Exchange Loom Network (LOOMBSC) at the Best Rates

Loom Network Crypto: Creating Multiplayer Social Games and Applications

A large number of projects on the crypto market is being developed to tackle the problems other major blockchains experience. Scalability is indeed one of the hottest topics in the world of blockchain and dApps. Loom Network is a multichain interoperability platform that's connected to other major blockchains such as Ethereum, Binance Chain, and Tron. It has been designed to provide solutions for building decentralized applications and games and aims to address some of the scalability and performance issues associated with existing blockchains. Let’s take a closer look at the Loom coin and the project’s characteristics.

Loom Network: Platform’s Features

Built on Ethereum, the Loom Network is a Platform-as-a-Service (PaaS) network with an SDK designed to create decentralized, massively multiplayer social games and applications. Loom DAppChains are sidechains that run in parallel and are linked to smart contracts on the Ethereum mainnet. DAppChains are accessible using the LOOM token, the official ERC-20 membership token of the Loom Network. 

Although Loom Network operates on top of the Ethereum ecosystem, it runs on a modified Proof-of-Stake (PoS) consensus algorithm called Delegated Proof-of-Stake (DPoS).

Loom Network offers a number of features, including Basechain and zkLoom. Basechain (formerly PlasmaChain) is an interoperable blockchain that is live in production, EVM-compatible, audited, battle-tested, and secured by 21+ validators as well as thousands of individual token delegators. This Layer-2 solution allows developers to overcome scalability issues on a base layer by offloading operations to their own connected chains. 

zkLoom is a zero-knowledge rollup based Ethereum scaling solution. By taking some of the work off-chain and wrapping up transactions into batches, rollups help lighten the burden on Ethereum and can significantly lower transaction processing times and costs. The main design of zkSync Era serves as the foundation for the zkLoom Testnet.

Facilitating the creation of dApps by developers is one of the primary objectives of the Loom Network. They offered resources and tools, such as a special blockchain for dApps and their own software development kit (SDK), to make the development process easier.

Loom Network was also the first blockchain to come up with the idea of ‘crypto zombies,’ a gamified learning tool for blockchain programming. It is a novel approach to introducing individuals to the world of blockchain technology and smart contract creation. By offering more processing power, lower prices, and network architecture that can support an unlimited number of transactions, Loom Network can encourage developers to create new dApps and smart contracts.

Loom Network: History

The platform was initially founded by Luke Zhang, Matthew Campbell, and James Duffy. James Duffy was the company's Chief Technology Officer (CTO) for most of his tenure. He was a software developer before he co-founded Loom Network. Luke Zhang, the Chief Design Officer of Loom Network, is another co-founder. The platform's design and user experience are under his purview.

The creators realized there was a burgeoning market for games and dApps based on blockchain technology, but that the current infrastructure was not able to effectively support the high-speed, low-cost transactions required for these applications. As a result, they developed a sidechain-based solution that enables the development of dApps on scalable, highly effective networks that are linked to the Ethereum mainnet.

What Is LOOM Token Used For?

The Proof-of-Stake LOOM token is used to protect Basechain. Developers utilize the token to cover the cost of hosting dApps on Loom Network. In contrast to Ethereum, developers host their dApps on Loom for a fixed monthly charge, saving their customers money on transaction fees.

Apart from this, the LOOM token is used for:

1. Staking: To secure the network from malicious attacks, holders of LOOM can lock up their tokens. In return, the protocol rewards them with newly minted tokens when transactions are verified.
2. Governance: Loom Network is fully decentralized, meaning the community determines its development journey. LOOM holders get to vote on network proposals.
3. Delegating: Users can also democratically elect validators if they want to create new blocks on the network by staking their LOOM tokens. These delegated nodes are often tasked with putting the network’s interests before theirs.

Decentralized Applications Available on Loom

Despite the company's assertions that it mostly concentrates on developing social and gaming fields, the Loom ecosystem's dApps span a wide range of subjects. The following is a list of the dApps developed so far on the Loom Network:

1. DelegateCall: DelegateCall is a website that pays individuals for asking and answering questions regarding blockchain programming. It's similar to Stack Overflow but with tips.
2. SolidityX: SolidityX is a superset that facilitates the deployment and implementation of Solidity for developers.
3. EthDeploy: A blockchain-based alternative to Amazon Web Services (AWS) called EthDeploy is a platform for testing and deploying dApps on a commercial scale. 
4. EthFiddle: More than 10,000 users share Solidity code snippets on EthFiddle for public use, compilation, and testing.

What Is the Price Prediction for LOOM Coin in 2030?

Various websites give different price predictions for LOOM coin. For instance,PricePrediction expects that by 2030, LOOM price will fluctuate between $1.91 and $2.21. Another popular source, DigitalCoinPrice believes that by 2030, Loom coin is going to cost from $1.30 at its lowest point to $1.38 at its peak.

How Much Is LOOM Coin Worth?

Today LOOM token price is $0.056723. 

How to Buy LOOM Coin?

StealthEX is here to help you buy LOOM token. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1500 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange — for instance, BTC to LOOM. 
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.