Loom

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= digital accounting system that can serve for any and multiple digital currencies

URL = http://loom.cc/

Description

1.

Mark Herpel:

" The Loom model not an online payment system. Loom is similar to its complicated cousin ‘digital currency’ in some regards as the units are exchanged via a third party independent agent and can also be swapped for other digital currency.

No ID or personal information is required to buy, sell or exchange value. Loom is simply one very large step beyond ‘digital currency’ or anything else out there on the Internet. The great thing about Loom is that the ’system’ used for the exchanges is pretty generic so it can be copied, cloned or leased out for use on multiple URLs without too much technical hassle. In fact we can say its open source." (http://www.bizzia.com/articles/the-loom-model-the-new-generation-of-digital-value-transfer-162/)

2.

Digital Money World:

"Loom is a general purpose content management system, somewhat like a Wiki, except it is *not* open to the public. It was developed specifically to provide rich, dynamic content to a variety of users with different permissions and privileges. Its design was inspired by the needs we faced in our accounting business, where we publish a plethora of dynamic and sensitive financial data and reports to users. The design is founded on accounting and economics. It is not a “public utility.” (http://www.bizzia.com/articles/the-loom-model-the-new-generation-of-digital-value-transfer-162/)


How It Works

Mark Herpel:

"The ’system’ is a big checker board with almost an infinite number of squares. The ‘Loom’ is an easy to use interface which allows anyone to pick a square from the checkerboard and place value on it. You can place a stack of gold coins, pile of bills, box of doughnuts etc. on any one square. Then simply give that square’s location your own personal name (access info). From that point you would make contact with your receiver outside of the Loom system (email, skype, IM) and tell them where your square is….then the receiver interfaces with Loom and visits your square (access info) finds that value and retrieves it leaving the square empty.

The Loom system is a large book entry spreadsheet. The drop point or as I have called it ’square’ is the only shared information between users. Unlike typical ‘digital currency’ systems where a user or account holder identifies himself with an ‘account number’ the Loom system is totally different. There are no accounts to track, you can’t get my account number and trace all my payments. Each transfer is has unique identifier and can be numbers, words, phrases or any combination. The only person who would know the final location of the value is the recipient. The funny thing is, generally account holders can say, “Give me the account number or numbers and look at the history of spends or receipts” but with Loom each transaction is its own separate account. In this case, technically and physically there is NO client account.

To interface with Loom a user needs a folder. However, the folder is not labeled with any distinct identifying information. Its not a name, address, SIN, SSN EIN or even a STD! It is simply anything you want it to be, and its recommended to use a 5 word randomly generated phrase." (http://www.bizzia.com/articles/the-loom-model-the-new-generation-of-digital-value-transfer-162/)


Example

Bill St. Clair:

"One nice thing about Loom is that it allows you to create your own asset types, your own private currencies. In a comment to his Digital Money World article, A Brief Loom Instructional, Mark Herpel described one unusual "currency":

Quote:

(1) The Boy Scouts of Amerika, set up their own Loom to trade and transfer between their Scout region. Their unit of value is "Scout Hour" and each hour is worth one Boy Scout visiting your establishment and working manual labor, your choice, for one hour. Perhaps they have a money raising campaign, selling hours in their community, cash comes in and Digital 'Scout Hours' go to each person or business in the community who buys one or two for charity. Once the work is accomplished, the 'Scout Hour' is moved back to the 'Scout Account'. As long as everyone in the community realizes that one Scout Hour is the equivalent of a Boy Scout sweeping their warehouse or raking their lawn for exactly one hour, everyone could use the units and envision exactly what that value = one hour of work."