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Mark puts words across better than me. More on Loomster Beta.

Loom software makes it possible to transfer digital title of an asset via the Internet. The actual asset may never change hands or move locations but ownership or digital ‘title’ to that asset can change dozens of times or more each hour. Its also possible that the asset may not even be a physical object.

Any user can create and issue their own type of asset. Beta testers can create their own type of Loomster assets. Asset types can be physical objects such as a gram of gold or anything two or more people agree has value.

There is a group now creating “volunteer hours”. A VH is digital title to ownership of work hours donated by members of their organization. There is no physical item stored or ‘backing’ these digital units. Each unit is equivalent to one hour of donated volunteer time within that organization. Their membership groups trade and issue “VH” units to accomplish local tasks such as the recent cleaning and restoration of a old park and vacant lot.

The popular exchange provider GoldNow has issued their own GoldNow Gold Grams. Each digital unit is equal to one gram of gold. Loomster has issued Open2Exchange Bucks or O2E-$ which is equal to one USD for exchange with O2E cash account balances.

Anyone can create or issue their own asset and exchange them on the Loom Software. GoldNow Grams are exchanged on the Loom Gold web site. O2E-$ is exchanged on Loomster. These two domains operate independently of each other but both are the same Open Source Loom Software.

With Loom Software, there is no ‘back office’ system of administration overseeing all transactions. If you lose your folder location, you also lose everything in that folder. You cannot request your old access….its gone and that is final. Lost assets do not secretly become property of the administrator, they are ‘missing at sea’ and unless you know what location to find them…..your assets will never be recovered. There is no backup database that can be mined for your lost or stolen items. No administrator can peek into the system and re-arrange folders, reclaim assets or reverse transactions. It is simply not possible.

Any Loom user can create his or her own assets and transfer title as they desire. No administrator has any ability to block that commerce, reverse it, change it or reclaim it.

Finally, all users must remember, transfer of a digital title is not a guarantee of good delivery for that asset. When using Loom Software users must personally rate the issuer of those assets. If someone you know issues digital title to one of his assets and proves to you that they will deliver if requested, you might reasonably assume since you know them that they will deliver.

Just beware, if someone you do not know, issues assets and they ask you to exchange them for value—-> It is buyer beware.

Loomster has no complaint department if you end up with bogus or worthless assets. Due diligence is 100% your responsibility.

If Boy Scout Troop 384 issued VH units(Volunteer Hours) and I needed my house painted, I’d be happy to buy 5 VH units and have them complete the job. I trust the Scouts and I know Troop 384 members. I know they will deliver on their VH digital IOU. I trust the issuer and I’ll accept those assets.

If Vladamir from Moscow, issues DIA units backed by flawless diamonds for the low low price of just $50 per carat, I would NOT want to own that asset. I don’t trust the issuer to deliver on that asset and would not do business with anyone making that claim.

Users must also be careful to notice that if Peter from Los Angeles, issues his own assets call VH-BS (Volunteer Hours Boy Scouts) and tries to exchange them with you from his local ‘troop 385′, you had better be careful to check if his assets are the real deal (actual VH units from Troop 384) or a clone of the original. Just like checking that you are shopping at the real Amazon.com web site by verfying the SSL certificate, you will want to check that you are doing business with the actual verfied VH unit and not a clone. This is very easy enough to check once you are aware it could be a possible problem.

August is beta testing month for Loomster.net which is currently operating the Loom Software version 51. Input on the Loomster operation is needed, so please sign up today and get your first Loomster folder with test assets. Loomster is not yet in operation for any actual commerce, it is still in testing mode and learning from beta user’s input. Find out how you can create your own asset and how to value other assets in the Loom system. Learn what secondary exchange market might be available and the benefits of using the Loom Software in everyday commerce.

Email me if you wish to join us in the pilot test

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