Being one of the new cryptocurrencies to be launched in 2018, Loom Network (LOOM) is a scaling solution for Ethereum as well as developing DApps. The network is focused on developers of games and social applications with some of the well-known DApps being CryptoZombies, EthFiddle and DelegateCall.
LOOM’S SDK gives the users the ability to generate their sub-blockchain on the platform without the need of having to understand everything about the network’s blockchain at all. Each of these DApps runs on its own sub chain. This makes it easy for the DApps different set of rules from what is programmed in the main chain thus making the whole network more scalable. In addition, since Ethereum is used as the sub-base in the DApps assets, they are more secure.
For the purposes of increasing the security of the overall system, Loom Network (LOOM) Developers found a way of incorporating Plasma into the system.
This has enables the users to develop similar application like the ones they would have developed on EOS but with an added advantage of allowing ERC20 and ERC21 tokens to be used while being secured by Ethereum at the same time.
In a nut shell, Plasma allows the DApp sub chains to use assets that are secured by Ethereum. These assets are either ERC20 or ERC21 tokens.
The Plasma technology has been of great help especially for game developers.
For instance, when playing a game, the stakes/cards are stored on Ethereum as NFTs while the entire logic of the game is executed on the Loom Plasma side chain.
Again, assets of the gamer are put at risk only when playing a game and after the game is over the Plasma chain transfers the funds to the rightful owner depending on the outcome of the game. The gamer does not leave the entire bankroll to his/her opponent; Plasma takes care of that.
Also, by the help of Plasma, gamers will be able to upgrade their game characters or even merge them where necessary.
Loon Network is also looking at the option of introducing a decentralized auction House for Game Assets. This will be a game changer for gamers.
Loom Network (LOOM) tokens
LOOM is the token used on the Loom Network. This token is generally used as a membership token for use in paying for the services like when gaming or using the social applications.
At the moment there is only one membership tier but higher tiers for developers are on the way.
LOOM is also a listed on a number of crypto exchanges and it is gaining popularity from its rapidly growing market cap. At the moment the market cap stands at $405,325,808 USD with a single token going for $0.707189 USD.
Since the beginning of May, the crypto coin has risen by 134% in a period of only 4 days.
With such a momentum, Loom Network (LOOM) is set to become the next “Bitcoin” by the end of 2018. Investors should utilise this opportunity.