What Is Loom Network?

Loom Network is a blockchain network that allow developers to create custom-made decentralized applications (dApps). Loom Network focuses on building social and gaming dApps. It founded by Matthew Campbell, James Martin Duffy, and Luke Zhang in 2017.

Loom SDK is a blockchain development kit that comes with Loom Network. Developers can create their own sidechains using Loom SDK. These sidechains are interoperable with Ethereum, Bitcoin, BNB Chain, Tron, or any major blockchains that Loom Network supports. Loom Network’s mainnet is called “Basechain”.

Loom Network is a sidechain which means it is an independent blockchain with its own consensus mechanism and its own native token called “LOOM”. It is an ERC-20 token. Validators and delegators stake LOOM tokens to secure and run the network. LOOM tokens also use for paying transactions fees.

In conclusion, Loom Network is a successful blockchain because it can ranks top 100 crypto by market cap. But Loom Network needs to attract more developers and more users in order to create long-term growth.

About Loom Network

Ranking: 72^nd largest crypto by market cap.

Market cap: $462 million.

Fully diluted market cap: $496 million.

Transactions per second: Loom Network can process 1,000 TPS.

Time to finality: Loom Network takes 1 second to process a transaction.

As of October 16, 2023.

LOOM all-time price chart.