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What Is Loom (Loom) Cryptocurrency?
The Loom (LOOM) cryptocurrency network is a platform as a service that is built on the top of Ethereum and also allows the developers to run some large-scale decentralized applications. Loom Crypto platform was released on 1st October 2017. The main aim of it is to allow the different developers of applications to have some smart contracts that can access much more computing power when it is maintained or when it requires the same capacity at lower costs, such as applications that do not need complete security of the blockchain, to begin with, or trials for the onboarding new users.
Furthermore, in the Loom crypto system, you will have the ability to interact with the APIs developed by the third parties that are not involved in the chain. Furthermore, the attempts of Loom to be the ultimate platform that allows the competent contract developers to create different applications without the need to switch to another programming language. As such, those can easily integrate the applications with the outside world. The Loom (LOOM) cryptocurrency network runs on Plasma, a scaling solution that allows for faster transactions throughout the network.
Who Are The Founders Of The Loom (Loom) Network?
Matthew Campbell is also the principal of the Loom network while being a co-founder too. Furthermore, he is also the principal of Hyperwork Inc and was also a lead software engineer at Digital Ocean.
James Martin Duffy is the CMO at the Loom (LOOM) cryptocurrency network, the Chief Executive Officer at Epictetus Ventures, and the founder of Aragon. In addition, he has worked as a developer at the cryptocurrency trading bot and has founded Korea Job Finder. Finally, Luke Zhang is the Loom (LOOM) cryptocurrency network co-founder. Before that, he was also a lead developer at the BlockMason, a prototyping expert at Shifthub, and a developer at Elemica.
What Makes The Loom (Loom) Network Unique?
The Loom network is a platform as a service that allows ethereum solidity applications to be run via side chains. It means that the applications can have some consensus mechanisms specific to their needs and the potential threat model. It makes scaling decentralized applications easier and faster on the ethereum network. It uses the DPoS sidechains for scalability with the decentralized applications through the security of the ethereum mainnet.
Furthermore, the Loom (LOOM) cryptocurrency token acts as a membership token that every member receives to access all of the applications that run on the Loom network itself. This token functions on all the DApp chains that run on the Loom network and also lets you transfer the digital assets and data between Loom DApp chains and ethereum.
How Is The Loom (Loom) Cryptocurrency Network Secured?
The Loom network is secured with the help of a zkLoom protocol for efficient blockchains. The ethereum network is one of the most well-known open-source blockchains for smart contracts and is also backed by the world’s second-largest cryptocurrency. Through the zkLoom blockchain, you no longer have to trust the validators and can easily rely on the security guarantees that Ethereum provides. Furthermore, by leveraging ethereum for security, zkLoom blockchains operate in a safe and secured manner with few validators. As a result, it is much easier to bootstrap new blockchains and manage them at a lower cost.
How Many Loom (Loom) Cryptocurrency Networks Are There In Circulation?
Loom is the digital token used to pay for the services on the Loom network, and it is built on the ethereum network following the ERC-20 standard. This cryptocurrency token is not mined. Instead, it is earned by the users who engage with the decentralized applications on the Loom network. The maximum supply of the Loom tokens is fixed at 1 billion.