Loom Software: An Open Source Online System of Value Transfer

Posted: May 16, 2013 in One People's Public Trust (OPPT)

Posted from:

Imagehttp://themonetaryfuture.blogspot.com/2009/11/loom-software-open-source-online-system.html

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I was doing some research this morning on “Alternative Currencies, Digital Currencies, Online Value Software Transfer Systems”.  What I found are many local currencies, digital and otherwise, are located in many communities around the world.   Most of them are software systems for exchange of value.

I found an older system that is still operating called Loom Software.  I have a feeling Project XIII may be similar in nature, based on the conversations from Caleb Skinner and Heather Tucci-Jarraf.  This software has many types of assets that may be placed in your secure wallet.  No information required from the user except a passphrase only, that you’ll type in when you set up your account.  Enjoy the article and keep doing the research and BE the change you desire to see!

Check out the site at:

https://loom.cc/

Help File:

https://loom.cc/help

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By Mark Herpel
Digital Gold Currency Magazine Blog
Tuesday, July 28, 2009

http://www.dgcmagazine.com/blog/index.php/2009/07/28/loom-software-an-open-source-online-system-of-value-transfer/

Loom is a variety or type of value transfer software. As one might argue that the best things in life are the simple pleasures, the Loom system might also be characterized as simple accounting software developed to meet the needs of online consumers. The system functions by offering users the ability to send and receive digital units(payments). The Loom system gives all users the ability to create private digital units specific to each user’s needs. After a unit is created, parts of that digital unit or the whole unit can then be transferred between users. These digital units are known as “assets”. Units are divisible out to any scale desired but a 7 is typical for gold. (00.1234567)

To initiate any activity on the Loom system, each user must create at least one wallet (also known as a folder) which will hold all of the user’s assets. There are no formal accounts in a Loom system as you may find in conventional online payment systems like PayPal or Moneybookers. Unlike PayPal which restricts all users to just one account, Loom users are permitted to have multiple folders.

The process of opening a Loom folder, requires NO identifying information which, like a PayPal type system, would connect, link and legally bind a user through the Terms Of Service Agreement. A PayPal or Moneybookers accounts may require some or all of these items:

  • Name
  • Address
  • Phone Number
  • Email
  • Credit Card Information
  • Local Banking Information
  • Utility Bill
  • Telephone Call Verification
  • ID Copy

The Loom folder does not require any identifying information (not even a name) and the only activity required to create a Loom folder is to choose a passphrase. The passphrase is the single identifying item(data) required to open & operate a Loom folder. Don’t lose it and don’t let others get your passphrase.

Security of design and basic transaction functions

A basic description of the Loom system might involve comparing it to an endless checkerboard or grid. As one user wants to send an asset to another user, a randomly generated location in cyberspace accepts a deposit of that asset. The secret location (number) on the grid which now contains that asset value is then delivered to the recipient. Private delivery of this number can be accomplished by any host of methods including but not limited to email, phone, fax, sms or written on a slip of paper and hand delivered.

Once the receiver has the number in his possession, they can simply log in to their private folder and accept the asset (remove it from the identified checkerboard location and place into their folder). This is a rather simplified description of the Loom operation but it is accurate.

There are also a host of software and API add ons which can automate this process, simplify the acceptance of an asset (payment) or incorporate the Loom activities into an existing shopping cart application. Example: Arto Bendiken is now integrating the Loom system into Drupal. See http://drupal.org/project/digitalcurrency , http://ar.to/

The information displayed in a Loom wallet(folder) is contained in these four sections:

  • A dialog box for making payments
  • The assets in your wallet
  • Any assets in transit between you and your contacts
  • Your personal transaction history

To sum things up, “an account” at any standard online payments company is comparable “a folder” in the Loom system. A payment is comparable to an asset transfer. Unlike a Moneybookers account where a transaction may be completed by sending money, Loom transactions have two parts. The sender places the asset in a shared location and the receiver then picks up the asset. The transaction is not completed and may be recalled until the receiver picks up the asset. By placing an asset on a private location and sharing that location, the Loom user is creating a “shared asset” which can be accessed by both users and is visible in both folders.

Continue reading at: What is a Loom asset?

http://themonetaryfuture.blogspot.com/2009/11/loom-software-open-source-online-system.html

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Comments
  1. […]  Fonte https://angellucci.wordpress.com/2013/05/16/loom-software-an-open-source-online-system-of-value-trans… […]

  2. Au Matu says:

    Reblogged this on Au Matu and commented:
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