What is Loom Network (LOOM)?
The potential of blockchain and dApps in the future is undoubtedly immense. Imagine a world where blockchain education is interactive, developers collaborate online to build real-time Web3 projects, and the possibilities of scalability solutions are endless. Sounds like a dream? Well, this is precisely what Loom Network has to offer. But what is this network all about? Let’s find out!
The Loom Network was created with the sole purpose of transferring volumes of data between different blockchain networks, including but not limited to Bitcoin, Tron, and Binance Chain.
Another groundbreaking feature of the network is its ability to enhance the performance of dApps exponentially. You can operate any dApps on the network without compromising the user experience.
Furthermore, the Loom Network also makes it simple to develop a dApp. Now you can create one simply by using integrations from other blockchain networks. Isn’t that great? The benefit of a simplified dApp creation process is that it saves time and helps one launch the application quality.
Oh, and don’t forget the interoperability feature of Loom Network.
Once you develop the application, you can also install it on different blockchain networks, ultimately increasing its accessibility to numerous users.
The Genesis of Loom Network
James M. Duffy and Luke Zhang launched the Loom Network in October 2017, with its headquarters situated in Bangkok, Thailand.
In 2018, the company went ahead with an Initial Coin Offering (ICO) and raised $45 million by selling the native token, LOOM.
Loom Network’s Mission
The mission of Loom Network is to facilitate rapid transactions while keeping the associated costs to a minimum.
In other words, their goal is to create a blockchain platform or technology that allows for the swift and efficient exchange of digital assets, data, or information, all while ensuring that the expenses involved in these transactions are as low as possible.
The Backbone: Basechain
Let’s learn about Basechain – the backbone of the Loom Network.
What Makes Basechain Unique?
Some of the distinguishing features of the Basechain are as follows:
- There are no gas fees on the Basechain, which makes it affordable for users.
- The transaction speed is quite fast, i.e., it only takes 5 seconds to confirm a transaction.
- Over 21+ validators and thousands of token delegators work together to enhance the security of the network.
The Transition to Basechain
If you launched your dApp on Ethereum, you can transfer it to the BaseChain in a heartbeat. The process is very simple and the transition offers the benefit of low fees and quick transaction time.
Plus, the network supports trending blockchain use cases, allowing you to update your dApp as per the new emerging technologies.
The Consensus Mechanism
Here are the details of the consensus process of the Loom Network.
Delegated Proof of Stake (DPoS) Explained
DPoS is a blockchain consensus protocol different from the traditional Proof of Work (PoW) and Proof of Stake (PoS) mechanisms.
Here’s how DPoS is different:
- In DPoS, native coin holders can elect specific delegates of their choice who will be responsible for validating the transactions on the network.
How DPoS Fuels Loom Network
DPoS optimizes the validation process by involving a minor – the elected group of delegates who authenticate transactions.
This innovative approach significantly reduces the time and computational resources required to reach a consensus. Moreover, the streamlined structure and quick confirmation time of the consensus system are suitable for a wide range of dApps.
Loom SDK: The Developer’s Haven
The Loom Software Development Kit (SDK) is an invaluable resource for developers looking to create decentralized applications (DApps) on the Loom Network.
Creating DApps on Loom
Using the SDK, developers can create high-performance DApps that offer a smooth and rapid user experience. This is made possible through Loom Network’s Delegated Proof of Stake (DPoS) consensus mechanism.
The SDK provides interoperability with various blockchain platforms, including Ethereum, Bitcoin, Tron, and Binance Chain, ensuring DApps can reach a broad and diverse user base across multiple chains simultaneously.
SDK Features and Advantages
- From conceptualization to launching the dApp, the SDK toolkit consists of a set of libraries and resources that assist developers in every stage of application creation.
- There’s an extensive SDK guide available that offers guidance to developers on how to use SDK for creating an efficient and smooth dApp for users.
- The SDK is designed to evolve and integrate with emerging blockchain networks, ensuring that the DApps created with it remain adaptable and relevant in a constantly changing technological landscape.
