The Loom Network (LOOM) coin is an Ethereum token that supports a network of authorized proof of stake sidechains (dubbed “EOS on Ethereum” by Loom). This enables extremely scalable games and user-facing dApps to be developed, all while maintaining Ethereum’s security.
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Loom is an Ethereum sidechain that may be used to power a variety of decentralized apps.
Loom Network is a blockchain scaling initiative that focuses on education and social apps. So far, the network has released a variety of products aimed at increasing accessibility and facilitating the creation of smart contracts. The network itself is based on Plasma, an Ethereum scaling solution that allows for quicker network transactions.
The Loom Network’s native token, LOOM, is used to cover all the expenses. It is based on Ethereum and adheres to the ERC20 token standard. A developer must stake LOOM in order to launch a decentralized program (dApp) on the Loom Network. The Loom token is not created through mining. Rather, people who interact with dApps on the Loom Network earn it. On the Loom Network, operations are free. But, if a user wishes to move commodities to another blockchain, such as Ethereum, she or he must hold at least 1 LOOM. LOOM may be purchased and traded in exchange for fiat money or other digital currencies.
Loom Network is an Ethereum-based platform as a service that makes it possible to create large-scale decentralized applications. On October 1st, 2017, this platform was launched.
The objective is to enable application developers to create smart contracts that can access considerably more processing power as needed, or keep the same capacity at a reduced cost for tasks such as trials for integrating new users or apps that do not demand the complete protection of blockchain to get started.
You can use this technology to communicate with APIs built by third parties who are not on the chain. Loom aspires to be the ideal platform for smart contract designers, allowing them to construct apps without having to move to another programming language. As a result, they may simply connect their apps to the rest of the globe.
Plasma is used to operate the Loom Network, which is a scaling solution that allows for quicker transactions throughout the network.
Matthew Campbell, James Martin Duffy, and Luke Zhang established the Loom Network in 2017.
Matthew Campbell was also a lead computer scientist at Digital Ocean, an online messaging server engineer at Thomson Reuters, a technician and co-founder of Errplane, a Scala Dude at Tapad, a designer at Bloomberg.
Loom Network’s CMO is James Martin Duffy, who is also the CEO of Epictetus Ventures and the inventor of Auragin. He established KoreaJobFinder after working as a programmer at Cryptocurrency Trading Bot. He was formerly a website developer and online entrepreneur, as well as a lead developer at Casual Steps Inc.
Luke Zhang co-founded Loom Network and previously worked as a software engineer at BlockMason, a developer at Elemica, a programmer at Workopolis, and a testing specialist at Shifthub.
Loom Network is a platform as a service (Paas) that allows Ethereum Solidity applications to operate on side chains.
As a result, the apps can have consensus methods tailored to their particular requirements and risk profile. Loom leverages the DPoS sidechains for scalability with DApps through the security of the Ethereum mainnet, making scaling decentralized apps faster and easier on the Ethereum network.
The LOOM token functions as a membership token that each encompassing in order to have access to all of the applications that operate on the Loom Network itself. This coin works on all Loom Network DAppChains and allows you to move digital assets and data between Ethereum and Loom DAppChains.
Whether you’re a seasoned trader or making your first purchase, you will get a variety of exchanges where you can buy LOOM such as Huobi, VCC Exchange, Coinbase Pro, Upbit, Bilaxy, Bittrex, Bithumb, and HitBTC.
No. It is not possible to purchase LOOM with cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
The Loom Network is protected by the zkLoom protocol, which makes it more effective and secured blockchains. The Ethereum network, which is supported by the second-biggest cryptocurrency, is one of the most widely used open blockchains for consensus mechanisms. zkLoom blockchains function in a safe way with minimal validators thanks to Ethereum’s security. As a result, it’s much simpler to launch new blockchains and manage them at a reduced cost.
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact LOOM’s price and market cap.
Loom Network Official website – https://loomx.io/
Loom Network Reddit – https://reddit.com/r/loomnetwork
Loom Network Twitter – https://twitter.com/loomnetwork
Loom Network Medium – https://medium.com/loom-network
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