Initiation of the project development – 03.2018
Country – Thailand
Standard of the token – ERC-20 Ethereum
Total emission – 1 000 000 000 LOOM
In circulation - 967 446 679 LOOM
Market capitalization – more than $20 million
Coinmarketcap rating - № 148
Maximal token price over the time - $ 0,77445
Minimal token price over the time - $ 0,0138
Website of the project - https://loomx.io/
Twitter - https://twitter.com/loomnetwork
Telegram - https://t.me/loomnetwork
Facebook - https://www.facebook.com/loomxnetwork
Loom Network is an American start-up (whose network operates upon Ethereum blockchain), founded in March, 2018 by Mathew Campbell, James Duffy and Luke Chzhan. The main task of project’s developers was set as solution of increasing problem and speed of scalability of the blockchain Ethereum network, underlying Loom Network.
It was decided to solve these tasks by means of creation of a convenient infrastructure as for decentralized applications with utilization of DApps-chains, comprising sidechains (separate mini-blockchains or dappchains) and scaling the major Ethereum network. This solution lies in the basis of the concept of sidechains, that has recently been widely disseminated on the path of solution of scalability’s problems.
I.e. at creation of a new application or a program, a developer is allocated with a separate sidechain, that is connected with the main Ethereum blockchain by means of hashing, enabling the interaction and reliability of the sidechains.
It allowed to significantly decrease the load on the main network and solve the scalability problem.
Apart from that, the developers of DApps applications were proposed with a set of tools and templates, helping in creation of their own projects. The developers gain advantage predominantly through decrease of load and enablement of optimization of every separate blockchain, according to the regulations of a new app being developed. At that, the more new applications and smart contracts are created, the more the computing power will be, coupled with lower commissions, which in its turn will stimulate the network’s infrastructure to process any amount of transactions.
Many of us, perhaps, still remember the situation that occurred in the end of 2017, when due to the increased number of transactions (with increase of verification and approval time + increase of the commission rate connected thereto), the launch of the famous game “Crypto Kitties” temporarily paralysed the network Ethereum.
Now, instead, implementation of the concept of sidechains allows (as according to the words of the developers of Loom Network platform) to launch millions of copies of “Crypto Kitties” simultaneously, while not overloading the network of the main blockchain.
Social networks and gambling industry were identified by the platform’s developers as the strategic directions with respect to user segments. Demand for the platform itself is attributable to (as was described before) the scalability of the decentralized applications created in social and gambling “spheres”.
Along with that, the platform Loom network is not significantly decentralized, and its security still leaves something to be desired, despite the implementation of “side blockchains”, ensuring the basic security for productivity of applications and data safety.
In order to carry out the interaction of the platform, developers and users of all the segments, and also to develop the project, the founders and the developers conducted the emission of LOOM token (of the standard ERC20 of Ethereum network), that has become a full-fledged altcoin.
In total, 1 000 000 000 coins were issued.
Now in circulation there are more than 967 000 000 coins.
Market capitalization of the project amounts to approximately $20 million.
LOOM coin has passed listing on a number of exchanges and is currently quoted for the price of $0, 023-0,025 per coin.