Crypto project can help to distribute truthful health food and cosmetics data
|The age of the internet has made it easier than ever to share data and learn everything about anything. However, while the world wide web is an easy way to spread information, it is also just as easy to use it to spread misinformation.
Indeed, many have already undergone a lot due to this very problem, where people have suffered losses from the ills and false info on the existing distribution market. Now, thanks to cryptocurrency and blockchain technologies, a new version of the internet is emerging.
The so-called Web 3.0 offers an opportunity to change the way things are, not only when it comes to bringing decentralization to the web, but also to increase the truthfulness of information that flows through it. This is particularly what a project called LCMS aims to achieve when it comes to health foods, cosmetics, and even masks.
What is LCMS About?
LCMS is a blockchain-based platform headquartered in South Korea. The project has been founded by LCM Science, which was around since 2014.
The company has always had a strong focus on cosmetics and functional health foods, masks, and similar products. Then, it launched a blockchain platform LCMS, which leads when it comes to the distribution of customer data.
LCMS has a native token, LCMS Coin, which is an ERC-20 project whose biggest goal is to create a trusting relationship with customers, and it does this by managing the origins of raw materials for various products.
This is something that was seen before, mostly when it comes to food in major supermarket chains, where customers can benefit from knowing where the produce came from. That way, users can immediately know whether the products they are buying are organic or not, where they came from, how were they grown, and alike.
Why is there a Need for This?
As mentioned earlier, information is the key to the health and safe use of all kinds of products out there. Unfortunately, corporate greed leads companies to choose cheaper and unhealthier solutions without consumer knowledge or agreement.
With blockchain technology, all such data would have to be transparent and obvious, easy to reach by an average consumer. Thanks to the blockchain's immutability, data that was once stored cannot be manipulated, changed, deleted, or tampered with in any other way.
Meanwhile, the LCMS platform's users can also get rewards from interacting with the platform in various ways. Some examples include leaving reviews, spreading information, and personal content ownership. This will boost trust between users and lead to an easy method of detecting false information.
One of the company's officials said that "LCMS provides a new consumer-oriented platform service, and intend to create a new system that has not been seen until now, such as participation of consumers in product development.“
LCMS Sees Major Progress in Late 2020
Back in 2020, LCMS Coin's legitimacy was further proven by a listing on a major cryptocurrency exchange, Digifinex. The coin was listed in the last days of September, and it was a major move, as this represented the first big exchange to support the emerging project.
Even now, LCMS is listed on Digifinex, paired against Tether (USDT), which makes it rather easy to acquire within the platform.
Following the listing, LCMS continued looking for new opportunities to expand its business. So far, Digifinex is its largest victory, although it remains to be seen for how long.
The cryptocurrency industry is in a good place currently, and particularly the altcoin market, following Bitcoin's recent dip and inability to continue surging higher up. Meanwhile, Ethereum is only $50 away from a new all-time high, which might start a flood of surging altcoin prices.
For now, LCMS aims to collect opinions, tests, surveys of products, and more, from numerous customers. It is also introducing the data monetization system mentioned before, where the project provides consumers with data, gives them ownership and control over it, and it provides various companies with data that analyzes customers based on Bigdata for target advertising.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.