What is Loom Network (LOOM)?
Future of LOOM Cryptocurrency and know how to buy LOOM

#1 – Loom Network: The Basics

What is Loom Network?

  1. Loom Network is a blockchain-based platform designed with large-scale social apps and games in mind. The platform has been developed with the idea of proving that the applications of blockchain technology aren’t limited to transactions.
  2. The platform allows developers to run their own large-scale DApps including social apps and games in a hassle-free environment. It does not require the knowledge of any particular programming language and the apps can be developed even in common languages on the platform.
  3. The core product of the Loom Network is a Software Development Kit (SDK) which allows developers to build their own blockchains without needing any knowledge of the blockchain infrastructure. It is essentially a “build your own blockchain” generator.

Loom Network Development

  1. The Loom Network website lists a team of over 50 members, which include the core management team, founding team, developers, front and back-end engineers, the marketing and operations team and many others.
  2. The founders of Loom Network are James Martin Duffy, Luke Zhang and Matthew Campbell.
  3. Matthew Campbell, CEO and co-founder of the Loom Network has nearly 20 years of experience as a programmer and software developer. Before founding Loom Network, he worked with several companies including Gucci and Bloomberg.
  4. Co-founder James Martin Duffy, prior to Loom Network, 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.
  5. Luke Zhang, the third founding member of the Loom Network, has over 5 years of experience as a software developer.

 

#2 – What are the advantages of Loom Network?

Loom Network Technology

  1. The Loom SDK generates a DAppChain, which is a more advanced version of an Ethereum sidechain.
  2. DAppChains are full-fledged blockchains that run parallel with Ethereum smart contracts and use Ethereum as their base-layer.
  3. Each DApp would have its own DAppChain, optimized to scale data and allowing for public, forkable data, not unlike Ethereum and Bitcoin.
  4. The Loom SDK is completely customizable and allows developers to build their DApps in any language. The developers are allowed to create their own DAppChain from scratch, selecting every aspect, from the consensus mechanism and their own rulesets. High scalability can be ensured using rulesets like Delegated Proof-of-Stake (DPoS).
  5. Since Ethereum is the base-layer, DAppChain-based assets have the security guarntees of Ethereum.
  6. Loom Network makes it possible to build games which would not be possible without blockchain tech, like universes spanning multiple games, eternal worlds, etc.
  7. Also, social apps on the Loom platform are not driven by advertisement, but are rather monetizable in terms of karma points (or tokens) due to decentralization.
  8. The Loom token functions as a membership token for all the DApps on the Loom Network. It gives users an all-access pass to all the DApps on the platform and functions on all the DAppChains on the Loom Network.
  9. The Loom token also functions as a software license key, and any transfer of assets between DAppChains or from a DAppChain to Ethereum requires users to have a balance of at least 1 Loom token in their wallet.

Use Cases

Several DApps have been built on the Loom Network platform, some of which are:

  1. DelegateCall: A completely blockchain-based Q&A platform similar to Steemit, it enables users to earn ERC20 tokens by posting or answering questions. It was the first DAppChain to go live on the Loom Network platform.
  2. CryptoZombies: This DApp teaches users to code Ethereum DApps in a fun way, by letting them code their own game. It teaches players to write their own smart contracts by creating a crypto-collectibles game. In the future, there may be token rewards for completing lessons on this dApp.
  3. EthFiddle: It’s a Solidity code sharing site which allows users to share snippets of code, and to compile, test and run these snippets which are obtained from all over the web.
  4. SolidityX: It’s a secure programming language which compiles Solidity. It can be considered as a “superset” of Solidity.

 

#3 – How to buy and store Loom Network tokens (LOOM)?

How to buy LOOM

Loom Network tokens (LOOM) are available for exchange in nearly 15 exchanges, an impressive feat considering the cryptocurrency is not even 6 months old. The exchanges include Upbit, Binance, Bittrex, Radar Relay and Idex, among others. They primarily accept Bitcoin and Ether, but Tether, WETH, LA and others are also accepted.

A few exchanges also accept fiat currency in exchange for the LOOM tokens, like Upbit and GoPax, both of which take Korean Won.

