What is LOOMIA?

Analysis

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. –  loomia.com

The Product

LOOMIA is a Brooklyn-based startup that specializes in the manufacturing of smart fabrics. They use a technology called the LOOMIA electronic layer (LEL) to create materials that can collect data, sense touch, provide heat, and route power. Simplified, LEL is an electronic layer built into clothing that works like a circuit board, but it is soft and flexible like fabric.

How it works

All gathered data is recorded on a hardware device called the LOOMIA TILE. This device acts like a keychain and can be used to transfer data onto a decentralized application. It works like this: the user goes about their day, and, as they do, the LEL technology in their LOOMIA-enabled garments records data about the user and their environment – temperature, weather, distance traveled, etc. At night, when the devices are recharging, the user transfers the data from their TILE to a P2P (peer-to-peer) app.

The user can then choose to sell or lock down their data using customizable settings. If they wish, they can automatically sell their data after setting restrictions such as the amount of payment offered, the size/sensitivity of data, and the buyer’s reputation.

In case of damage or loss of the LOOMIA TILE, users can back up their data on Dropbox or a decentralized storage system. Data stored here will still be safe because a private key will be required to decrypt a user’s data capsule.

Why on the Blockchain?

LOOMIA aims to give its users the ability to store, and if they wish, sell the data they collect for TILE tokens. Blockchain technology facilitates this and provides trustworthy records of ownership of LOOMIA products (because all LOOMIA products will be registered on the Blockchain) as well as private key access to safeguard the user’s sensitive data.

Loomia’s Token (TILE)

TILE tokens can be used to access the LOOMIA data exchange allowing access to information that may be of interest to the user. For example, one might spend TILE to find out how active they are compared with others on the network. Through the exchange, the user would be able to find out, though data would be, of course, anonymous.

Future Innovation

According to the whitepaper, the LOOMIA TILE has the unique ability to link a person’s digital and physical identity (through recording their biometrics and habits, and their profile information and activities). They believe this will provide a basis for third-party developers to build apps and products on top of LOOMIA technology.

Loomia are fully allocated for their sale, but if you’re interested you can still join their waiting list.

 

 

Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.

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