Loom Network

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Discover Loom Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Loom Network?

Loom Network (LOOM) is a multifaceted interoperative platform designed for high-performance dApps, offering seamless integrations with major blockchains like Bitcoin, Ethereum, Binance Chain, and Tron. The LOOM token is a proof-of-stake token used to secure the network and pay for dApp hosting, enabling developers to provide a user experience comparable to traditional applications without the need for users to download crypto wallet software.

How is Loom Network used?

The Loom Network (LOOM) token serves multiple purposes within the Loom Network ecosystem. Primarily, it operates as a proof-of-stake token, bolstering the security of Basechain, Loom Network’s mainnet. LOOM holders can actively participate by staking their tokens, contributing to the network’s integrity, and reaping rewards in return.

Additionally, developers find utility in LOOM as it enables them to cover the costs of dapp hosting on Loom Network. Unlike Ethereum’s fee structure, Loom Network adopts a more developer-friendly approach, allowing dapp creators to pay a fixed monthly fee for hosting. This approach eliminates the need for end-users to shoulder transaction expenses, enhancing the overall dapp experience.

Validators must stake LOOM tokens in order to run their nodes, and delegators can stake LOOM tokens to support these validators. The token is also used for transaction fees and bonding.

How do I store Loom Network?

To store Loom Network (LOOM) tokens, you have several options:

  1. Zengo Wallet: This is a mobile wallet that offers high security and ease of use. It allows you to store, send, receive, and manage your LOOM tokens and other assets on Loom Network’s Basechain. You can also use it to access decentralized applications (DApps) on Loom Network.

  2. Binance: You can store your LOOM tokens in your Binance account, which provides a centralized exchange platform. This allows you to trade, stake, or hold your tokens securely.

  3. KuCoin: KuCoin offers both custodial and non-custodial storage options. You can hold your LOOM tokens in your KuCoin account for quick access to trading products, or you can withdraw them to a non-custodial wallet for complete control over your private keys.

  1. MetaMask and Ledger Wallet: You can also use MetaMask connected to a Ledger wallet to store and manage your LOOM tokens. This setup allows for secure storage and token swaps between different blockchain networks.

  2. Non-Custodial Wallets: For maximum control and security, you can use hardware wallets, Web3 wallets, or paper wallets to store your LOOM tokens. This option requires you to manage your private keys securely to avoid losing access to your tokens.

Choose the method that best fits your needs and preferences, considering factors such as security, convenience, and trading requirements.

How to buy Loom Network?

To buy Loom Network (LOOM) tokens, you can follow these steps:

Using Binance
  1. Create an Account: Register on the Binance website or through the app. Verify your identification to open an account.
  2. Choose Payment Method: Select "Buy Crypto" and choose your preferred payment method: credit/debit card, bank deposit, or third-party payment.
  3. Buy LOOM: Choose Loom Network and USD from the dropdown menu. Confirm your order within 1 minute, or it will be recalculated based on the current market price.
  4. Store or Use: Store your LOOM tokens in your Binance account or transfer them to a personal wallet.
Using ChangeNOW
  1. Instant Exchange: Go to ChangeNOW and exchange your currency for LOOM at the best available rate. No account or limits are required.
Using Pionex
  1. Create an Account: Register on the Pionex website or through the app. Pass the KYC verification.
  2. Choose Payment Method: Select your preferred payment method: credit/debit card, bank wire, or ACH transfer.
  3. Buy LOOM: Choose the best rate and complete the transaction. You can earn passive income using trading bots.
Using KuCoin
  1. Create an Account: Sign up on KuCoin with your email address or mobile number and create a strong password.
  2. Secure Your Account: Set up 2FA and anti-phishing codes.
  3. Verify Your Account: Enter personal information and upload a valid Photo ID.
  4. Add a Payment Method: Add a credit/debit card or bank account.
  5. Buy LOOM: Use your payment method to buy Loom Network on the KuCoin Spot Market.
Other Exchanges

You can also buy LOOM on other exchanges like KuCoin, gate.io, MEXC, and Binance Futures, which offer various payment options and trading pairs.

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History of Loom Network

The history of Loom Network (LOOM) began with its founding by a team of individuals with backgrounds in blockchain and tech. The project was released on October 1st, 2017, and it has since evolved into a production-ready, multichain interop platform for serious dapp developers.

Key Milestones
  1. Release Date: October 1st, 2017.
  2. ICO: The LOOM token was launched in January 2018 via an ICO, where it accumulated just shy of $46 million.
  3. Mainnet: Loom Network's mainnet, called Basechain, is a DPoS blockchain with 21+ external validators located all around the world, and has more than 247,828,530 LOOM staked.
  4. Scaling Solution: Loom Network runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network.
  5. Integrations: Loom Network has integrations to Bitcoin, Ethereum, Binance Chain, and Tron, with EOS and Cosmos coming soon. This allows developers to integrate assets from all major chains and build dapps that can be accessed by users on all platforms simultaneously.
  6. CryptoZombies: The creators of Loom Network are also behind CryptoZombies, a popular code school for learning to build Ethereum dapps, which has been used by over 415,672+ students to date.
Current Status

Loom Network is a platform-as-a-service (PaaS) blockchain network that helps developers create custom-made dApps. It is optimized for scaling high-performance dapps that require a fast and smooth user experience. The network allows dapps to offer a UX comparable to traditional applications and onboard new users without the friction of needing to download crypto wallet software.

