Loom Network LOOM
About
What Is Loom Network (LOOM)?
Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. This platform was released on October 1st, 2017.
The goal of this is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain to begin with.
In this system you have the ability to interact with APIs developed by third parties which are not on chain. Loom attempts to be the ultimate platform that allows smart contract developers to create applications without the need to switch to another programming language.
As such, they can easily integrate their applications with the outside world.
The Loom Network runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network.
Who Are the Founders of Loom Network?
The Loom Network was founded by Matthew Campbell, James Martin Duffy and Luke Zhang in 2017.
Matthew Campbell is one of the co-founders and principal of the Loom Network. He is also the principal of Hyperwork Inc, and was also a lead software engineer at Digital Ocean, an instant messaging server architect at Thomson Reuters, an engine mechanic and co-founder of Errplane, a Scala Dude at Tapad, an architect at Bloomberg, a technical architect at Thomson Reuters, a senior R&D engineer at Bertelsmann, he rewrote the Gucci website into Ruby on Rails, he was the lead technical engineer at Superdeluxe and a software analyst at Bellsouth with a background in programming at Listman Home Technologies and Insurance House.
James Martin Duffy is the CMO at Loom Network, and he is also the CEO at Epictetus Ventures as well as the founder of Auragin. Before that, he worked as a developer at Cryptocurrency Trading Bot, and founded KoreaJobFinder. He was also a lead developer at Casual Steps Inc, and a freelance web developer and online marketer before that.
Luke Zhang is the co-founder of Loom Network, and before that he was a lead developer at BlockMason, a developer at Elemica, a developer at Workopolis and a prototyping expert at Shifthub.
What Makes Loom Network Unique?
Loom Network is a platform as a service that allows Ethereum Solidity applications to be run through side chains.
This means that the applications can have consensus mechanisms specific for their needs and potential threat model. Loom makes scaling decentralized applications faster and easier on the Ethereum network and uses the DPoS sidechains for scalability with DApps through the security of Ethereum mainnet.
The LOOM token acts as a membership token that each member receives in order to get access to all of the apps that run on the Loom Network itself. This token functions on all of the DAppChains that run on the Loom Network and lets you transfer digital assets and data between Ethereum and Loom DAppChains.
How Is the Loom Network Secured?
The Loom Network is secured through a zkLoom protocol for efficient blockchains. The Ethereum network is one of the most popular open-source blockchains for smart contracts and it is backed by the second largest cryptocurrency. Through zkLoom blockchain, you no longer have to trust validators, and can rely on security guarantees provided by Ethereum. Through leveraging Ethereum for security, zkLoom blockchains operate in a secure manner with few validators and as such, it is much easier to bootstrap new blockchains and to operate them at a lower cost.
How Many Loom Network (LOOM) Are There in Circulation?
LOOM is the digital token that is used to pay for services on the Loom Network and it is built on Ethereum in accordance with the ERC-20 standard.
Keep in mind that the LOOM token is not mined and instead it is earned by users who engage with DApps on the Loom Network.
The maximum supply of LOOM tokens is fixed at 1 billion.
Where Can You Buy Loom Network (LOOM)?
When it comes to the top exchanges for trading in Loom Network, these include:
Bithumb, and
You can find others at our crypto exchanges page.
AI Analysis
What is the Loom Network (LOOM) cryptocurrency good for? What are its main use cases?
Loom Network (LOOM) is designed to be a platform for building decentralized applications (dApps) and provides tools to facilitate scalability and usability for blockchain ecosystems, especially in the context of gaming and social applications. Here are some of the main use cases and features of the Loom Network:
Scalability: Loom Network offers a layer-2 scaling solution, which allows dApps to process transactions off the main Ethereum blockchain. This helps reduce congestion and improves transaction speeds, making it suitable for applications that require high throughput.
Game Development: Loom Network initially focused on gaming, allowing developers to create blockchain-based games with better performance and user experience. It provides tools like the Loom SDK to facilitate the development of games that can interact with smart contracts efficiently.
