1. Project Introduction
Loom Network is a multichain interop platform live in production since early 2018. Optimized for scaling high-performance dapps that require a fast and smooth user experience, the network allows dapps to offer a UX comparable to traditional applications and onboard new users without the friction of needing to download crypto wallet software.
Loom also has integrations to Bitcoin, Ethereum, Binance Chain, and Tron (with EOS and Cosmos coming soon). This allows developers to integrate assets from all major chains, as well as build a dapp only once and offer it to users on all platforms simultaneously.
Key Features of Loom Network:
- Loom SDK: The fundamental building block of Loom Network is an SDK that allows developers to quickly build their own blockchains without having to understand blockchain infrastructure — a "build your own blockchain" generator.
- Shared Sidechains: A network of interconnected, high-throughput sidechains, such as GameChain and SocialChain, that use Ethereum as their base-layer.
- PlasmaChain: A Layer-2 hub that bridges multiple sidechains to Ethereum, allowing for faster and cheaper token transactions and a more performant chain for developers to deploy their dApps.
- Delegated Proof of Stake: Loom supports DPoS out of the box, which enables dApps to scale with gasless transactions and sub-second transaction times. Online games and social apps are the two initial types of dApps that Loom is focusing on, but developers can build any type of dApp using the Loom SDK.
- Secured by Plasma on Ethereum: Loom inherits the security of Ethereum mainnet on its Layer-2 sidechains by using Plasma Cash-based relays to transfer assets across chains.
2. Token Info
The LOOM token is a proof-of-stake token used to secure Loom Network's mainnet, called Basechain. LOOM holders can stake their tokens to help secure Basechain and earn rewards in the process.
The token is also used by developers to pay for dapp hosting on Loom Network. Unlike Ethereum, developers pay a flat monthly fee to host their dapps on Loom, so their users don't have to pay transaction costs.
- Token Name: Loom Network
- Token Symbol: LOOM
- Total Supply: 1,000,000,000
- Circulating Supply: 969,452,006
- Issue Date: March 11, 2018
- Issue Price: 1 ETH = 22500 LOOM
3. Useful Links
- Official Website: http://loomx.io/
- GitHub: https://github.com/loomnetwork
- Smart Contract Address: 0xa4e8c3ec456107ea67d3075bf9e3df3a75823db0
- Explorer: https://etherscan.io/token/0xa4e8c3ec456107ea67d3075bf9e3df3a75823db0
- Twitter: https://twitter.com/loomnetwork
- Telegram: https://t.me/loomnetwork