LoomNetwork - Image Courtesy of LoomNetwork

Loom Network

Loom Network is a cryptocurrency platform service that supports Ethereum based applications that runs on the side chains. It runs in a delegated proof of stake system for scalable blockchain applications and games, backed with Ethereum’s mainnet security.
18.5 mln
314 mln

Interesting Facts

  • The network was developed in September of 2018.

  • Loom Network Tokens is an Ethereum Network ERC-20 token.

  • It reached over $25 million in token via private sales in January 2018.

  • Loom users can use the tokens to support active participation in securing the network and validating.

Project in a nutshell

The Loom project is created to be a staking token that allows participants to contribute to securing the network as well as earning rewards.

You can use Loom tokens for Validating, Developing, Delegating, and End Users Activities. The network has commercial and business development partners and innovations in ConsenSys, Mossland, GameWith, Axie Infinity, Neon District, and CryptoWars.

With Loom, developers can use SDK in building and launching a 2 layer solution in their decentralized application to support bigger transaction volumes in different user applications and in online gaming.

It can accommodate millions of users without congestion in the Ethereum blockchain.

LoomNetwork - image

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More in-depth review of the project

The sidechain use of the network allows the use of Ethereum to mobilize as it was intended. Making high-end applications more secure, fast, and complex.

By using the network, users will be using a Plasma Cash-based system for asset and cross-chain transfers, with this Loom Network can monitor and secure your assets in the Ethereum mainnet.

It grants the users access to both network systems and can do gasless transactions, token back guarantee from the Ethereum mainnet, and sub-second confirmation. All these create convenience on the part of the users and the organization’s maintenance department.

The main purpose of Loom Network is to create a platform that runs on Blockchain technology, which makes the transfer of digital assets faster, smoother, and more efficient. This will, in turn, bring cryptos, specifically Loom, into the daily use of the mainstream market sooner or later.

Future plans

  • Government Sectors. The government has been known to be large users of blockchain technology. Loom is aiming to establish support in the government tech operations to its customers.

  • Interoperability. Further development of the network interoperability will allow Loom to expand its application and market reach.

  • Enhance Speed. Loom is looking to further enhance its operational and transaction speed to 10x faster in this year. This will keep them from the competition and from their competitors.

  • Refocusing. Introduction of CryptoZombies to be supported by Clever Fare. This is a new and exciting platform for developers and is considered one of the best things that Loom has built. The goal is to focus and move forward strong.