Bloom Token (BLT) has been one of the fastest gaining coins in the last 24 hours with the price of the coin raising over 50% this Monday. This comes just two days after the company’s websites traffic increased over 1250% in the last 30 days. This brought the daily total number of sign ups on the site to around 3,500 people.
This impressive rise of Bloom Technologies, and the Bloom token shows much promise of the token given that the credit rating blockchain company started barely 2 months ago. The company is currently competing with Stellar (XLM) to the $1 mark. The coin currently is at $0.99, a 58% rise in the last 24 hours as it looks to reach the $2 mark in the coming month.
The amount of sign ups however lag behind to other companies dealing with credit score rating services. As the company looks to replace the old guard, massive effort is needed to access more people and institutions to take up the technology. The decentralized app concept still is new to a number but as more and more marketing is done and there’s wide adoption of dApps, non-blockchain apps may soon become obsolete.
The Ethereum based token was first offered through an ICO early in 2018 at a price of $1.15. The total maximum cap of BLT is 150,000,000 BLT with 50% of these BLT tokens were made available for public sale. The current circulating supply of BLT is slightly under 40 million with the rest set to be released on exchanges over time for trading.
“Since blockchain technology is so new there still exists quite a bit of technical friction to onboard users to a dApp. You currently need to have metamask and a decent grip on how this emerging technology works. We believe that we can be the biggest dapp by the end of 2018.”
– Ryan Faber, Co-founder of Bloom
Bloom Token (BLT) Protocol offers solutions to the unbanked and borrowers to obtain credit scores on the platform in order to source for funds and credit. It also allows any lender authorised by a borrower to safely and securely issue credit to the borrower.
The platform runs on three major platforms ; Bloom ID, Bloom IQ and Bloom Score. Each of these costitutes a system to allow for safe, secure, decentralized and efficient way to offer and receive credit.
Bloom ID allows the establishment of a global, federally acceptable identity with creditors and independet third parties who confirm this identity as true and legal. The users information is then stored on the network and any creditor can view before offering credit. The protocol then uses the Bloom IQ to report and track the current credit history as well as any historical debt obligations tied to the borrower’s/user’s BloomID. Bloom Protocol finally uses dynamic and inclusive parameters to determine an individuals ability and likelyhood to pay debts, the score of credit that adopts to the maturity of a users credit history.
This recent upturn in fortune for Bloom comes as a relief to the 10505 ethereum wallet holders who currently have the Bloom Token (BLT) token especially after the recent cryptocurrency bloodbath that saw Bitcoin’s price dip under $10,000.