Cryptocurrency

What is Loom Network?

Get the most accurate information about Loom Network

Loom Network can be defined as a next-generation blockchain-based platform specially designed for large-scale online gaming and social applications. The team describes the platform as their favourite game or social network, but on the blockchain and built on Ethereum.

Thanks to Loom Network, users can create dApp Chains and dApps. In addition, it also works as a real blockchain. Consequently, you benefit from all the advantages that blockchain technology brings when using the Loom Network, including a scalable, reliable, and capable system with excellent performance

Loom network mission

This crypto project was created to solve Ethereum’s scalability problems through DAppchains. In fact, these sidechains have been specially developed for decentralized applications (dApps). 

Sidechains belong to the main blockchain, where the most important information is stored. However, this main chain is not meant to handle too much data. To solve this, the less important data is processed and stored in side chains, which cannot communicate with each other, but only with the main blockchain.

Loom Token

Loom is an ERC-20 token and was launched in 2008. Ever since it was launched, users have witnessed how multiple products and services could be acquired through this token, especially for the network of which it originates from. Unlike many other cryptocurrencies, no ICOs took place. The startup accelerator, Techstars NY invested the necessary capital for the development of the project.

The total established tokens are one trillion of which 969,767,099 Loom are already in circulation. It should be noted that the platform’s tokens are sold on the project website at a price of $1.99 per unit. That is a very expensive value compared to what we would pay to buy it in a crypto exchange.

Excellent software development

One of the most special aspects of this project is that the Loom Software Development Kit (SDK) is meant to allow developers to create their own DAppChain. All users can select elements in the sidechain, including its consensus mechanisms and a whole set of rules that they can build by themselves. You can then release the node software that is fully convertible and will run on any of the major cloud platforms. Loom SDK helps developers to focus on building their application rather than having to implement a consensus layer.

The team has designed the SDK in such a way that it is easy for developers to develop it on the blockchain. Even for those who don’t understand much about blockchain, it shouldn’t seem complicated. One of their first products is CryptoZombies. This crypto game is already up and running and allows its users to become true Ethereum programming masters in a fun way.

Incentivizing users

The blockchain and cryptocurrencies concepts continue to be new to many people around the world and for that reason, professionals in the area continue to be in short supply. The demand for Ethereum programmers is very high. So if you are good at programming you could get good use out of it.

It is common that some people have a hard time getting the hang of it, as they see it as something that is completely out of reach (which is not real). That is why the Loom Network has developed the CryptoZombies game. This game allows and teaches you to program your own game within this game while learning the Ethereum programming language, Solidity.

Loom is undoubtedly one of the most prominent projects in the crypto ecosystem, especially if we remember how useful it can be for creating dApps. Loom can be stored in digital wallets or hardware, although the safest way to store cryptocurrencies is offline.

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