Loom Network – A combination of EOS and Ethereum =

Loom Network (LOOM) is referred to as ” EOS on top of Ethereum ” by its founders. This means that it has combined the scalability of EOS with the security and reliability of Ethereum. Programmers who first planned to build an app on top of EOS can now do so on Ethereum thanks to Loom Network. In addition, Loom Network already has several working products that make it possible for every layman to learn how to program on Ethereum, for example. In this article we explain how you can buy Loom Network, what it is exactly and whether it is a good investment.

Buy Loom Network

View quickly

  • What is Loom Network?
  • Loom Network’s token: LOOM
  • Suitable wallet for LOOM
  • Team, advisors and partners
  • roadmap
  • Popularity
  • Criticism
  • Conclusion
  • Buy Loom Network

What is Loom Network (LOOM)?

There are already several projects like Raiden and Plasma trying to scale and upgrade Ethereum. However, Loom Network is the only one that is already live in production and actually has a working product. Moreover, several good and popular decentralized applications (dapps) have already been built on top of the platform.

Ethereum and scalability

If you’ve been following the crypto world for a while, it may have become clear to you that Ethereum doesn’t scale well. This means that it cannot handle too many users at once. The most famous example of this is when CryptoKitties (see image) came out. This is a very popular game based on the Ethereum blockchain on which you can raise, collect and trade kittens. In fact, the game was so popular that it attracted tens of thousands of users. Unfortunately, this caused the entire Ethereum network to crash. Ethereum users who had nothing to do with CryptoKitties were also affected by this.

Ethereum has still not succeeded in solving these scalability problems, so several projects have come up with a possible solution. Loom Network seems to be the only one so far to show that it has found a working solution.

 

Loom Network’s solution: DAppchains

The ambitious crypto project aims to solve Ethereum scalability issues through DAppchains. In fact, these sidechains are specially developed for decentralized applications. Perhaps this sentence sounds completely Russian to you, so let’s first explain what a sidechain is.

A sidechain is a “side-chain” of the main blockchain. The main blockchain is the leading chain where the most important information is stored. However, this main chain cannot handle too much data. To solve this, less important data is processed and stored on sidechains. These sidechains cannot communicate with each other, but only with the main blockchain.

Example

An example we often use to explain this is that of Bob and Alice who often go out and do fun things together. One time Bob shoots this ahead and the other time Alice. They always pay each other back in crypto within a few days. With a traditional blockchain, all these transactions would only go through the main chain. However, sidechains allow them to make all these transactions through their own sidechain and do not have to burden the main chain. Only when setting up and possibly closing such a sidechain does it need to communicate with the main chain. This saves a lot of extra for the main blockchain.

Dappchains

A dappchain is a sidechain, but specifically designed for decentralized apps instead of transactions. Decentralized apps work with a lot more data than transactions, so you need a more extensive chain for this. Dappchains are designed to scale data rather than transactions. They are created specifically for creating social apps and games. In addition, dapps based on Loom Network can also use an alternative consensus. This does not necessarily have to be Proof of Stake or Proof of Work, but can also be Delegated Proof of Stake. This is similar to how EOS works, but it seems that Loom Network has taken a lead on this top-5 crypto. For this reason, the joking meme below was very popular on Reddit around the summer of 2018.

All different working products

The great pride of the Loom Network team is their SDK. This stands for Software Development Kit and, in Wikipedia’s words, is “a collection of tools useful in developing computer programs for a particular operating system, type of hardware, desktop environment, or creating software that uses a special technique.”

This SDK has been developed by the team in such a way that it is a breeze for developers to develop on the blockchain, even if they don’t understand blockchain. The team behind Loom Network has also come up with a solution for the greatest programming laymen. With one of their first working products CryptoZombies you can become a true Ethereum programming master in a very fun way.

 

Crypto Zombies

There is an incredibly high demand for Ethereum programmers. If you get a little good at this, you can quickly earn a nice hourly wage. For many people, however, the threshold to learn this is much too high. It is precisely for this reason that Loom Network has developed the game CryptoZombies. You can program your own game within this game while learning Ethereum’s programming language, Solidity.

If this makes you excited to learn it, you’re certainly not alone. The game now has more than 140,000 students. One of the features is that you can send your zombies to the mainnet and import them into someone else’s game. You need to have a LOOM membership token for this, but more about that later. CryptoZombies was not the first game developed by the talented team, this was DelegateCall.

 

DelegateCall

What do you get when your Steemit and StackOverFlow or Quora have a baby together? According to Loom Network’s head of growth, this baby will look like DelegateCall, Loom Network’s first working product. It is a website like Quora or GoeieVraag.nl with the main difference that you cannot earn useless points, but points that are worth money (like with Steemit). So you can earn money by asking and answering popular questions. If you want to know more about this, you can go to the DelegateCall website via this link. Below you can see an example of the platform.

 

The Token of Loom Network: LOOM

The Loom Network token has the ticker LOOM. It was launched in March 2018 and since then the team has released many different products and services for which you can use the token. No ICO was held at that time. All the money needed was invested by startup accelerator Techstars NY.

