Loom Network

What is the Loom Network?

The Loom Network Token or LOOM is the official currency of the Loom Network. The latter represents Platform as a Service (PaaS) project based on blockchain.

loom has several uses, however it mainly serves medium of exchange on the Loom Network. For example, it is used to pay transaction fees, part of which goes to validators.

The Loom Network token is based on ERK-20 token standard. This means that it can be stored in most digital wallets that support tokens created under the ERC-20 standard.

LOOM Token Grants access to decentralized applications (dApps) deployed on the Loom network. However, any decentralized applications (dApps) built on the Loom network do not require a LOOM implementation to operate.

It also facilitates transactions between Ethereum blockchain and dAppChains on the Loom network.

Moreover, the LOOM token plays a key role in securing the Loom network through Delegated Proof of Stake (DPoS) consensus mechanism. You can read more about this process in the section below.

The maximum limit is 1,000,000,000 LOOM tokens. There is no publicly available information about the distribution or allocation of tokens.

There are two ways to purchase LOOM. First, users earn LOOM by interacting with dApps built on the Loom network. Secondly, users can purchase it through major supported exchanges. You can check out our recommended exchanges above.

LOOM is a token, which makes it a cryptocurrency. Thus, its price tends to fluctuate. To stay up to date, you can view Loom Network price history or the current LOOM price in the chart above.

What are the main features of the Loom network?

Loom Network is a PaaS solution for developing smart contracts and decentralized applications with a focus on interoperability. It runs on Ethereum. Besides Ethereum, Loom Network also supports Bitcoin, BNB Smart Chain and TRON.

Essentially, Loom Network allows developers create and run multi-chain decentralized applications without sacrificing scalability.

Moreover, with the help of Loom Network you can launch dApps based on Ethereum Solidity. sidechains. Simply put, developers themselves can choose a consensus mechanism based on their requirements.

Loom Network provides developers with access to third-party APIs.

As discussed in the “What is the Loom Network” section, the Loom Network, also known as the Loom Basechain, operates using a Delegated Proof of Stake (DPoS) consensus mechanism.

In this type of consensus mechanism, there are two roles – validators and delegators.

Validators run nodes. To be able to do this, they must first stake their LOOM tokens. On the other hand, delegators stake their LOOM tokens in favor of the chosen validator. Delegators only receive a portion of the validator’s reward.

Loom Basechain has passed the Trail of Bits test. This audit report is available for anyone to review.

In addition, Loom Network protected by zkLoom protocol which has fewer validators.

Loom Network is plasma based. Simply put, Plasma functions as a scaling solution. This increases the speed of transactions on the Loom network.

One of the main goals of the project is to provide dApp developers with smart contracts that use more or less computing power depending on the needs of the project. For example, reducing computing power for testing.

Another goal of Loom Network is to create an environment for creating smart contracts that does not require developers to switch programming languages ​​and at the same time can implement all the functions they need.

Before jumping into the Loom Network project (or any crypto project), be sure to do proper research. In this case, you can start by looking at the price of LOOM in the chart above.

Who developed Loom Network?

The Loom Network cryptocurrency project was launched at the end of 2018. It was co-founded by a team of entrepreneurs. James Martin Duffy, Luke Zhang, And Matthew Campbell.

In addition to Loom Network, James Martin Duffy was also part of the founding team of Auragin and KoreaJobFinder. He currently serves as CEO of Epicterus Ventures and CMO of Loom Network.

Luke Zhang is a professional web developer with years of experience working for companies such as BlockMason, Elemica, Workopolis, and Shifthub.

Matthew Campbell is an experienced entrepreneur who also co-founded Errplane. He is currently the leader of several technology projects – Loom Network and Hyperwork, Inc. Campbell has worked for various renowned companies such as Bloomberg, Digital Ocean, Thomson Reuters, Tapad, Bertelsmann, Superdeluxe and Bellsouth.