What Is Loom Network (LOOM)?

Loom Network is a multichain interoperability platform. Interoperability means to exchange data and transfer information between any blockchain seamlessly. The network is optimized for scaling high-performance decentralized applications (DApps), requiring a quick and smooth user experience (UX). In addition, the platform aims to allow DApps to offer a UX akin to traditional apps and onboards new users without the need to download crypto wallet software. Loom also has integrations to Ethereum, Bitcoin, Tron, and Binance Chain. The integrations allow developers to integrate assets from all chains and build a DApp only once. The developers can then offer the DApp to users on all platforms simultaneously. Thus, the network provides developers the scalability and usability needed to build high-performance user-facing DApps.

In addition, Loom Network seeks to offer the following features:

• Production-Ready: Loom is live in production. So, users can launch DApp and start onboarding.

• Quick and Scalable: The platform runs on Delegated Proof of Stake (DPoS) and is optimized for the prompt confirmation times and high-transaction throughput necessary for real-world DApps. Delegated proof of stake is a blockchain consensus protocol allowing users to spend coins to vote for various delegates.

• Smooth User Experience: Loom Network enables quick transactions at minimal costs.

• Access to a Massive User Base: With integrations and Universal Transaction Signing, users from every chain can access Loom DApp using their native wallets.

• Security: Loom has a Basechain, a DPoS blockchain having more than twenty-one external validators.

• Future-proof DApp: The network continually builds integrations with new chains to ensure users’ DApp never becomes obsolete.

• CryptoZombies is the resource for learning to build Ethereum DApps and is created by Loom Network.

Loom Network (LOOM) is an ERC20token. LOOM is a proof-of-stake (PoS) token used to secure the platform’s mainnet, called Basechain. The token is used for staking, transaction fees, and bonding. LOOM holders can stake their tokens to aid in securing Basechain and earn rewards. Developers also use the token to pay for DApp hosting on Loom Network. Validators receive LOOM as block rewards for performing various duties on the platform. The LOOM token is compatible with any ERC20 wallet.

History of Loom Network (LOOM)

Loom Network has been live in production since early 2018. The total supply of Loom Network (LOOM) is fixed at one billion tokens.

Note: Loom Network has deployed the new LOOM token contract to Ethereum Mainnet. The new token contract has a one billion token supply and retains the same LOOM symbol as the old token contract.