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Bloom token: A starter's guide

Bloom token: A starter’s guide

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The credit industry is based on outdated technology. For borrowers applying for a loan from lenders, it can be complicated and requires the user to put forth more information than they may be comfortable with since credit bureaus follow their protocol. Someone’s credit score does not transfer across the world, and the process can be convoluted overall. Fortunately, Bloom is looking to solve these issues with the blockchain and its Bloom token.

What is Bloom?

Like most cryptocurrency projects, Bloom is looking to innovate on a tired industry. This project is tackling credit scores. To quote the founder: “Bloom’s mission is to build a robust global credit infrastructure [that] reduces fees, increases accessibility to credit, and makes credit scoring fair.”

Credit scores are incredibly important to anyone looking to buy a house, car, a loan and more. That said, the technology supporting credit issuance is incredibly outdated. Consumers must reveal a ton of information to gain a credit line, which hackers can get into and steal. Plus, credit bureaus are constantly trading information between one another, putting our data at even more risk of exposure. Bloom wants to remove the dependence on these third parties.

The blockchain — which runs on the ethereum network — has the power to keep transactions and information private. For an adjustment to be made, the entire network must agree, meaning that no one entity is in control of the goings-on. This power helps to prevent identity theft, as credit checks no longer require all of that personal information. With Bloom, there is no need to trust a third-party to handle our information. Plus, Bloom credit scores can be used globally due to the decentralization of the blockchain network.

Bloom token price

As of this writing, the price of Bloom is USD 0.4180332 or 0.00004699 in BTC and 0.00065735 in ETH.

Bloom ICO

The Bloom ICO ran from November 30th, 2017 to January 1st, 2018. Compare to other digital currency ICOs, Bloom had a soft cap goal of $5 million, but the sale resulted in 8x that in the token sale. There were over $40 million in investments spread over 7000 users.

Currently, the market cap is at USD 19,669,237 with a total of 150,000,000 BLT created. This is much more than the team anticipated.

Bloom: How it works and its key features

Bloom breaks into three different sections: Bloom IQ, Bloom ID, and BloomScore.

Bloom IQ
BloomIQ helps to track a user’s history of debt. It reports this information to the blockchain and helps decide the score of a consumer.

Bloom ID
BloomID is essentially an account creation service. Users create an identity that is entirely anonymous and secure. They can use that identity to apply for loans without revealing all of their important information.

BloomScore
This is basically the same thing as a FICO credit score. However, the algorithm for delivering these scores is much more modern.

Finally, Bloom will also be launching a credit card called BloomCard. BloomCard works just as a normal credit card does, though it can be used globally by anyone, even if they don’t have a bank. This card works with BloomScore to measure a users credit, and consumers can even borrow from one another on the network.

Bloom token BLT: Use and utilities

The Bloom coin is a utility token. This means that users can use the digital currency to generate their profile, vote on changes in the network, invite friends, and more. BLT runs on a proof-of-stake consensus algorithm. The more coin a user stakes, the more say they have in the network and the more they are rewarded as time goes on.

Bloom: Platform and technology

The Bloom platform provides a global, decentralized credit platform that allows users to take out loans safely, and move across the world without resetting their credit scores. It also prevents third parties like governments from affecting a users score.

Bloom: Team and Founders

Bloom was founded by five college computer science graduates from Stanford University: Jesse Leimgruber, Alain Meier, John Backus, Ryan Faber and Daniel Maren. Each of them has a history working in crypto, as they were part of the founding team at the Stanford Bitcoin Group.

Bloom: Wallets

Bloom is built on the Ethereum network. Because of this, you can store BLT like any other digital tokens in nearly any ERC-20 capable ethereum wallet. Ledger, MetaMask, or MyEtherWallet are all popular ERC-20 wallets.

Bloom: Can you mine Bloom?

Bloom cannot be mined. It is a proof-of-stake token, and all tokens were generated during the ICO.

Bloom: Roadmap

The Bloom team is currently working on the Bloom Economic Research Division (BERD) which will help provide an open-source solution to analyzing the credit of consumers. Also, they are forming partnerships with as many lenders as they can. Currently, Bloom is partnered with ETHLend, Lendoit, Karma, Everex, and more.

Bloom Community

Reddit: https://www.reddit.com/r/BloomToken/ (2,080 Subscribers)
Twitter: https://twitter.com/bloomtoken (413 Followers)
Slack: https://slack.hellobloom.io
Coinmarketcap: https://coinmarketcap.com/currencies/bloomtoken/#charts

As Bloom is a newer project, they aren’t as spread out across different social media. They haven’t used Twitter since they made it, though the subreddit sees some decent discussions from different community members.

Bloom: How to buy Bloom token

Bloom is currently only available on a couple of exchanges. Bibox, IDEX, and TOPBTC make up the biggest.

Bloom: Review

Overall, Bloom has the potential to solve the widespread credit issues consumers face on a daily basis. By transferring credit handling to the blockchain — which runs on the ethereum network — users can keep their information secure and anonymous while still applying for loans on a global scale. Plus, this approach opens up a credit line for users who wouldn’t normally be able to access one.

That said, they still have a long way to go. Convincing consumers to move to a decentralized credit system will be hard, as the general public already doesn’t trust cryptocurrencies in their current state. Plus, other businesses and providers — who have to consider the risk assessment — still have to accept Bloom as an actual form of payment before consumers can take advantage of it.

Bloom: Final thoughts

Bloom is planning to revolutionize credit scoring in a big way. They have a solid plan in place with all the bases covered. The team has some solid partnerships and more along the way. With the ICO out of the way, the Bloom token now needs to gain more exposure. 2018 could be the year for that.

Max is a gaming and cryptocurrency journalist who wants to one day bring change to the world with his interests.
About The Author

Max is a gaming and cryptocurrency journalist who wants to one day bring change to the world with his interests.

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