What is Loom Network?

What is Loom Network?

Loom Network (LOOM)

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Cryptocurrency and blockchain based projects are the future of the world economy. However, we have to understand that these projects are not only meant for financial transactions. They meant for more than just financial transactions. One great example of a blockchain based technology projects meant for games and social apps is the Loom Network. The loom network is a DAppChain network built for Social Apps and games. What Loom is trying to do is to justify that the blockchain technology can thrive and be useful in other fields other than the financial field alone.

What is Loom Network DappChains?

Loom advertises itself as a Platform as a Service (PaaS) on which it uses the Ethereum-based solidity apps. The platform enables hassle-free development of games and social apps. With the main features of the platform, being the Ethereum-powered cryptos and token-based karma, the platform is all based on a forkable, human-readable and decentralized rulesets? The Loom Network DappChains are full-featured blockchain built to run in parallel to the Ethereum Smart Contracts. They are sidechain optimized for scaling data, but not for financial transactions. Every DApp has it sidechain, meaning its data is forkable and public like Bitcoin and Ethereum.

How does it work?

The Loom Network DappChains works in two different ways. When it comes to games, the network build games that cannot be built anywhere else and without the blockchain technology. The features to look for in the games sector include provable scarce items, eternal worlds, tradable tokens, and multi-spanning universes.

On the social platform, the Loom Network DappChains builds social applications that are not driven by advertising. The apps are “monetizable via karma tokens, expandable via multiple-client apps, minimization of trust and more…”

Loom network benefits

There are two main benefits of using the Loom Network. They include:

  • It’s a real blockchain: the network provides an infura-like caching layer that makes things easier. It is also forkable, performant, trustable and scalable.
  • Generating your own DAppChain using the Loom SDK. Here you can choose your consensus mechanism, build your ruleset and release a fully-contained node software.

Loom Network Team

Found on Loomx.io, the Loom network headquarters is based in Bangkok. The network was founded by James Duffy, Matthew Campbell, and Luke Zhang. The three are the same people behind the EthFiddle.com and SolidityX.org, ETC. Other team members include Kyle Teague, Proof of stake developer, Jim Skogman, Application Developer, Chinmay Naik, Platform Developer, Nishant Modak, Platform developer and Vadim Macagon, Application Developer among other.

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