Loom Network Review: Introduction to LOOM


If you are passionate about encryption and blockchain technologies, then there is a good chance
You already know that scalability is one of the most pressing problems facing the blockchain industry.
Of course, there are many blockchain projects that were designed specifically for
counteract this problem, such as NEO, Lisk, EOS, Zilliqa, IOST, Nano and IOTA.

However, achieving good levels of scalability is one thing, and doing it without compromising decentralization is a completely different problem. Ethereum, the most popular in the world The dApps platform is currently developing various scalability solutions, such as sharing and
use of side chains.

This is where the Loom Network comes into history, as this is the first solution for scaling Ethereum.
This allows developers to run large-scale applications.

What is a Loom network?

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Shortly speaking, Loom network builds a fundamental infrastructure that helps scale the ethereum.
Accurately, Loom Network is a second level scaling solution for Ethereum that allows Run scalable applications and smart contracts on their side chains.

Calling themselves the next generation platform based on the blockchain, with an emphasis on creating large
scale up social apps and online games. This PaaS (platform as a service) allows Ethereum-based,
Application hardness to run on the main chain and private, semi-state chains.Loom helps
developers have smart contracts that can access more processing power.

How does the Loom Network work?

To understand how the Loom Network works, we will look at things like DAppChains , Loom
Sdk and Loom token .

  • DAppChains

The first thing you need to understand is that the Loom Network makes it possible
developers to create DAppChains and typical dApps. However, it can also function as an actual
blockchain In short, Loom Network is a blockchain system that boasts all the qualities. It is scalable, highly performance oriented and reliable chain.

The so-called DAppChains are blockchains that work in parallel with smart Ethereum contracts.
An interesting aspect of DAppChains is that they have their own assets that can be transferred Ethereum network.

  • Loom SDK

Loom SDK is another important component of the Loom network. This allows developers
create and deploy games and applications on DAppChains, as well as create your own DAppChain. To make the task as simple as possible, the Loom SDK component allows developers focus more on creating real-world applications than on building complex consensus.

  • Loom token

Loom Token is the component that feeds the network, and it is used for all products and services offered online. This is an ERC-20 token that allows users to purchase services and products offered on the Loom network.

Each time a user must transfer an asset from one of Loom DAppChains or Ethereum or To complete the transfer between two DAppChains, he will have to pay LOOM tokens.
The minimum required amount is 1 LOOM token.

At the time of writing, the LOOM token occupied the 109th place in accordance with the market capitalization. RThe distribution is as follows: 35% of the total stock is kept as a reserve fund within the company, 10% is for the team and consultants, and the rest remains in circulation.

Where can I buy LOOM tokens?

Despite the fact that LOOM Network is not the most popular blockchain platform,
Token LOOM has managed to attract enough attention. Token can be purchased from
A wide range of cryptocurrencies such as Coinbase Pro, Binance, Bittrex, Bithumb, Upbit, and Kucoin.

Where can I store LOOM tokens?

Since LOOM is an ERC-20 token, you have many good options. One of the best
LOOM token storage wallets are Trezor, Ledger Nano S, Jaxx, MyEtherWallet, Coinomi and
MetaMask.

Conclusion

Loom Network is a kind of exception in the cryptosphere. To start the project does not have an ICO, and unlike most other products of this type, he did not publish his technical paper.
Instead, the Loom Network team began creating the product first.
Loom Network is a big thing for Ethereum because it allows developers to run decentralized applications on
large scale. It already has several built-in applications, and if everything goes according to plan, perhaps this will help Ethereum become more scalable.

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