This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.
Beijing-based LoMoStar company is building an O2O ecosystem by putting cryptocurrency in red envelopes, also known as “hongbao.” The company’s LoMoCoin (LMC) token can be exchanged for real value (either fiat money, bitcoin, or other cryptocurrencies) and it enables marketing and advertising in the LoMoStar ecosystem, according to its CEO, Xiong Lijian. It’s like the Pokémon Go app but with cryptocurrency gift cards, monetizing the game exprience and following the win-win concept for both businesses and consumers.
“Take this as an example: a cafe releases LMC red packets on the map, attracting users’ attention, even drawing them close to the physical location of the cafe. At the same time, it can also send coupons, discount cards, and other services,” Xiong explains. “On the other end, users open the app and find red envelopes issued by a nearby cafe. They walk into the cafe and get LMC in a red envelope. If the coffee shop itself and the sales are really attractive, users may transform consumer behavior immediately.”
LoMoStar is also a social platform. Users automatically follow the business from which they received red envelopes and businesses can reach out to them and build communities. The advertising effect is easier to measure and evaluate.
“It’s kind of like what Ether is to the Ethereum ecosystem. Ether enables smart contracts for users. Meanwhile, LMC promotes and smooths traffic conversion from users to businesses,” said Xiong.
LoMoStar also plans to connect its blockchain tech with the Internet of Things (IoT) with the help of iBeacon, Bluetooth devices developed by iPhone which enable smartphones and other devices to perform certain actions when they get close to them. This option, however, is still in early phases of development.
Cryptocurrency is also far from mainstream and it remains to be seen if it will become a widely accepted marketing tool. LoMoCoin now has more than 300,000 users and has signed up several hundred businesses in China.
“Just like Bitcoin, it’s a meaningful social test,” said Xiong. “Although blockchain technology is not mature enough we still believe that it can change many industries, and cryptocurrencies will be applied into more industries under the legal compliance framework.”
LoMoStar just started building their presence on the international market and their current goal to achieve the global audience. For LoMoCoin it means avoiding the conundrum caused by China’s cryptocurrency trading and ICO ban. Nevertheless, blockchain is still very much a hot item in the country: At the end of last year, blockchain technology was written directly into the national “13th Five-Year plan.” Xiong noted that LoMoStar is planning a comeback soon and preparing more interesting projects. Their current project phase is 2.0 , they are unique and they ready to repeat PokemonGo success, but already in the modern crypto-blockchain field.
Developer Community of LoMoStar Sirius Project, which is a similar project as CoZ to NEO just launched a 10000 LMC reward MEME WAR –https://medium.com/@contact_78563/lomostar-memewar-contest-1ec77b37897f