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About Loom Network (LOOM)
Looking to dominate the burgeoning GameFi sector, Loom Network is a blockchain-based platform as a service (PaaS) that fosters speed and scalability in the building of sidechains and dApps.
Billed as an ‘interoperable multi-chain platform’, Loom Network consists of an EVM compatible, delegated proof of stake (DPoS) basechain that is capable of achieving high speeds, at no cost, as well as various sidechains that play host to individual dApps.
Loom has a native staking token, LOOM, which allows users to secure the network and earn an annual yield. Under the platform’s DPoS consensus framework, LOOM holders delegate their tokens to one of 21 external validators. Projects built on the network are required to pay a LOOM-denominated fee each month to maintain operations.
While LOOM is also used to pay transaction fees, those fees are ultimately incurred by each individual application, eliminating the need for users to make consuming gas payments to the network.
According to project documentation, Loom maintains integration with several leading blockchain networks, including Ethereum, Bitcoin, and BNB Smart Chain, creating a framework in which developers can build applications with utility across multiple ecosystems.
Sidechains used to host dApps are referred to as DappChains and feature customizable parameters regarding consensus, decentralization and scalability. DappChains are built using the Loom SDK, a streamlined development toolkit that caters towards those with limited blockchain experience.
Loom sidechains currently support a range of projects, spanning GameFi titles, e-learning and DeFi, the most notable of which is CryptoZombies, a P2E blockchain game and educational resource designed to teach players Solidity, Ethereum’s native programming language.
When was LOOM created and how much was it worth?
Loom Network was founded Matthew Campbell, Luke Zhang, and James Duffy all the way back in 2017.
All three cofounders currently occupy C-suite positions with Campbell assuming the role of CEO. Zhang and Duffy hold the titles of CTO and CMO, respectively.
Shortly after launch, Loom entered the world of blockchain based gaming with CryptoZombies, P2E title and educational resource designed to teach users Solidity, Ethereum’s native programming language. The protocol has since shifted their primary focus to the development of the basechain and Loom SDK.
Loom’s native token, LOOM, was initially distributed at a price of $0.06 via a private token sale in January of 2018, at which time the protocol raised roughly $25 million from a series of industry backers such as MW Partners and Cypher Ventures. The network’s funding was secured thanks in part to a spot in the Techstars NY accelerator program. Loom went live two months later in March of 2018.
Data from CoinGecko shows LOOM reached an all-time high of $0.25 in April of 2021. By November of 2021, LOOM was closer to $0.15 and it has been subjected to downward price volatility since then.
How is the price of LOOM determined?
LOOM is a deflationary asset with a hard cap of 1 billion tokens. Per Messari, 45% of LOOM’s total supply was initially distributed via a private token sale to accredited investors in early 2018, while an additional 35% was sent to the protocol’s reserves. The remaining 20% of supply was earmarked for the platform’s team and advisors.
Why does LOOM have value
A competitor to existing networks of networks, like Ethereum and Polkadot, Loom’s value is a reflection of demand for its scalable, fee-less transaction environment, and a bet on the rise of interoperability as blockchains continue to crossover.
Is LOOM secure?
Loom’s basechain is secured via a Delegated Proof-of-Stake (DPoS) consensus mechanism which sees token holders bestow LOOM to one of 21 external transaction validators. It’s the framework employed by other high-speed networks like EOS and Cardano.
Given they feature customizable parameters, independent sidechains operating on the network are able to pick and choose their own consensus process.
What are the main benefits of LOOM?
- Loom’s base chain is both interoperable and scalable, with the network capable of reaching high throughput speeds. It's aiming high, striving to be nothing less than the dominant gaming app platform.
- Applications built on Loom are responsible for paying transaction fees, eliminating the need for end users to make gas payments to the network.
- Loom’s dApp-hosting sidechains feature customizable parameters regarding consensus and decentralization.
- Token holders can stake LOOM to the network for an annual yield.
What do critics say about LOOM?
Although the LOOM token is listed on several major exchanges, CoinBureau said it observed relatively low levels of turnover on each of these order books, which "could limit liquidity for the token."
How to buy Loom Network (LOOM)
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