A Layer-2 sidechain Loom Network (Loom crypto) is dedicated to facilitating data management programs for government agencies and healthcare providers. Because blockchain-based games typically need more throughput and cheaper fees, the project that was previously a scaling solution for Ethereum became a well-liked platform for these games. Since then, Loom has focused on enterprise use cases, arguing that encouraging dApp developers to join a different network was a poor growth strategy.
A Comprehensive Guide to Loom Crypto – 2023
Large-scale decentralized applications can be deployed on the Loom Network platform as a service, which is based on Ethereum. This platform aims to give developers of applications access to smart contracts that can access much more computing power when needed or maintain the same power at a lower cost for tasks like user onboarding trials or applications that don’t actually require the full security of blockchain.
You can use this technology to communicate with third-party, off-chain APIs created by other parties. With Loom, developers of smart contracts may build applications without having to convert to a different programming language. They are able to effortlessly interface their apps with the outside world as a result. The Loom Network is powered by Plasma, a scalability solution that enables quicker network-wide transactions.
Through the use of an effective blockchain technology called zkLoom, the Loom Network is protected. Users can rely on security assurances offered by Ethereum through the zkLoom blockchain instead of having to trust validators. Because zkLoom blockchains run securely with few validators thanks to the use of Ethereum for security, it is considerably simpler and less expensive to launch new blockchains.
What is Basechain and What Does It Do?
Delegated Proof-of-Stake (DPoS) is a methodology used by Loom’s main chain, Basechain, to validate transactions and protect the network. Delegators and validators stake their LOOM tokens to support the network’s security as a whole. For carrying out various tasks on the network, validators receive LOOM as block rewards (similar to how ETH is used on Ethereum). By delegating to validators, LOOM holders can earn a fraction of these benefits.
The LOOM tokens are Ethereum network-created ERC20 tokens. One billion LOOM tokens are available with a fixed supply, of which between 55% and 65% are now in circulation and the rest is held by the firm, team, and advisers. The Loom team, in contrast to many other token teams, was privately funded and did not conduct an ICO. On well-known cryptocurrency exchanges, LOOM tokens can be traded. LOOM coins are interoperable with every wallet that supports ERC20 tokens.
For staking on the PlasmaChain, LOOM tokens are mostly used. In order to secure the network, validators rather than miners are needed on the PlasmaChain, an Ethereum-connected blockchain that makes use of Proof-of-Stake. Validators on PlasmaChain run specialized hardware and software to validate transactions, stake or lock up LOOM tokens in the network and are paid with LOOM tokens.
On the other hand, at the time of writing, Loom crypto is trading at $0.1145, according to CoinMarketCap. The token price has increased by 5.25% in the last 24 hours and its volume has also increased by 34.39% to $417,771,950.
Who Developed the Loom Crypto?
Matthew Campbell, James Martin Duffy, and Luke Zhang established The Loom Network in 2017. One of the Loom Network’s co-founders and its principal is Matthew Campbell. He also serves as Hyperwork Inc.’s principal.
In addition to serving as the CEO of Epictetus Ventures and the inventor of Auragin, James Martin Duffy serves as the CMO at Loom Network. Prior to that, he developed KoreaJobFinder and was a developer at Cryptocurrency Trading Bot. Luke Zhang is a co-founder of Loom Network. Prior to that, he had positions at BlockMason as a lead developer, Elemica as a developer, Workopolis as a developer, and Shifthub as a prototyping expert.