Loom Network (OLD)
What is Loom Network (OLD)?
Loom Network is a blockchain interoperability platform that allows the seamless exchange of data and transfer of information between any blockchain. It is optimized for high-performance decentralized applications (DApps) that require a smooth user experience. Loom Network aims to provide a user experience similar to traditional apps and onboard new users without requiring them to download cryptocurrency wallet software. Moreover, the platform has integrations with Ethereum, Bitcoin, Tron, and Binance Chain, which allows developers to integrate assets from all chains and build a DApp once. They can then offer the DApp to users on all platforms simultaneously. The network provides developers with scalability and usability necessary to build high-performance user-facing DApps.
Loom Network seeks to offer features that include:
Production-Ready: Loom Network is live in production, which allows users to launch a DApp and start onboarding.
Quick and Scalable: The platform runs on Delegated Proof of Stake (DPoS) and is optimized for prompt confirmation times and high transaction throughput necessary for real-world DApps.
Smooth User Experience: Loom Network enables quick transactions at minimal costs.
Access to a Massive User Base: With integrations and Universal Transaction Signing, users from every chain can access Loom DApp using their native wallets.
Security: Loom Network has a Basechain, a DPoS blockchain having more than twenty-one external validators.
Future-proof DApp: The network continually builds integrations with new chains to ensure users’ DApp never becomes obsolete.
Additionally, Loom Network has developed CryptoZombies, a resource for learning to build Ethereum DApps.
Loom Network (LOOM) is an ERC20 token that serves as a proof-of-stake (PoS) token 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. Validators receive LOOM as block rewards for performing various duties on the platform. The LOOM token is compatible with any ERC20 wallet.
Loom Network has been live in production since early 2018, and the total supply of Loom Network (LOOM) is fixed at one billion tokens. The platform has deployed the new LOOM token contract to Ethereum Mainnet, which has a one billion token supply and retains the same LOOM symbol as the old token contract.
In conclusion, Loom Network is a blockchain interoperability platform that provides a smooth user experience, scalability, and future-proof DApps. The platform's integration with major chains allows developers to build DApps that work on different platforms and access a massive user base. The LOOM token serves as a PoS token used to secure the platform's mainnet and pay for DApp hosting. Loom Network's commitment to building new integrations ensures that DApps built on the platform remain relevant and effective in the long term.
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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