Fantatstic article Mark. This article was concise and
and showed how simple and versitile it is to use Loom.

William Maderas

Thanks,
Mark
PS or email direct anytime Panama@cryptoheaven.com

Ps. How can I subscribe to your e-mails Mark?

–Loom Gold (this asset is backed by gold held or issued by the operator)
–TEST gold (this is the test asset and not backed by anything)
–usage tokens (this will be on all Loom systems standard, unless requested different)

If you operate your own Loom or find another on the Internet , they may have added their own different assets, which circulate within their community. Here are some examples,
(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.
(2) You are a e-commerce rock star on the Internet, selling offshore hosting to people all over the world, accepting a Scout Hour will not work, so you chose a Loom offering units with something everyone you do business with recognizes, Euros. One LEU (Loom Euro Unit) equals one Euro. Sell a hosting package for 24euros and receive 24 LEUs into your account. In this case, the operator would have to keep EUROs on hand or in a bank to back any outstanding LEUs. You would either trust him to do so (I’m reminded of EVO and INT but both are bad analogies) or if you don’t trust them they need to provide an audit or similar disclosures…..Or simply don’t use them. Trust in important with any online system containing value. That loom, the drop down menu would show:
–LEU -Euro Unit-
–TEST Gold
–usage tokens
(3) Another Gold Loom, you could back the units with digital gold currency and each Loom unit equals on Pecunix Gram or one e-gold gram? Drop down menu:
–Loom DGC
–TEST Gold
–usage tokens
(4) From within Loom Gold, there is a button for “Types” here is that page:
Types
Here is a list of the asset types currently recognized in your folder. If you click a green dot next to an asset type, you will see options to edit the type’s nickname or moving it up or down in the list. Soon we will provide options to add and delete asset types.
If there are asset types listed here which you do not understand, don’t worry about it. Those came over automatically from the old system. When we get this page finished, you will be able to delete anything you want from this list.
–usage tokens
–grams loom gold
–grams loom 1mdc
–grams TEST gold

If you operate your own Loom, like mine is being setting up now at Loomster.net you may want all of the above, plus other ‘types’ of assets for transfer between users. Of course you will still need to have multiple third party agents, who would accept your “Loom Units” in exchange for national currency. One one hand I don’t think that Scout Hours will have to many agents, but now Linden Dollars, Liberty Reserve, Webmoney etc all of these are wide open, especially the virtual currencies now becoming popular. How many Loom Systems could you create integrating virtual game currencies?
Mark