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Price (USD)$ 0.1016
Circulating SupplyLOOM 1.22143B
Volume (24h)$ 7.87089M
Market Cap$ 124.03139M
Low/High 24h$ 0.10 - $ 0.1031
Change (24h)-$ 0.001192
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.
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.
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.
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:
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:
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.
Today LOOM token price is $ 0.1016.
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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.