Have you heard about the Loom network? It is a multichain interoperability platform with a Software Development Kit (SDK) targeting large-scale, decentralized social app and game development. Loom Network is an Ethereum-based and Platform-as-a-Service (PaaS) network. The Loom DApp chains run parallel on the Ethereum mainnet. So read this article to know more about the Loom network and its native token.
About Loom Network
Loom Network is also known as a next-generation blockchain-based platform designed for large-scale social apps and online games. The team behind Loom introduces it as your favorite game or social media network but on the blockchain and built on Ethereum. The main purpose of the Loom network is the creation of DAppchains and dApps. But simultaneously, you will get all the benefits of a blockchain platform too.
The kit that makes this development possible is known as Loom SDK. it selects every single element of the sidechain, including your consensus mechanisms and a ruleset that you build yourself. Then release the node software that is fully containable and will run on any of the major cloud platforms. It also lets developers focus on creating their application instead of having to implement a consensus layer.
Loom Cryptocurrency is the native token of Loom Network. It has a total supply of 1,000,000,000 LOOM. The peak price of Loom cryptocurrency so far was $0.774454 on May 3, 2018. It gives users an all-access pass for the dapps that run on Loom Network and lets you transfer digital assets and data between Ethereum and Loom DAppChains.
The company behind the Loom network is Techstars NY and it holds 35 percent of the total supply in a reserve fund, 10 percent is held by team members and advisors, and 55 percent was sold during the private sale in January 2018, raising over $25 million. In order to participate in the Loom Network, its necessary to hold at least 1 Loom token. DAppChain asset transfers check your Loom coin balance before performing any transactions through the network, but it doesn’t necessarily cost a Loom token as a fee.
Just stake it for platform membership. The one and only demerit of Loom token are that it is not possible to mine Loom like other altcoins, but it can be earned through dApps. It can be stored on any ERC20-compatible cryptocurrency wallet, including MyEtherWallet and the Ledger and Trezor hardware wallets.
Loom Network lets developers run decentralized applications on a large scale basis and makes it possible for developers to create DApps along with security and trust and the computing resources they need for running commercial-scale services. By using this network, it becomes possible to build a range of games that simply are not possible without using blockchain technology.