Social Applications: Beyond gaming, Loom is also aimed at enabling social applications. These could include decentralized social media platforms or other applications that require user-generated content and robust interactions, utilizing blockchain for transparency and security.
Interoperability: The Loom Network enables interoperability between different blockchain networks. This is essential for developers who want to build applications that can leverage the features of multiple blockchains or allow users to transfer assets and data seamlessly across different platforms.
Token Utility: LOOM tokens can be used for various functionalities within the Loom ecosystem, including staking, transaction fees, and governance, allowing token holders to participate in decision-making processes regarding the platform's development.
User-Friendly Experience: One of Loom's goals is to create a more user-friendly experience for interacting with blockchain technologies, which can often be complex for average users. This includes services like single sign-on (SSO) and managing user identities in a decentralized manner.
In summary, Loom Network is primarily focused on providing infrastructure and tools for developers to create scalable, user-friendly decentralized applications, particularly in the gaming and social sectors. Its ability to enhance scalability and interoperability makes it a compelling option in the blockchain ecosystem.
What blockchain does Loom Network use? Is it its own blockchain or built on top of another?
Loom Network initially developed its own blockchain, designed to enable the creation of decentralized applications (dApps) and games. However, it later shifted towards using Ethereum and focused on interoperability between different blockchains. Loom Network aimed to provide scalability solutions for Ethereum through sidechains and other technologies.
While Loom Network has its own blockchain architecture, its focus increasingly aligns with utilizing Ethereum's capabilities and enhancing its ecosystem. It’s worth checking their official sources for the most current developments, as the blockchain landscape evolves rapidly.
Is Loom Network programmable? Does it support smart contracts or decentralized applications?
Loom Network is designed to facilitate the development of decentralized applications (dApps) and supports smart contracts. However, it's important to note that Loom Network originally aimed to provide a layer-2 scaling solution and various tools to enhance the performance of blockchain applications, particularly for gaming and social applications.
While it offered a platform for developers to create dApps, the network's approach has evolved over time, especially following changes in market dynamics and technology trends. The Loom SDK was initially focused on helping developers build dApps more efficiently, and it provided support for various blockchains, including Ethereum.
As of my last update in October 2023, it's advisable to check the latest developments from Loom Network's official resources or their community channels, as blockchain projects can undergo significant changes, updates, or pivots.
How fast are Loom Network transactions? What is the typical confirmation time and throughput (transactions per second)?
As of my last knowledge update in October 2023, the Loom Network is a Layer 2 scaling solution designed to enhance the speed and scalability of blockchain transactions, particularly for decentralized applications (dApps).
Transaction Speed and Confirmation Time:
- Typical Confirmation Time: Loom Network aims for fast confirmation times, usually around 2 to 5 seconds, though this can vary based on network conditions and congestion.
Throughput:
- Transactions Per Second (TPS): Loom Network is designed to support high throughput, with claims of handling thousands of transactions per second (often reported in the range of 2,000 to 5,000 TPS under optimal conditions).
It's important to note that these figures can vary based on specific use cases, network conditions, and improvements made to the technology over time. For the most accurate and up-to-date information, it's advisable to check Loom Network's official documentation or community resources.
How much data can I store on the Loom Network blockchain? Does it support on-chain data storage?
The Loom Network primarily focuses on scaling solutions for decentralized applications (dApps) and is designed to facilitate the development of games and social applications with minimal latency and high throughput. While it provides features for creating and interacting with smart contracts, the Loom Network is not primarily intended for large-scale on-chain data storage.
Typically, blockchain platforms like Loom allow for the storage of data directly on-chain, but the amount of data one can store is often limited by factors such as block size, transaction costs, and network performance. Instead of storing large amounts of data on-chain, many developers use a hybrid approach where critical information is stored on-chain while larger assets (e.g., images, videos, large datasets) are stored off-chain and referenced by their hashes on-chain.
If you're considering using the Loom Network, it's advisable to review the latest documentation and community best practices, as there may have been developments or updates after my last training data in October 2023. Always consider the specific requirements of your project when deciding how much data to store on-chain or off-chain.
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