Loom Network (NEW)
What is Loom Network (NEW)?
Loom Network is a blockchain platform that aims to provide a seamless and efficient way for developers to build decentralized applications (DApps) that can scale and offer a smooth user experience. The platform utilizes a system of delegated proof of stake sidechains, which Loom refers to as "EOS on Ethereum", to achieve this goal. This allows for highly-scalable games and user-facing DApps that are backed by the security of Ethereum.
One of the key features of Loom Network is its multichain interoperability. This means that the platform is able to exchange data and transfer information between any blockchain seamlessly. The network is optimized for scaling high-performance DApps, and aims to allow DApps to offer a user experience that is similar to traditional apps. Additionally, the platform is designed to onboard new users without the need for them to download crypto wallet software. Loom Network also has integrations with Ethereum, Bitcoin, Tron, and Binance Chain, which allows developers to integrate assets from all chains and build a DApp only once. This means that developers can then offer the DApp to users on all platforms simultaneously, providing them with the scalability and usability they need to build high-performance user-facing DApps.
In addition to its interoperability and scalability, Loom Network also seeks to offer other features such as:
Production-Ready: Loom is live in production, which means that users can launch DApps and start onboarding new users.
Quick and Scalable: The platform runs on Delegated Proof of Stake (DPoS) and is optimized for prompt confirmation times and high-transaction throughput, making it ideal for real-world DApps.
Smooth User Experience: Loom Network enables quick transactions at minimal costs, making it easy for users to interact with DApps.
Access to a Massive User Base: With integrations and Universal Transaction Signing, users from every chain can access Loom DApps using their native wallets.
Security: Loom has a Basechain, a DPoS blockchain that has more than twenty-one external validators, which helps to ensure the security of the platform.
Future-proof DApp: The network continually builds integrations with new chains to ensure that users' DApps never become obsolete.
Loom Network also offers a resource for learning to build Ethereum DApps, called CryptoZombies, which is created by Loom Network.
The Loom Network token (LOOM) is an ERC20 token that is used to secure the platform's mainnet, called Basechain. The token is used for staking, transaction fees, and bonding. LOOM holders can stake their tokens to aid in securing Basechain and earn rewards. Developers also use the token to pay for DApp hosting on Loom Network, and validators receive LOOM as block rewards for performing various duties on the platform. The LOOM token is compatible with any ERC20 wallet.
The total supply of Loom Network (LOOM) is fixed at one billion tokens. The platform has been live in production since early 2018, and in 2021 Loom Network deployed a new LOOM token contract to Ethereum Mainnet. The new token contract has a one billion token supply and retains the same LOOM symbol as the old token contract. With its focus on scalability, interoperability, and a smooth user experience, Loom Network aims to become a leading platform for the development and deployment of high-performance DApps.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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