About Loom Network (LOOM)
Loom Network is an Ethereum-based decentralized platform that enables applications built on the Ethereum Network without developers needing to understand the advanced concepts required to build on Ethereum natively. Loom Network is also designed to enable off-chain applications to integrate easily into the blockchain environment, thereby existing in both spaces and economies. The Bangkok, Thailand-based Loom Network is also positioned as a protocol that is able to assist decentralized applications (dApps) in scaling on the Ethereum platform by implementing three key components of its network infrastructure.
The first, Loom Networkâs software development kit (SDK), is purported to enable simpler application development for engineers who desire to build on the platform. Solidity programming language is typically required for a developer to be familiar with to make on the Ethereum native network directly. The SDK provided by the Loom Network implementation removes the need for developers to comprehend or be able to program in Solidity deeply. Applications developed using the Loom Network SDK can be integrated into the Ethereum network as sidechains with their own associated consensus standard, data protocols, and rules, further securing the dApp, which also leverages Ethereumâs native consensus architecture.
The second key component of Loom Network is the consensus mechanism. Loom Network implements a Delegated Proof-of-Stake (DPoS) consensus mechanism, an efficient modification of Proof-of-Stake (PoS), the consensus algorithm at work in the Ethereum Network. DPoS works by individuals staking their native Loom Network tokens to delegate the validator of their choice, essentially voting for candidates to represent a political residential district or territory. DPoS makes processing more efficient because validator nodes are already chosen when transactions are presented to the network.
The third key component at work within Loom Network, which sets the network apart from others, is the dAppchain, purportedly an effective layer-2 Ethereum scaling solution. The sidechain referenced in the description of Loom Networkâs SDK refers to the dAppchain. Layer-2 is a protocol that works on top of a layer-1, independent blockchain such as Bitcoin, Ethereum, or BNB. Efficiency, ease of development, and integration are key influences in developing and implementing the Loom Network dAppchain, or layer-2 sidechain. The design enables processing to be done off of the main chain, thereby increasing speed and efficiency in the decentralized application while still being fundamentally powered by the underlying Ethereum mainnet blockchain. As referenced above, dAppchains are distinct in that they can each possess their own independent rules, consensus algorithm, and data protocols.
Loom Network operates on the Ethereum blockchain, and the digital currency associated with Loom Network is deployed as an ERC-20 cryptocurrency token. The native Loom Network digital currency is known by its token ticker $LOOM. The live price of Loom Network is updated and available in real-time on Binance.