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Investing in Loom Network (LOOM) — Everything You Need to Know

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Loom Network (LOOM) emerged as a production-ready, multichain interoperable platform created for serious dApp developers. The platform offers the knowledge and tools that developers need to build and launch high-performance decentralized applications. On top of that, it offers technology that allows these dApps to offer a fast and seamless user experience across multiple chains.

The project already has integrations with Bitcoin, Ethereum, Binance Chain, and many other major blockchains.

What problems does Loom Network (LOOM) solve?

Loom Network was created with the intention of solving multiple issues that trouble the crypto industry. In addition to solving the problems that have been holding the crypto sector back, it also brings innovation that enhances development.

Interoperability

Loom Network operates as a platform-as-a-service. As such, it allows Ethereum Solidity applications to be run through side chains, meaning that dApps can have consensus mechanisms that are specific to their needs. Loom Network believes that launching a dApp on a single blockchain — one which is incompatible with others — comes with a risk of vendor lock-in to a losing platform.

Because of this, the project is continually building new integrations with new chains, to ensure that its users’ dApps never become obsolete.

Easy dApp development

Loom Network allows developers to have smart contracts that can access a lot more computing power when required. Alternatively, they can maintain the same power at lower costs, for various tasks such as trials, onboarding new users, applications that do not require full security of blockchain, and alike.

Furthermore, Loom allows dApp developers to create applications without needing to switch to different programming languages, which makes things simpler, as one language is all you need.

Scalability

Loom Network uses DPoS sidechains for achieving scalability as well. The DPoS, or Delegated Proof of Stake, is optimized to deliver fast confirmation times and high-transaction throughput that is necessary for serious real-world dApps. Another contributing factor is the fact that Loom Network runs on Plasma, a scaling solution that was developed for boosting transactions speed throughout the network.

Security

Finally, there is the matter of security. The project’s DPoS sidechains can help with dApp security as well, by using the security of Ethereum mainnet. Loom Basechain is essentially a DPoS blockchain that has over 21 external validators located around the globe. According to its website, it also has over 247.8 million LOOM staked.

The project passed the audit by Trail of Bits, which is a renowned information security company that specializes in blockchain technology.

Benefits of Loom Network (LOOM)

Loom Network offers a number of benefits to its users, in addition to solving problems that are encountered on many other blockchains. It improves the user experience, and grants access to a massive user base that has very positive consequences for the dApp’s growth.

Frictionless User Experience

As mentioned before, Loom Network enables extremely fast transactions. However, not only can you process transactions at lightning speeds, but also at zero cost to the users. This is already a significant benefit that will eliminate a major reason why users lose interest in dApps, especially on Ethereum. Ethereum is known for having its gas fees sometimes reach astronomical proportions, which has already worked against it by pushing users, developers, and even entire projects to alternative chains.

Loom network eliminates the need to pay the fees, and there is no need for MetaMask popups whenever you take some action, either.

Access to the massive user base

Another great benefit is the fact that you get access to a massive user base. The project has plenty of integrations, as well as Universal Transaction SIgning, both of which allow users from every major chain to be able to access the dApps built on Loom through their native wallets.

Simply deploy your app to the Loom Network’s Basechain once, and your dApp will be instantly open to a massive audience. The more people see it and try it, the more of them will recognize its worth and quality, and spread the word, which will, in turn, bring even more users.

Production-Ready

Finally, Loom’s largest benefit to developers is the fact that it is live in production. It offers a scaling solution that sounds rather futuristic, especially when you compare it to many other major projects out there, which do not even come close to its speeds and scalability. In other words, you don’t have to wait for the project to become big and capable, and rely on its word that it will happen. Loom already fulfilled that promise, and you get to start using it in all its glory right now.

How does Loom Network (LOOM) work?

Loom Network is a blockchain-based platform designed for large-scale social apps and games, and it was developed with the idea of proving that apps on the blockchain are not limited to just transactions. Instead, it allows developers to run their own large-scale dApps in a seamless environment.

It doesn’t need any programming language knowledge, which already makes it very user-friendly. Instead, apps can simply be developed in common languages on the platform.

Loom also has Software Development Kit (SDK) as its core product, which allows the devs to create their own blockchains, without even having to know anything about blockchain infrastructure. To put it quite simply, Loom is a build-your-own-blockchain generator and one of the most advanced projects for dApps and blockchains that the market has to offer.

How to Buy Loom Network (LOOM)

Loom Network (LOOM) is currently available on the following exchanges:

Uphold – This is one of the top exchanges for USA & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..

Binance – Accepts Australia, Singapore, and most of the world. Canadian & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees. 

WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality.  It is the best exchange for residents of India.

Loom Network (LOOM) — The best project for seamless dApp development

Loom Network was created to make the dApp development and management easy and rewarding for the developers, as well as easily reachable for users. It offers a highly scalable platform with top-notch security, and it is fast enough to handle even the most complex and serious of dApps. Best of all, it is production-ready today, so you do not have to wait for years of development in order to maybe get what the project is promising. It’s all already there, ready and waiting right now.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.