Loomia – ICO Detailed Information

The potential of blockchain technology is still only starting to get unraveled, according to most developers and experts. While most of the current use cases still remain theoretical, many have already been implemented, and they show that the technology is legitimately capable of changing the world.

However, blockchain can go beyond simply acting as a development platform or speeding up transactions. It can also be combined with all kinds of different tech products and affect the real world. The best-known examples of this are the combinations of blockchain and IoT devices and gadgets.

For example, combining blockchain technology and GPS tracking devices allows for precise tracking of shipments, thus significantly improving the supply chain industry. Not to mention the combination of blockchain and various sensors, which can be placed in different areas and take important measurements and other kinds of useful data for scientists, researchers, analysts, and others to make use of.

Blockchain is a perfect method of storing such important data, thanks to the fact that it can hold a lot of it, keep it safe, and protect it from meddling. One project that was announced relatively recently even promises to allow users to transform their clothes into tools using a device connected to the blockchain technology. This is the project that we are interested in today, and its name is Loomia.

About Loomia

Loomia is a project that gives individuals the right to collect and own their personal data, as well as the freedom to share this data or sell it if they so desire. In a world where personal data is one of the most sought-after types of possessions, it comes as a very precious commodity.

Loomia has developed its LOOMIA TILE, which is basically a hardware device that can be added to your clothes and can transform it into a data-collecting tool.  It works in conjunction with the LOOMIA Electronic Layer, also known as LEL. This is a soft, flexible circuit which is embedded into textiles, and that has the ability to sense various changes in the environment, including heat, touch, and alike.

After the data is collected, users can then transfer it to desktop apps and use them to manage and/or sell such data to market researchers. Furthermore, the app doesn't depend on any servers. Instead, it leverages the blockchain for data integrity and security.

In addition, the LOOMIA TILE has a unique ability which allows it to associate individuals' physical identity, which is contained in their habits and biometrics, to their own digital identity, which is contained in their online profiles, activities, and alike. This opens the door to all kinds of additional third-party integrations, such as the possibility of creating apps which would allow identity verification, and alike.

All that Loomia lacks right now is its own token which would fuel its blockchain and allow it to work properly, which is why the project announced its ICO some time ago.

Loomia ICO details

While Loomia did announce that it will hold an ICO, it has not set up a specific time and date of its token sale as of yet. All we know right now is that it will sell its token, called TILE, which is an Ethereum-based utility token.

The token's price will be $0.05 per 1 TILE, and the project plans to accept Bitcoin, Ethereum, as well as fiat currencies in return for it.

It is also known that the project has set up quite a high hard cap, which sits at $30 million. Apart from that, we know that the project was registered in the US and that it has no restricted areas. In other words, anyone can participate, as long as they go through KYC and Whitelist procedures.

Author: Ali Raza for Crypto-Rating.com