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Loom Network is a blockchain platform intended for large-scale apps built on Ethereum. The network was launched in 2018. Using technology known as DAppChains, Loom Network is building an infrastructure platform designed to help Ethereum scale.
Its key product is a software development kit (SDK) which developers can use to create their own blockchain without needing any specialized knowledge of blockchain technology. This SDK develops what Loom Network labels a DAppChain, which runs as its own sidechain to Ethereum’s base layer. This structure allows DAppChains to use different consensus systems, (for example delegated proof-of-stake), but also allows assets based on these chains to enjoy all the security benefits of Ethereum.
Though it has support for most dApps, one of Loom’s initial focuses is on hosting entertainment content – massive blockchain-based games and interactive social media platforms.
LOOM is the native token of the Loom Network and operates as a membership token for the platform. LOOM holders are granted access to Loom Network-native dApps and can also transfer funds between the Ethereum and Loom dAppChains.
Loom Network (NEW) (LOOM) is in the top 1,000 cryptocurrencies in the world by market cap. The current price of Loom Network (NEW) is $0.0759752, which is 4.954% higher than yesterday. Prices have ranged between $0.0787598 and $0.0716506 over the past 24 hours. All prices are listed in Australian dollars (unless otherwise noted) and accurate as of May 23, 2022 05:05 UTC.
| Coin symbol | LOOM |
|---|---|
| Coin Marketcap | N/A |
| Total LOOM supply | 1,000,000,000 |
| Current price | AUD$0.0759752 |
| All time high | AUD$0.504 |
| Notable team members | James Duffy, Luke Zhang, Matthew Campbell |
| Partnerships | ConsenSys, GameWith, Mossland |
| Industry | Blockchain solutions |
| Token uses | Membership, rewards |
| Network | Ethereum |
Historical prices compared with the price of $0.0759752.
| 1 hour | 1.30% |
|---|---|
| 24 hours | 4.95% |
| 7 days | -1.18% |
| 14 days | -21.90% |
| 30 days | -39.10% |
|---|---|
| 60 days | -37.09% |
| 200 days | -53.66% |
| 1 year | -53.67% |
Disclaimer: Cryptocurrencies, including Loom Network (NEW), are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of LOOM is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Loom Network (NEW) or any other cryptocurrency discussed.
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