The Loomia ICO’s long-term objective is to serve as a platform that tracks, verifies and secures personal identity data as generated by a user’s belongings.
In the short term, the Loomia proposition focuses specifically on the field of smart apparel which will incorporate a high-tech, weightless fabric with inbuilt micro-circuits powered by the Loomia Tile which serves as both a battery which powers the data collection and as a device for its storage.
Whitepaper and Concept
Loomia’s core concept revolves around revolutionising identity verification and personal data recording. Its technology employs multi-factor authentication to maintain the integrity of an individual’s identity, and its integration into clothing keeps track of personal and physical data for as long as a user wears the integrated clothing.
There are three core components to the Loomia system’s framework:
- Loomia Electronic Layer
- Loomia Tile
- Loomia Tile Platform
The Loomia Electronic Layer is a small circuit system that will be placed inside users’ clothing. Once implemented, it will be responsible for recording data about its user and his/her physical environment. Examples of tracked data include temperature, frequency of use, condition etc.
The Loomia Tile associates the data gathered by the Loomia Electronic Layer to a specific user. Multiple individuals can share a Loomia Tile to save their data, but thanks to the Tile’s fingerprint authentication, users cannot access anyone’s data but their own.
The Loomia Tile Platform is software that allows users to upload, manage, and save the data collected by The Loomia Tile. Individuals can then sell this data to researchers, data collection centers or other participants in the Loomia eco-system in exchange for Loomia tokens.
The whitepaper is generally cogent and presents the Loomia proposition clearly. One shortcoming is its failure to elaborate on Loomia’s potential use cases within industries other than those it targets in its roadmap.
The Loomia roadmap does not have any hard dates listed for its milestones, but it does give an anticipated time-frame for the completion of its product.
Many of the milestones listed for the next six to twelve month period involve developing basic technological innovations crucial to Loomia’s model. These include the Loomia Electronic Layer and Loomia Tile bridge technology, integrating the Tile’s data storage, developing the LEL’s sensory technology, creating a simple data exchange, and designing a token wallet.
Two to three years down the road, the team has more ambitious goals in mind, including multi-function product tracking with the LEL and Tile, an identity scoring system, and non-textile application of Loomia to other industries (e.g., automotive and furniture).
A survey of the Loomia team demonstrates some significant talent.
A 2013 Thiel Fellow, Loomia’s founder Madison Maxey has developed soft circuits for MIT, holds two e-textile patents, and has completed a residency at The School of Visual Arts and Google Creative Labs.
Ezgi Ucar, director of product development, holds an M.S. in industrial engineering and an MFA in Design and Technology. Her work has been displayed at the Metropolitan Museum of Art, the New York Hall of Science, and multiple universities.
Almost all of the team members listed on Loomia’s website have strong LinkedIn profiles, and the more prominent members have extensive bios listing their qualifications.
The team demonstrates strength in depth across a wide range of technological, creative and business skillsets.
Token and Token Value
Loomia’s token (TILE) is an ERC20-compliant token. The token will be used for purchasing data through the Loomia marketplace. Additionally, companies can use tokens to acquire general usage data of a product on the Tile Platform. Third parties can use TILE as a gateway to the Tile Platform.
Users can also swap their TILE for STORJ or BNT token using Loomia’s token change smart contract. This will allow users to convert their currency without having to use an exchange and, as a result, faciliate access to STORJ’s storage platform to backup their data or use BNT to swap for other coins, such as Gnosis and Stox.
Neither the website nor the white-paper present any formal data about what percentage of the ICO contributions will be allocated towards marketing.
On the other hand, prominent media houses and business publications have been taking an interest and reporting on the Loomia project, with coverage from Forbes, Business Insider, Yahoo! Finance, New York Magazine and BlockchainNews.
The team maintains an active Telegram channel, Facebook page, Twitter profile, Medium blog and GitHub repository.
The Loomia project is ambitious. It is aiming to position itself as the major player in a smart apparel market that, according to some estimates, will represent a $130 billion industry by 2025.
The team demonstrates creativity and experience with high profile talent whose work continues to attract the attention of major publications and media outlets. The combined expertise makes Loomia’s proposition a promising one. The potential versatility of the Loomia model, however, make it an especially attractive prospect.
The LEL and Tile Platform could revolutionise how individuals keep tabs on their belongings and their use of those belongings, with the Loomia data marketplace allowing researchers access to the kind of data that will allow them to do finely detailed number-crunching on consumer habits, and allowing consumers at the same time to monetise that data.
The Loomia sale, originally planned for November 2017, has been pushed back to 2018 to allow more time for pre-ICO publicity.