What is strange is that the tokens are sold on their own website for $1.99, while at the time of writing (August 2018) you can buy them on various exchanges for less than 8 cents. They say about this themselves: ” If you are a normal user of the Loom Network and you only need 1 to 10 tokens, it is probably cheaper to do this with us. With exchanges you also have to take all kinds of fees into account. .” We think this is a crazy state of affairs and wonder why they don’t just charge a lower price for this.

Where does the value of LOOM come from?

There are several reasons why the Loom Network tokens will become popular with the general public.

  1. Developers can use LOOM for payments to run Dapps on ZombieChain (and other sidechains in the future).
  2. Users can use the token to pay for various memberships on games, such as Zombie Battleground.
  3. Developers pay in LOOM for Enterprise Support of the LOOM SDK.
  4. Users need the token as a lifetime membership card for all Dapps running on the Loom Network.

Token Distribution

Currently, the company itself holds 35% of the tokens. In addition, 10% is in the hands of the team and the advisors. They are obliged to hold it for at least 12 months. The remaining 55% is in circulation with the community.

Features LOOM

Token symbol

LOOM

Total number of tokens

1 billion

Number of tokens in circulation

591 million

Price during ICO

$0.076

token type

ERC-20 (based on the Ethereum protocol)

Hard cap sales of tokens

N/A

Funds raised during ICO

N/A

Suitable wallet for LOOM

In addition to the exchange, you can also store LOOM on a hardware wallet. This is recommended in most cases since you own the private key here and therefore actually own the coins. The most famous hardware wallet is currently the Ledger Nano S. You can buy this from the official Dutch reseller Cryptomaan.

Team, advisors and partners

The Loom Network team is very large with 51 people. What is nice to see is that there is little hierarchy to be found on the website. Where normally the founders are shown pontifically in the foreground, on the website of this crypto project you can see all team members neatly depicted in alphabetical order. So it takes some searching, but then you soon see that Matthew Campbell (CEO), Luke Zhan and James Duffy (see image) are the founders.

Matthew Campbell has extensive experience scaling up various systems at Digital Ocean and Thomson Reuters Bloomberg. Luke Zhang was previously the lead developer at Blockmason and James Duffy is/was a marketer and entrepreneur. Among other things, he founded a multimillion-dollar e-commerce company. The table below provides a brief overview.

Name

Position

Experience

Matthew Campbell

CEO / Co Founder

  • GO Hacker / Digital Ocean
    2 years
  • Director of Hyperworks
    1 year
  • Instant Messaging Server Architect / Thomson Reuter
    3.5 years
  • “Scala Dude” / Tapad
    7 months

Luke Zhan

CTO / Co Founder

  • Lead developer / BlockMason
    1 year
  • Developer / Elemica
    2 years
  • Developer / Workopolis
    2 years

James Duffy

CMO / Co Founder

  • Developer of Crypto Trading Bot
    1 year (and ongoing)
  • Co-Founder and President / Auragin
    5.5 years (and ongoing)
  • Founder KoreaJobFinder.com
    3.5 years

 

Advisors and partners

Because Loom Network does not use a white paper or any hype at all, there is little to be found about any advisors or partners.

roadmap

Unfortunately, there is no known roadmap for the project. The last roadmap went until August 2018 and they haven’t released anything new since then. This is a pity, because we don’t really have an idea what they are doing right now.

Popularity

Unfortunately, Loom Network doesn’t do much marketing yet. It is nice to see that their focus is mainly on developing cool dapps, but on the other hand, the importance of building a strong community should not be underestimated. Their social media channels are therefore also not that big compared to crypto projects of the same size. Especially on Reddit, the number of readers is lagging behind.

Popularity LOOM (August 2018)

Twitter

14k followers

Telegram

15k followers

Facebook

13k followers

Reddit

932 readers

Criticism

There is currently little criticism to be found on Loom Network. The main thing they do less than other projects is that they do very little marketing. Few people are still aware of this project, while it is already well advanced with several good working products. For example, they have not published a roadmap and they are not fanatically binding partners and advisors.

It’s nice that they didn’t publish a white paper under the guise of “deeds, not words”, but in a noisy world like crypto, it’s still important to make yourself heard.

As a final point, we find it strange that they charge 25 times (!) more for a Loom Network Token on their website than they cost on the crypto exchanges. It’s not clear why they don’t drastically lower the price of this.

Conclusion

Loom Network could become serious competition for EOS. In fact, they seem to be even further than this top-5 platform and they have the security and reliability of Ethereum behind them. This is very impressive, yet the crypto world does not seem to have discovered the potential of this ambitious project. The main reason for this is that they have not released a white paper and do very little marketing.

On the one hand, this can be a positive sign, as the price could skyrocket if the masses find out. On the other hand, you have no idea how long this could take. For now, we believe that Loom Network can show great things and it remains to be seen until the first Dapp becomes so popular that the platform becomes known to the masses.

How do I buy Loom Network?

Buying Loom Network on Bitvavo is a piece of cake. Within a few minutes and for less than a euro you can already be the proud owner of LOOM.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find LOOM, click on it and then press “Buy”.
  7. Invest the amount you have in mind in LOOM.
  8. Congratulations! You bought LOOM!
    Don’t forget to save your username and password

Sources

  • Website
  • Medium
  • CoinMarketCap
  • Crypto Zombies

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net