  1. These are just platforms where you can buy or sell LOOM tokens, but help is often needed to choose the exchange. This is where CoinSwitch, one of the best cryptocurrency exchanges comes in. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your LOOM token, and CoinSwitch will help you decide the best one for you by displaying the prices at the exchanges it’s sold in, all at one place.
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

LOOM Storage

  1. Loom Network is on the Ethereum blockchain, so the LOOM token can be stored in any of the numerous wallets compatible with Ethereum.
  2. Hardware wallets are the most secure, and Ledger Nano S as well as Trezor work for ERC20 tokens.
  3. Exodus and Mist are desktop wallets for which store Ethereum and tokens on its blockchain. It is compatible with Windows, Linux and Mac operating systems.
  4. Jaxx, another Ethereum wallet, 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 through Chrome and Firefox extensions, making it one of the most versatile wallets around.
  5. MyEtherWallet is its most popular Web wallet, and ETHAdress is one of the paper wallets storing ERC20 tokens.

 

#4 – What is the future of Loom Network?

Also Read: Complete Analysis of Loom Network | Live Loom Network (LOOM) Price Charts And Predictions

Market Cap and Global Acceptance

  1. The ICO for Loom Network tokens was held in January 2018, with 75% of the total supply of 1 billion LOOM for sale and a fundraising goal of $57 million USD.
  2. The maximum total supply of 1 billion LOOM tokens is distributed as follows:
    1. 35% of the tokens (350 million LOOM) are held by the company as reserve
    2. 10% is held by the Loom Network team and advisors, with a lockup period of 6-12 months
    3. The remaining 55-65% is in circulation, depending on how much of the advisor/team pool has entered circulation.
  3. As of July 2018, the Loom Network tokens (LOOM) have a market cap of about $113.53 million USD, with a circulating supply of about 587.5 million LOOM and an individual price of about $0.19 USD.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 28, 2018

0.196494

0.201781

0.191716

0.198674

26,90,810

11,53,74,000

Jul 01, 2018

0.171323

0.175267

0.162554

0.173232

14,27,520

10,36,88,000

Jun 01, 2018

0.358298

0.375088

0.35479

0.363188

33,26,040

21,48,87,000

May 01, 2018

0.312025

0.336283

0.280069

0.336283

15,09,020

17,26,46,000

Apr 01, 2018

0.10363

0.104358

0.081718

0.090974

10,10,460

4,01,58,400

Mar 14, 2018

0.075966

0.120796

0.074889

0.079132

47,74,280

 

Trends so far

  1. Since the Loom Network is just about 4 months old, we can’t really say how the trends of the token have been. Starting off at a value of about $0.079 in March 2018, it increased to a maximum of about $0.69 USD in May 2018. It later reduced, and its current value is about 0.19 as of July 2018.
  2. For a cryptocurrency so new, LOOM has certainly risen quickly. Its large circulating supply has resulted in a high rank for the cryptocurrency, putting it among the first 100 in global market cap rankings. Loom Network holds a rank of 89 in terms of market cap among cryptocurrencies worldwide, as of July 2018.
  3. The high position of the Loom Network in global market cap rankings is quite encouraging for an investor. Moreover, the idea of a DApp development platform which gives a scalable solution for large-scale apps and games is impressive and shows great potential. Although on a downward trend as of July 2018, the value of the token is bound to appreciate in the near future.

 

#5 – What makes Loom Network different from other cryptocurrencies?

  1. The major thing that sets Loom Network apart from all the other cryptocurrencies is the lack of a whitepaper for the token and the reason for the absence of such a document.
  2. The Loom Network team claims that a lot of the whitepapers paint implausible pictures and ideal scenarios for the cryptocurrencies and that they are doing what really matters – producing results.
  3. While such slander of other cryptocurrencies is questionable, there is some truth in the fact that even without a whitepaper, their level of activity on their blog and the clarity their website provides is enough to understand the gist of what the cryptocurrency is really about.
  4. Also, while the idea of a platform on which to develop DApps may not be unique, their implementation using DAppChains and the resulting scalability definitely makes it different.

 

#6 – Should you invest in LOOM?

  1. Loom Network tokens (LOOM) are at a high position in global market cap rankings, making them an attractive investment option to many.
  2. However, the ranking shouldn’t be the only reason behind choosing a cryptocurrency to invest in, especially considering the downward trend it’s been following recently (as of July 2018).
  3. The fact that Loom Network’s team has an active online presence, the openness of their website and their immensely active blog, however, are certainly points in favour of the platform.
  4. The issue of scalability that the platform addresses, and also the fact that the DApps can be developed in the developer’s language of choice are also things that make the Loom Network trustworthy and a good investment option.
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