![]() ![]() Do you know any developers who are experts at Blockstack?.Do you know any developers who have integrated Storj?.We all have to do guesswork at some point, but the problem is companies are raising millions of dollars and promising the world when they can’t deliver the world. It’s really clear to me they are making guesses. ![]() This is cool, but now we have Loomia using Storj, a 3rd party for profit company with their own architecture, depending on Blockstack, promising to use a small new framework called Atlas, will somehow convert/repurpose it for Ethereum, and somehow they are going to find the people to build this. Loomia mentions they will use Storj for hard data storage which is a cool blockchain based storage system. What if your poorly written smart contract compromises my digital identity? Remember when recently a core developer on Parity wrote a bad smart contract on Ethereum that caused $31 million worth of Ether to be stolen? Why couldn’t Loomia launch their own public blockchain and their own token without any outrageous Ethereum gas fees? Also why does my digital identity need to even be on a public blockchain - Ethereum is open to millions of people, developers, and hackers. This is all fine, but has anyone thought of the Ethereum fees that will need to be paid by users and/or Loomia for each of those pieces of data to be stored? Also WHY does this data need to be on the Ethereum network? What will go on the Ethereum blockchain? Looks like User ID Registry, SKU Registry, DATA HASH IDS, Token Contracts. So apparently they want to use Ethereuem as the blockchain (not Blockstack) for Atlas. When we move to run Atlas on Ethereum, we will use the ENS (Ethereum Name Service), which like BNS has the ability to provide human-meaningful names. So this begs the question - how is Loomia going to find Developers that can work with this brand new blockchain technology? But there’s more: The whitepaper mentions they will use Blockstack Atlas for their website/apps (user facing stuff) - Blockstack is pretty cool, check them out.īut Blockstack is its own Blockchain - so Loomia is going to take the Atlas portion of Blockstack.Īt time of writing this repo has 35 commits and no documentation. The blockchain for distributed, verifiable, universal record keeping The decentralized data storage for longterm housing and and retrieval of dataģ. The decentralized app for user interactions and data collectionĢ. ![]() Each instance of the app connects to other user instances. The Tile Platform is serverless it is designed so that at no point does the app need to offload data or connect to a central server. The Tile Platform is the P2P software that collects and manages data from the LOOMIA TILE and exchanges information with the network of LOOMIA users. Ok so im ready to invest in Loomia - this is amazing!! Wait - we had probably better look at the whitepaper first right? While wearing a tile in your clothing that identifies you sounds a little strange to me - I do think its cool to take my digital identity away from companies like Facebook and Google - selling me to whomever they will. In a world where personal data has become a precious commodity, sold behind closed doors by large corporations, the LOOMIA TILE gives individuals the right to own their personal data, along with the freedom to choose how to share or sell it. Let’s look at an example:Ĭurrently in private token sale. They have no idea what they are talking about - no technical expertise. Of all the ICOs you should worry about it’s these kind. What about the big ICOs that say they are building a fully decentralized platform - all on Ethereum? Wow FULLY decentralized - all code living on thousands of nodes and no central database. Is there really any value in a blockchain application here at all? There’s nothing in the white paper except magical rainbows and unicorns and $48 million dollars.Ĭan Ethereum Do What The ICO is Proposing? They DID tell us all about Ethereum to get us excited - but it is only for their payment system. They didn’t tell us where the developers are coming from. I’m not against private blockchains, but they didn’t even specify what technology they are using. Only membership fees are paid in Ethereum (which also isn’t a great idea IMO). So what the media portrayed as amazing new decentralized ICO/product actually has 99.9% of its functionality on a private blockchain and likely private servers - all of which is not public (you don’t get to see what they do with your money/assets). SALT Memberships exist on the Ethereum Blockchain and loan collateral is recorded on its native blockchain. It can be redeemed for products and services and other rewards offered through the platform. SALT Membership is an Ethereum-based Erc20 smart contract representing levels of access to the SALT Lending Platform. This product sounds exciting right? Blockchain backed loans? Wow - and all on Ethereum. ![]()
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