What is Loom Network?

Loom Network (LOOM) is a service platform built on Ethereum that enables developers to run large-scale decentralized applications. Launched in 2017, it strives to provide smart contracts with more computing power when needed or maintain the same power at lower costs for tasks such as onboarding new users or applications that do not require the full security of blockchain. Loom Network operates on Plasma, a scaling solution that aims to facilitate faster transactions across the network. The LOOM token, which is built on Ethereum in accordance with the ERC-20 standard, acts as a membership token, granting access to all apps running on the Loom Network.

How does Loom Network work?

Loom Network operates by allowing Ethereum Solidity applications to run through side chains, which means the applications can have consensus mechanisms specific to their needs and potential threat model. Loom Network aims to make scaling decentralized applications faster and easier on the Ethereum network, using DPoS sidechains for scalability with DApps through the security of Ethereum mainnet. The LOOM token functions on all of the DAppChains that run on the Loom Network, enabling the transfer of digital assets and data between Ethereum and Loom DAppChains.

What are the potential use cases for Loom Network?

Loom Network seeks to be a platform for smart contract developers to create applications without the need to switch to another programming language. It allows developers to easily integrate their applications with the outside world, interacting with APIs developed by third parties which are not on chain. This makes Loom Network particularly useful for large-scale applications that require high transaction throughput and fast confirmation times, such as online games and social apps. Furthermore, Loom Network's compatibility with Ethereum token standards like ERC20 and ERC721 opens up possibilities for a wide range of decentralized applications.

What is the history of Loom Network?

Loom Network was established by Matthew Campbell, James Martin Duffy, and Luke Zhang in 2017. Campbell, a seasoned software engineer, has held positions at several notable companies, including Digital Ocean and Thomson Reuters. Duffy, the CMO at Loom Network, has a background in cryptocurrency trading and web development. Zhang, a co-founder of Loom Network, has a history of working as a lead developer at various companies. Since its inception, Loom Network has been focused on providing a platform that allows developers to run large-scale decentralized applications, with a particular emphasis on gaming and social apps.