Loop Network is a digital currency framework that supports smart contracts, aiming to overcome the scalability and privacy limitations of earlier systems like Ethereum. It allows parties to create smart contracts using code to specify the behavior of the virtual machine (VM) that executes the contract's function. Loop Network aims to address scalability and usability issues, without compromising decentralization, and leverages the existing developer community and ecosystem. It is an off-chain/external scaling solution for existing platforms to provide scalability and superior user experience for DApps/user features.

Loop Network operates on a system with Proof of Stake and Authority (PoSA) consensus that aims to support short block time and potentially lower fees. This system relies on a limited set of validators, who are elected in and out based on a staking-based governance. Validators take turns to produce blocks in a PoA manner. LOOP Chain, a part of Loop Network, brings EVM-compatible programmability and native cross-chain communication using an innovative consensus of Proof of Stake and Authority(PoSA). Any smart-contract written to run in EVM can be easily ported to LOOP Chain.

Loop Network aims to provide a platform for developers to build on LOOP Chain, which aims to support all the existing Ethereum tooling, faster block time, and potentially lower costs. It also offers native cross-chain transfer and communication. LOOP Chain opens the gate for users to take advantage of the fast transferring and trading. It also expands the use cases of LOOP token. Developers can make hybrid Dapps using both LOOP Chain and other chains in one single Dapp, with the help of native cross-chain functions.

Loop Network was developed as a solution to the scalability and privacy limitations of earlier systems like Ethereum. It was designed to support smart contracts without compromising decentralization and to leverage the existing developer community and ecosystem. The network uses a Proof of Stake and Authority (PoSA) consensus, which aims to support short block time and potentially lower fees. The network's history is marked by its continuous efforts to aim to address scalability and usability issues in the cryptocurrency space.