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Published in:
2014 | OriginalPaper | Chapter
Loom
Author : P. Carl Mullan
Published in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations
Publisher: Palgrave Macmillan US
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The Loom software is an example of powerful value transfer Open Source software that is available for anyone to download and use. It emerged shortly after the e-gold prosecution as a knee-jerk reaction to law enforcement’s large asset seizures. The system creates a private digital currency unlike Bitcoin or e-gold. The lack of identifying information available on Loom users or transactions makes this system one of the most private in the world. Regulatory agencies do not yet have the tools to properly monitor activity in products such as Loom software. When operated in a decentralized model the Loom system is one of the most private electronic value transfer systems ever created.