Review on Loom Network by Alex Martakov
There is significant competition and the early stage of development of Loom…
There is significant competition and the early stage of development of Loom Network, also emphasize the lack of decentralization. Separately, the main idea of the project is considered - in the case of increasing the scaling of Ethereum, the proposed platform may lose its relevance.
In view of these aspects, investing in Loom Network involves certain risks. It is recommended not to lose sight of the project and keep track of news events, as well as clearer signals that open the prospects and profitability of short-term and long-term deposits.
Pros
- Loom Network developers identify two main areas in which their platform can get significant development - the gaming industry and social interaction. The first allows you to create a network of games associated with common tokens and asset transfer capabilities. Regarding the social factor, Loom Network implements a wide range of tasks on the basis of smart contracts and applications- from chats with integrated microtransactions to analytical forums and voting. At the same time, increased network scaling allows for faster user interaction than on the basis of Ethereum projects. As a result, Loom Network becomes a popular opportunity to create decentralized and scalable applications of entertainment and social nature.
Cons
- Special attention is paid to the existing shortcomings of Loom Network in addition to the high level of competition. The developers themselves emphasize the lack of the same security as the ether, although the side blockchains are reliable enough to ensure the operation of applications and the preservation of data privacy. The lack of decentralization at the early stage of the platform development is also highlighted. Taking into account this factor while the project is recommended for use in cases in which the application will not suffer from the centralized control of the developers.
