Introduction to Loom Network and Its Native Token $LOOM
Revolutionizing Decentralized App Development: Loom Network Solves Scalability and Interoperability Issues.
Loom Network is a multichain interoperability platform. Interoperability is the smooth flow of data and information between any blockchain. In order to scale high-performance decentralized apps (DApps), the network must provide a rapid and seamless user experience (UX). The platform also intends to onboard new users without requiring them to download cryptocurrency wallet software by enabling DApps to provide a user experience (UX) similar to that of conventional apps.
Loom Network Integrations
Additionally, Loom integrates with Tron (TRX), Binance Chain, Bitcoin (BTC), and Ethereum (ETH). Because of the integrations, developers can combine resources from all chains into a single DApp. The DApp can then be made available to users concurrently across all platforms by the developers. As a result, the network offers developers the usability and scalability they need to create high-performance DApps with user interfaces.
Loom Network also aims to provide the following features:
- Production-Ready: Loom is actively being produced. Therefore, users can start onboarding by launching DApp.
- Quick and Scalable: The Delegated Proof of Stake (DPoS)-based platform is designed for real-world DApps and has a high transaction throughput and quick confirmation times. A blockchain consensus system called “delegated proof of stake” enables users to use their own money to vote for different delegates.
- Smooth User Experience: Loom Network makes quick transactions possible with little expense.
- Access to a Massive User Base: Users can use their native wallets to access the Loom DApp thanks to integrations and Universal Transaction Signing.
- Security: The Basechain of Loom is a DPoS blockchain with more than 21 external validators.
- Future-proof DApp: To ensure that users’ DApps never become out-of-date, the network constantly develops integrations with new chains.
$LOOM Token and Its Utilities
The ERC20 token Loom Network (LOOM) is used. A proof-of-stake (PoS) token called $LOOM is utilized to protect Basechain, the platform’s Mainnet.
The token is employed for transaction fees, bonding, and staking. Owners of $LOOM tokens can stake them in exchange for rewards and help secure Basechain. The coin is also used by developers to pay for Loom Network’s DApp hosting. For carrying out various tasks on the platform, validators are rewarded with LOOM in the form of blocks. Any ERC20 wallet is compatible with the LOOM token.
Team
Roadmap
Loom Network will mature in 2020 by concentrating on what matters most and expanding its user and customer base. It will expand into new markets in DeFi, the public sector, and business and continue to support the numerous games and social applications that are released on the network.
With new sharding and Wasm engines, base chain speeds will increase by 10 times. With the Thai government, developing pilot initiatives that will increase their use of the blockchain.
Where to Store Loom Network (LOOM)
One of the most popular wallets that can support $LOOM coins is the MetaMask wallet. It relies on browser integration and an attractive design to act as one of the primary entry points to the Web3 realm. To learn more about various cryptocurrency wallets, visit our Wallet Guide page.
A trusted wallet provider for your Loom Network (LOOM) token could be Trust Wallet — a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place.
Loom Network (LOOM) Resources
Website: https://loomx.io/
Block Explorer: https://etherscan.io/
Github: https://github.com/loomnetwork
Twitter: https://twitter.com/loomnetwork
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
