Australia, Russia where blockchain and cryptocurrencies industry grows fast, to carry out more down-to-earth promotion and development.
THE PROJECT’S POTENTIAL.
This project’s potential is very high. This project is essentially offering a way for businesses, big or small, a way to track and monetize foot traffic. Here is an example of how some small businesses currently advertise their services. A Chinese restaurant will spend the cost of printing out their menu and will also spend money on mailing each menu to potential customers in their area. Many of these flyers will get thrown away and their advertising money goes down the drain.
What is exciting about Lomocoin is that businesses will be able to use the app and get guaranteed foot traffic in their door. This is similar facebook ads/google ads for foot traffic. If Lomocoin is able to do achieve something like this, then this could get really big.
Looking at similar apps: PokemonGO had generated a market capital of $21 Billion USD for nintendo. Yelp has a market capital of $2.4 Billion USD, and continues to generate over a half a million dollars in revenue for other businesses. LoMoCoin is both of those combined, but with even more potential because it hasn’t fully been developed yet so the sky is the limit at this point.
The brand new mechanism and ecosystem designed by LoMoCoin connects block-chain, Internet applications and real economy, promising a new commercial highlight. Players play and get currency for free and the shop owners pay for it. Mutually benefiting between digital currency and app drive the spiral growth of the entire ecosystem.
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