The Ecosystem of Loom Network
Now we’ll go a step ahead and uncover details about the components of the entire Loom ecosystem.
The DApps Landscape
Developers use Loom Network to create and launch DApps – all thanks to the scalability, interoperability, and user-friendly features of the network.
The exciting part is that users can seamlessly interact with these DApps without installing a specialized crypto wallet software.
The Community
Loom Network collaborates with partners and projects across the blockchain space, which fosters connections and allows the developers to use integrations from other blockchain networks. Here are a few partnerships of the Loom Network:
- ConsenSys
- GameWith
- Mossland
Loom Network Vs. Other Scalability Solutions
Some other unique scalability solutions are as follows:
- Layer 2 Solutions
- Sidechains
- Sharding
The noteworthy aspect of Loom Network is that it shines in improving the interoperability between multiple blockchains. On the other hand, the Layer 2 solutions, sidechains, and sharding focus on improving scalability within a single blockchain ecosystem.
Similarly, Loom Network focuses on developing user-friendly DApps, while Layer 2 solutions aim to improve transaction speed and affordability for the user. Sharding and side chains, in contrast, focus on improving scalability of a blockchain, but it may require the assistance of complex coding and DevOps.
Understanding LOOM Token
Let’s understand Loom Token on a deeper level.
The Utility of LOOM Tokens
- Staking
- Transaction Fees
- Bonding
- DApp Hosting
- Rewards
The Distribution of LOOM Tokens
- Market Cap: $127,127,182 USD
- Circulating Supply: 1,219,425,698 LOOM
- Total Supply: 1,300,000,000 LOOM
- Max. Supply: Infinite (indicating that there is no maximum limit to the number of LOOM tokens that can be created)
- Fully Diluted Market Cap: $135,528,870 USD
Staking LOOM
LOOM holders have the option to stake their tokens. Staking involves locking a certain amount of LOOM in a wallet or contract. By doing so, token holders actively participate in securing the Loom Network’s Basechain.
LOOM tokens can be used to pay for transaction fees on the Loom Network. This is similar to how users pay gas fees on other blockchain networks when they perform transactions or interact with decentralized applications (DApps).
How to Buy LOOM Tokens on Binance
Here are a few steps that you should follow for buying Loom Tokens on Binance.
Registration Process
The registration process with Binance is relatively more straightforward than many other platforms out there in the market. Click on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code. Binance will ask you to provide an email address and create a password. You must ensure the email is valid and accessible to avoid a problem while logging in.
A confirmation click will be sent to your email, and after clicking on that, your account will be created.
Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.
Verification Essentials
You will now have to verify yourself, as Binance will never allow you to trade without verification or KYC (Know Your Customer). You must provide details of your passport or national identity card to Binance. Additionally, you will have to take pictures of both the front and back sides of the card.
After this, Binance will demand a live photo so that its system recognizes your identity. This is done to ensure that you are using your own national identity card for verification and are over 18 years old.
Securing Your Binance Account
Binance is a secure crypto trading platform offering several security features such as Two-Factor authentication, Google/Binance Authentication, and fingerprints.
With Two-Factor authentication, you will receive a code in your email from Binance, and upon pasting it, the verification will be completed. The exact process will be followed with Google and Binance authentication, but there is a minor difference as the code will be available in the Google or Binance authenticator app.
Moreover, you can also enable fingerprint verification from the settings.
Funding Your Binance Account
You can deposit capital into your Binance account in three ways, as mentioned below.
- Credit/Debit Card
- Bank Transfer
- P2P Transaction
Executing Your Buy Order
After you have funded your account, you will have to search “Loom Token” in the Binance search bar. Next, you must select the Loom Token from the search bar.
Then, you must click on the “Buy” Button, which will be displayed in green. After providing the amount you want to buy the Loom Token, click the buy button, and your trade will be executed.
