Review on Loom Network by Ali Huseynov

What is Loom Network (LOOM)?

Loom Network: The Basics

Loom Network is a blockchain-based platform designed with large-scale social apps and games. The platform was developed with the idea of ​​proving that applications of blockchain technology are not limited to transactions.

The platform allows developers to run their own large-scale DApps, including social apps and games, in a seamless environment. It does not require any programming language knowledge and applications can even be developed in common languages ​​on the platform.

Loom Network's core product is a Software Development Kit (SDK) that allows developers to build their own blockchains without needing any knowledge of blockchain infrastructure. Essentially this is a “build your own blockchain” generator.

Loom Network (LOOM) Development

The Loom Network website lists a team of more than 50 members, which includes the core management team, the founding team, developers, front and back-end engineers, the marketing and operations team, and others.

The founders of Loom Network are James Martin Duffy , Luke Zhang and Matthew Campbell .

Matthew Campbell, CEO and co-founder of Loom Network, has nearly 20 years of experience as a programmer and software developer. Before founding Loom Network, he worked with many companies including Gucci and Bloomberg.

Loom Network's other co-founder, James Martin Duffy, founded the Korean job portal KoreanJobFinder.com and was the co-founder and President of Auragin, an herbal supplement brand. He also has several years of experience as a developer.

Luke Zhang, the third founding member of Loom Network, has more than 5 years of experience as a software developer.

What are the Benefits of Loom Network?

Loom Network (LOOM) Technology

Loom SDK creates a DAppChain, which is a more advanced version of the Ethereum sidechain.

DAppChains are full-fledged blockchains that run parallel to Ethereum smart contracts and use Ethereum as their base layer.

Each DApp will have its own DAppChain that is optimized to scale data and allow public, forkable data unlike Ethereum and Bitcoin.

Loom SDK is fully customizable and allows developers to build their DApps in any language. Developers are allowed to build their own DAppChains from scratch, choosing every aspect from the consensus mechanism and their own set of rules. High scalability can be achieved using Delegated Proof of Stake (DPoS).

Since Ethereum is the base layer, DAppChain-based assets have the security guarantees of Ethereum.

Loom Network offers multiple game-spanning universes, endless worlds, etc. It makes it possible to create games that would not be possible without blockchain technology.

Also, social apps on the Loom platform are not driven by advertising.

The Loom token acts as a membership token for all DApps on the Loom Network. It provides users with full access migration to all DApps on the platform and functionality in all DAppChains in the Loom Network.

The Loom token also functions as a software license key. Also, any asset transfer between DAppChains or from a DAppChain to Ethereum requires users to have at least 1 Loom token balance in their wallet.

Loom Network Use Cases

Several DApps have been created on the Loom Network platform, some of them are:

DelegateCall: A fully blockchain-based Q&A platform similar to Steemit that allows users to earn ERC20 tokens by posting or answering questions. This is the first DAppChain to launch on the Loom Network platform.

CryptoZombies: This DApp teaches users to code Ethereum DApps by letting them code their own games in a fun way. It teaches players to write their own smart contracts by creating a crypto-collectible game. In the future, there may be some token rewards when you complete the lessons in this dApp.

EthFiddle: A Solidity code sharing site that allows users to share code snippets and compile, test, and run these snippets from all over the web.

SolidityX : It is a secure programming language that compiles Solidity. It can be thought of as a "superset" of Solidity.

How to Buy and Store Loom Network Tokens?

LOOM Purchasing

Loom Network tokens (LOOM) can be traded on many exchanges; this is an impressive achievement for the cryptocurrency. Exchanges include Upbit, Binance, Bittrex, Radar Relay and Idex. They primarily accept Bitcoin and Ether, but Tether, WETH, LA and others are also accepted.

LOOM Storage

Loom Network is on the Ethereum blockchain, so the LOOM token can be stored in any of the numerous Ethereum compatible wallets.

Hardware wallets are the most secure and work for Ledger Nano S and Trezor ERC20 tokens.

Exodus and Mist are desktop wallets that store Ethereum and tokens on the blockchain. It is compatible with Windows, Linux and Mac operating systems.

Another Ethereum wallet, Jaxx functions as a desktop wallet for Windows, Linux and Mac PCs, a mobile wallet for Android and iOS phones, as well as a web wallet via Chrome and Firefox extensions, making it one of the most versatile wallets.

MyEtherWallet is the most popular Web wallet. In addition, ETHAdress is one of the paper wallets that stores ERC20 tokens.

What Makes LOOM Different From Other Cryptocurrencies?

The main thing that distinguishes Loom Network from all other cryptocurrencies is the lack of a whitepaper for the token, which is why there is no such document.

The Loom Network team claims that many whitepapers paint illogical pictures and ideal scenarios for cryptocurrencies, and that they do what really matters: produce results.

While such slanders against other cryptocurrencies are dubious, there is the fact that even without a whitepaper, the activity levels on their blogs and the clarity their website provides are sufficient to understand what cryptocurrency is really all about.

Also, while the idea of ​​a platform on which to develop DApps is not unique, its applications using DAppChains and the resulting scalability definitely make it different.

Should You Invest in Loom Network?

The Loom Network team having an active online presence, the openness of their website, and their highly active blog are definitely points in favor of the platform.

The scalability that the platform addresses, as well as the ability to develop DApps in the developer's preferred language, are what make Loom Network a reliable and good investment option.