Loom Network

Loom Network (LOOM) is a blockchain-based platform designed to enable developers to run large-scale decentralized applications (dApps). It is built on top of Ethereum and aims to provide a solution for dApps that require the ability to scale and run smoothly without compromising on security. The LOOM token is a proof-of-stake (PoS) token that plays a crucial role in securing the network’s mainnet, known as Basechain. It allows for the creation of dApps with a user experience comparable to traditional applications by offering fast transaction speeds and eliminating the need for users to pay gas fees.

• Total Supply:

• 1.3 billion LOOM tokens.

• Circulating Supply:

• Approximately 1.224 billion LOOM tokens.

• Token Type:

• ERC-20, used on the Ethereum blockchain.

• Usage:

• Staking, securing the network, and paying for dApp hosting on the Loom Network.

As of today #{today’s date}, the price of Loom Network is ₹5.71 INR or 0.06169 USD, with a 24-hour trading volume of 10228316.77 USD. The market capitalization for Loom Network is 75559856.35USD. The circulating supply is 1224270897.58 Loom Network, with the total supply also being 1300000000 Loom Network.

Pros:

• Interoperability:

• Integrates with major blockchains, enhancing usability across different platforms.

• User-Friendly:

• Eliminates gas fees for users, making dApps more accessible.

• Scalability:

• Offers fast transaction speeds suitable for high-performance dApps.

• Security:

• Utilizes Delegated Proof of Stake (DPoS) for network security, audited by Trail of Bits.

• Developer Support:

• Provides tools and resources for easy dApp development and deployment.

Cons:

• Market Competition:

• Faces stiff competition from other scaling solutions and interoperability platforms.

• Adoption Rate:

• The success heavily relies on the adoption rate by developers and users.

• Regulatory Risks:

• Like all cryptocurrencies, it faces potential regulatory challenges.

• Technical Complexity:

• The technical barrier may deter some developers from adopting the platform.

• Dependence on Ethereum:

• Being built on Ethereum, it may be affected by Ethereum’s scalability and fee issues.

• Strong Use Case:

• Addresses key issues like scalability, user experience, and interoperability in blockchain applications.

• Growing Ecosystem:

• Continuous development and integration with major blockchains increase its potential user base.

• Innovative Technology:

• Utilizes DPoS and zkRollups for scalability and security.

• Active Development:

• Regular updates and a clear roadmap show commitment to the project’s future.

• Staking Rewards:

• Offers an incentive for token holders to stake their tokens, securing the network and earning rewards.

• Multichain Interoperability:

• Seamless integration with major blockchains, making it a versatile platform for dApp development.

• Zero Gas Fees for Users:

• Enhances user experience by removing the barrier of gas fees for dApp interaction.

• Solidity Compatibility:

• Allows developers to easily port Ethereum dApps to Loom Network, facilitating smoother transitions and scalability.

Loom Network aims to solve the scalability and usability issues faced by Ethereum and other blockchains. By providing a platform for high-performance dApps that can operate at scale without compromising on security or user experience, it addresses the critical need for blockchain applications to function efficiently and cost-effectively.

Loom Network (LOOM) token founders are Matthew Campbell, James Martin Duffy, and Luke Zhang.

• ICO Price:

• $0.076 per LOOM.

• Listing Date:

• January 2018.

• Competition:

• The blockchain scalability and interoperability space is highly competitive.

• Adoption Challenges:

• Success depends on widespread adoption by developers and users.

• Technical Risks:

• Potential bugs or security vulnerabilities could impact the network.

• Regulatory Uncertainty:

• Changes in regulatory landscapes could affect the project’s viability.

• Market Volatility:

• Cryptocurrency markets are highly volatile, affecting the token’s value.

The Loom Network does not have a traditional whitepaper. Instead, the project emphasizes its focus on “shipping code” and iteratively improving based on real user feedback. This approach reflects the team’s belief in practical development and deployment over theoretical models. The absence of a whitepaper is seen not as a lack of direction but as a commitment to adaptability and responsiveness to the needs of developers and users in the blockchain ecosystem. The Loom Network aims to provide a scalable, interoperable platform for dApp development, with a user experience on par with traditional applications. By integrating with significant blockchains and eliminating gas fees for users, it seeks to lower the barriers to blockchain adoption and enable seamless dApp deployment across different ecosystems. The use of DPoS and plans for zkRollups further demonstrate the project’s commitment to scalability and security. Overall, the Loom Network positions itself as a practical, developer-friendly solution to the challenges of blockchain application development.

Given the absence of a traditional whitepaper, this summary is based on the ethos and approach conveyed through the project’s official communications and documentation.