Transferring LOOM to Your Wallet
Now, as Loom Tokens are in your Binance account, you can transfer them to any wallet you want. You just have to click on the transfer button, which will be placed on the top right-hand side of your wallet section.
Loom Network’s Roadmap and Future
Let’s discuss Loom’s achievements and upcoming developments.
Milestones Achieved
- CryptoZombies Live Events: Loom Network successfully launched CryptoZombies Live events, which are instructor-led online classes covering various blockchain-related topics.
- Improvement of UX: A recent update was shipped to enhance navigation through the course curriculum. This effort aims to make the educational platform more user-friendly and accessible.
- zkRollup Research and Development: Loom Network has been actively involved in researching and developing zkRollup-based scaling solutions.
Upcoming Milestones
No information was found relating to its plan in 2024.
Conclusion
Loom Network is a dynamic and forward-thinking player in the blockchain and decentralized application (DApp) development landscape. Several initiatives show its commitment to advancing blockchain technology and expanding the ecosystem.
We Coin-Labs.com provides only objective information about Loom Network.
Therefore, we are not responsible for the investment decision in Loom Network and the resulting loss.
Loom Network Basics
Here are some factors that investors should consider before investing in Loom Network.
| Cryptocurrency Features | Loom Network (LOOM) |
|---|---|
| Publisher or Developers | James Martin Duffy, Luke Zhang |
| Headquarters (Registration Number) | Bangkok, Thailand |
| Symbol | LOOM |
| Platform | Bitcoin, Ethereum, BNB Smart Chain, Tron |
| Published Date (CMC Registration) | 2018-03-14 |
| Max Supply | No limit |
Reliability Score of Loom Network in 2023
These are indexes mesuring the investment reliability of Loom Network conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | 4.2 / 10.0 CAR |
| Communication Rate | 6.5 / 10.0 CR |
| Technology Transparency Rate | 7.8 / 10.0 TTR |
| Development Participation Rate | 7.2 / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 4 Exchanges |
| Number of Available Pairs Worldwide | 128 Pairs |
| Market Cap of the Cryptocurrency | 141,364,852 USD (Rank #262) |
The table above shows the result of investment suitability evaluation for Loom Network.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Loom Network Price
Here are the price and recent trading volume of Loom Network. (Data of 2023-12-05 06:53:00)
| Price Items | Price and Trading Volume of Loom Network |
|---|---|
| Loom Network Price | 0.116 USD |
| Price Change 24h | -1.09% |
| Price Change 7d | 2.27% |
| Trading Volume 24h | 25,483,709 USD |
| Trading Volume Change 24h | 77.58% |
Cryptocurrency Metadata
You can check the development status and social media information of Loom Network through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://loomx.io/ |
| 📖 White Paper | https://medium.com/loom-network/introducing-loom-network-scaling-ethereum-today-9ea26b5b57c |
| 🛰️ Source Code (GitHub) | https://github.com/loomnetwork |
| https://twitter.com/loomnetwork | |
| https://reddit.com/r/loomnetwork | |
| 🎺 Message Board | https://medium.com/loom-network |
Where to Buy Loom Network
Here are the top ten world crypto exchanges where traders can buy Loom Network in 2023.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/LOOM_BTC |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/LOOM-ETH |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Not listed | |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/LOOMUSDT |
| Gate.io | Listed | https://www.gate.io/trade/LOOM_USDT |
Frequently Asked Questions
What is the current price of Loom Network?
Loom Network price today is 0.116 USD. Furthermore, the price of Loom Network has fluctuated by -1.09% from 24 hours ago, and by 2.27% from a week ago.
Where is Loom Network listed?
Currently, it is listed on a total of 4 among the world top 10 exchanges.
What is the market cap of Loom Network now?
Currently, Loom Network has a market cap of 141,364,852 USD, which is ranking 262 among cryptocurrencies worldwide.
How much is the trade volume of Loom Network?
Currently, 1,219,425,698 LOOM coins are circulating through 128 market pairs. As a result, in the last 24 hours, 25,483,709 USD of LOOM coins were traded in the market.