Tokenomics

The LOOM token serves a dual purpose within Loom Network's ecosystem. It operates as a proof-of-stake token, bolstering the security of Basechain, and it is also used by developers to pay for dapp hosting on Loom Network. Unlike Ethereum, developers pay a flat monthly fee to host their dapps on Loom, so their users don't have to pay transaction costs.

Market Performance

The live Loom Network price today is $0.059986 USD with a 24-hour trading volume of $11,938,630 USD. The market cap is $67,270,909, and the circulating supply is 1,224,270,898 LOOM.

Community and Development

Loom Network has a strong focus on developer support and community engagement. The platform provides tools and knowledge for developers to launch high-performance dapps, and it has been continually creating new lessons and resources for developers, including CryptoZombies.

Conclusion

Loom Network has a rich history, starting from its release in 2017 to its current status as a production-ready, multichain interop platform. The project has made significant strides in providing a scalable and user-friendly platform for dapp developers, and its token, LOOM, plays a crucial role in securing the network and facilitating dapp hosting.

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How Loom Network works

Loom Network (LOOM) is a multichain interoperability platform designed to simplify the development and deployment of decentralized applications (dApps) across various blockchain networks. Here's how it works:

Consensus Mechanism

Loom Network operates on a Delegated Proof of Stake (DPoS) consensus mechanism, which ensures fast confirmation times and high-transaction throughput. This makes it suitable for real-world dApps that require a seamless user experience.

Interoperability

The platform allows developers to deploy their dApps on Loom's Basechain, which is connected to major blockchains like Ethereum, Binance Chain, and Tron. This enables dApps to reach a broader user base without the need for users to switch between different blockchain platforms.

Token Usage

The LOOM token is used to secure Loom Network's mainnet, Basechain. Token holders can stake their LOOM to help secure the network and earn rewards. Additionally, developers use LOOM tokens to pay for dApp hosting on Loom Network, which eliminates the need for users to pay gas fees.

Development and Deployment

Loom Network provides a Software Development Kit (SDK) that allows developers to create their own blockchains without needing extensive knowledge of blockchain infrastructure. This makes it easier for developers to build and deploy high-performance dApps. The platform also supports popular programming languages, making it more accessible to a wider range of developers.

Scalability and Security

Loom Network uses DPoS sidechains and Plasma, a scaling solution, to achieve fast transaction speeds and high-transaction throughput. The platform's security is further enhanced by its DPoS sidechains, which utilize the security of Ethereum's mainnet. Loom Basechain has over 21 external validators and has been audited by Trail of Bits, a renowned information security company.

Overall, Loom Network offers a comprehensive solution for developers to build and deploy scalable, secure, and user-friendly dApps across multiple blockchain networks.

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Loom Network's strengths

The token Loom Network (LOOM) has several strengths that contribute to its value and utility within the Loom Network ecosystem. Here are some of the key strengths:

  1. Dual Purpose: The LOOM token serves a dual purpose within Loom Network's ecosystem. It operates as a proof-of-stake token, bolstering the security of Basechain, Loom Network's mainnet, and also enables developers to cover the costs of dApp hosting on Loom Network.

  2. Staking and Delegation: LOOM token holders can actively participate by staking their tokens, contributing to the network's integrity, and reaping rewards in return. Validators must stake LOOM tokens to run their nodes, and delegators can stake their tokens to support validators.

  3. Developer-Friendly Approach: Unlike Ethereum's fee structure, Loom Network adopts a more developer-friendly approach, allowing dApp creators to pay a fixed monthly fee for hosting. This approach eliminates the need for end-users to shoulder transaction expenses, enhancing the overall dApp experience.

  1. Scalability and Speed: Loom Network offers a highly scalable platform with top-notch security, and it is fast enough to handle even the most complex and serious of dApps. This enables developers to provide a seamless user experience across multiple chains.

  2. Multichain Interoperability: The project features integrations with prominent blockchain networks, including Bitcoin, Ethereum, BNB Smart Chain, and Tron, with plans to include EOS and Cosmos in the near future. This enables developers to seamlessly incorporate assets from various major chains and create dApps that are accessible across multiple platforms with a single development effort.

  3. Production-Ready: Loom Network is already live in production, offering a scaling solution that sounds rather futuristic compared to many other major projects. This means developers can start using it immediately, without waiting for years of development.

These strengths make LOOM a valuable token for both developers and users within the Loom Network ecosystem.

Loom Network's risks

Loom Network (LOOM) carries several financial risks that investors should be aware of. Firstly, it is a high-risk investment, and investors should be prepared to potentially lose all their capital. Trading in LOOM involves risk, which may result in the loss of capital.

Additionally, the Loom coin market is considered very risky due to its volatility and the fact that the project is still under development. This volatility can lead to significant price fluctuations, making it challenging for investors to predict the token's performance.

Despite these risks, some analyses suggest that Loom Network has a low risk analysis score, indicating that it is less susceptible to price manipulation based on recent changes in volume and market cap. However, this does not eliminate the inherent risks associated with investing in a cryptocurrency project.

Investors should carefully weigh these risks against the potential benefits of investing in LOOM and consider strategies for mitigating risks, such as leveraging trading opportunities and managing risk through diversification and informed decision-making.

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Did Loom Network raise funds?

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Loom Network’s team

  • James Duffy: Co-founder of Loom Network, involved in the project's development and promotion, with a background in blockchain technology.
  • Matthew Campbell: Co-founder, contributed to the project's vision and development, focusing on creating a platform for scalable decentralized applications.
  • Luke Zhang: Co-founder, helped establish the technical aspects of the platform.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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