What is Loom Network?
Loom Network is a coin of the project to rise above Ethereum-related issues. Most of the currently developed Ethereum-driven DApps show a decline in efficiency with the rise of users. This issue is a fatal defect of Ethereum-centered DApps. What’s more, ‘the Cryptokitties Crisis’ proved Ethereum still faced its limits to supporting service on a massive scale.
Loom Network, however, establishes side chains per DApp to stave off the overload of Ethereum, [which is] the main chain. Simply put, this means the demerits that Ethereum-centered DApp will surmount. Consequently, online games and social network services that tackle tons of traffic through DApp are developing in a less strict environment.
The Loom Network project neither went public with its white book nor conducted ICO(Initial Coin Offering). Loom Network is devoid of the white book because it was open to the public separately on the blog.
Instead of spending time compiling the white book, we provide programs.
Loom Network
They intend to publicize their activities by constant program updating rather than performing ostensible marketing. Loom Network’s token is a membership token required to access all apps executed in the system. Loom Network is employed in all DApps executed in its network and may transmit cryptocurrencies and data between Ethereum and [other] DApp chains.
Who founded Loom Network
James Martin Duffy developed the Loom Network with three other engineers and a co-founder. The Loom Network developer promptly devised the system and launched its service. Rather than having consumers get mixed up on the white book, they think it is far better to make improvements through firsthand use of the actual product or system, quick delivery, and feedback.
Vitalik Buterin, the Ethereum developer, stated on his blog, “It seems a system like Loom Network would be appropriate to organize the DApp that demands fast transaction through Ethereum.”
The developers launched three significant products shortly in six months after the foundation of the company to live up to their allegations The services are dubbed CryptoZombies, DelegateCall, and EthFiddle. The developers argue that this prototype-level service enhances the grades and quality by flooding in a plethora of feedback.
We Coin-Labs 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
The primary characteristics of Loom Network are as follows.
| Cryptocurrency Features | Loom Network (LOOM) |
|---|---|
| Publisher or Developers | James Martin Duffy |
| Jurisdiction of Incorporation (Registration Number) | Thailand |
| Symbol | LOOM |
| Platform | ETH |
| Published Date (CMC Registration) | 2018-03-14 |
| Max Supply | No limit |
Investment Suitability of Loom Network in 2023
The results of the Loom Network investment suitability evaluation conducted by Coin-Labs are as follows.
| Investment Suitability 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 Top 4 Exchanges in Korea | Listed on 2 Exchanges |
| Listing Status on the World's Top 10 Exchanges | Listed on 5 Exchanges |
| Number of Available Pairs Worldwide | 61 Pairs |
| Market Cap of the Cryptocurrency | 70,856,739,964 KRW (Rank #353) |
The table above shows the result of investment suitability evaluation for Loom Network.
More descriptions about the rating items can be found here.
Loom Network Price
The price and recent trading volume of Loom Network are as follows. (Data of 2023-01-27 16:10:21)
| Price Items | Price and Trading Volume of Loom Network |
|---|---|
| Loom Network Price | 64.298 KRW |
| Price Change 24h | -0.71% |
| Price Change 7d | 4.23% |
| Trading Volume 24h | 13,112,368,231 KRW |
| Trading Volume Change 24h | -22.32% |
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 | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Korean Crypto Exchanges where Loom Network is Listed
Korean crypto exchanges where Loom Network is listed in 2023 are as follows.
| Top4 Exchanges | Listed Status | Page URL |
|---|---|---|
| Upbit | Listed | https://upbit.com/exchange?code=CRIX.UPBIT.BTC-LOOM |
| Coinone | Not listed | |
| Korbit | Not listed | |
| Bithumb | Listed | https://www.bithumb.com/trade/order/LOOM_KRW |
World Crypto Exchanges where Loom Network is Listed
World crypto exchanges where Loom Network is listed in 2023 are as follows.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/LOOM_BTC |
| Huobi | Listed | https://www.huobi.com/en-us/exchange/loom_usdt |
| Coinbase | Listed | https://pro.coinbase.com/trade/LOOM-USD |
| FTX | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/LOOM-ETH |
| Bitfinex | Not listed | |
| Bithumb | Listed | https://www.bithumb.com/trade/order/LOOM_KRW |
| Gate.io | Not listed | |
| Bitstamp | Not listed |
Frequently Asked Questions
What is the current price of Loom Network?
Loom Network price today is 64.298 KRW. Furthermore, the price of Loom Network has fluctuated by -0.71% from 24 hours ago, and by 4.23% from a week ago.
Where is Loom Network listed?
Currently, it is listed on a total of 2 among the 4 largest exchanges in Korea, and is listed on a total of 5 among the world top 10 exchanges.
What is the market cap of Loom Network now?
Currently, Loom Network has a market cap of 70,856,739,964 KRW, which is ranking 353 among cryptocurrencies worldwide.
How much is the trade volume of Loom Network?
Currently, 1,102,002,698 LOOM coins are circulating through 61 market pairs. As a result, in the last 24 hours, 13,112,368,231 KRW of LOOM coins were traded in the market.
