What is Loom Network?
History of Loom Network
Loom Network was conceived by CEO Matthew Campbell in late 2017. It employs a large team of diverse specialties in order to achieve its goals. The LOOM token sale ended in January 2018, during which $45.08 million was raised. Less than four months later, its market capitalization briefly surpassed $400 million, making it an incredibly successful platform for Ethereum DApp developers. Loom Network has been in operation since March 2018, and several developers have already built DApps using its platform.
How Loom Network Works
The Loom Network functions as a Platform-as-a-Service which is built on top of Ethereum. It allows developers to run large-scale decentralized applications by making use of “side chains,” which basically allow DApp processes to take place without an active link to the Ethereum Network. Side chains let developers build DApps with the trust and security of the Ethereum blockchain, while providing the computing resources necessary to run highly scalable, commercial-level services. Side chains, also referred to as “Layer 2 scaling solutions” are the primary advantage that Loom Network offers to its users, which it achieves through its own, novel set of software that interfaces with Ethereum.
Why Loom Network?
As a cryptocurrency platform with the goal of making it easier for the public to interface with the Ethereum blockchain, Loom Network contains many advantages not shared by other such services:
DApp integration. Built with DApp developers in mind, Loom Network’s sidechain integration allows for apps to be 100% blockchain-based while keeping DApp functions minimally dependent on interacting with the Ethereum blockchain.
Highly scalable. Loom Network’s use of sidechains also allows for a great degree of scalability by handling the majority of DApp functions off of the main Ethereum blockchain.
Backed by Ethereum. Using their own Plasma Cash implementation, Ethereum tokens can be used on Loom sidechains while enjoying the full security of the Ethereum Network.
Blockchain-based social Q&A site. Loom Network’s DelegateCall allows for users to ask questions about their blockchain whose answerers are rewarded with “tokenized karma.”
DApp coding tutorial. Anyone can learn how to code Ethereum DApps by using their CryptoZombies DApp tutorial system by using its step-by-step building system.
24/7 support system. Using DelegateCall, the Loom Network’s official support system, anybody can ask a Loom Network-related question at any time and are guaranteed to receive a response within 24 hours.