The Loom Network (LOOM) hopes to make money by weaving different blockchains together. In particular, Loom helps decentralized apps (dapps) operate on different blockchains.
To elaborate, the Loom Network is a production-ready multichain interop platform for dapp develompment. To explain, an interop platform allows dapps to operate on several blockchains, such as Bitcoin, Ethereum, Tron, and Binance Chain at once. Interop is short for interoperability: the capability to operate on different chains at once.
Hence, a Loom Network dapp could operate on the Binance Smart Chain, EOS, Bitcoin, Cosmos, and Ethereum. Interoperability saves time and money by eliminating the need to build different dapps for different blockchains.
For example, Loom Network pioneered multichain collateralized assets. Multichain collateralized assets are synthetic assets, such as NFTs and stablecoins that operate on different blockchains.
What is the Loom Network?
For example, a Loom Network dapp could accept payment in Binance (BNB), Bitcoin (BTC), Ethereum (ETH), and EOS (EOS) as well as popular stablecoins such as BinanceUSD (BUSD) and Tether (USDT). Developers can use Loom Network to integrate assets from all major blockchains in dapps.
The basis of Loom Network (LOOM) is Basechain. Basechain is an interoperable DPoS (delegated proof-of-stake) blockchain. They claim Basechain is compatible with the Ethereum Virtual Machine (EVM) and secured by over 21 validators and thousands of individual token delegators. Moreover, they claim this makes Loom dapps fast and scalable. Having over 21 validators increases security.
In particular, they claim deploying to Basechain opens a dapp up to a massive audience by providing to access to many blockchains. Basechain serves as the mainnet and operating system for the Loom Network.
They claim Loom is production-ready, and enables minimal friction transactions at lightning speeds. Plus, they claim there is no need for gas fees or MetaMask popups when somebody uses a Loom Network DApp.
Loom Network and CryptoZombies
The builders claim users can future-proof a dapp because it operates on different blockchains. That means Loom could operate on blockchains that could get popular. For example, two or three years ago many people including me thought EOS was the next big blockchain. Instead, Binance Smart Chain became the next big blockchain.
Since Loom Network operates on both Binance and EOS. It operates on the next big chain.
They claim Basechain is a blockchain for developers built by developers. Moreover, Loom Network and Basechain are from the team behind CryptoZombies.
CryptoZombies teaches people to code blockchain DApps by having them build simple blockchain games. They claim CryptoZombies is the largest education platform for blockchain development with over 400,000 registered users. The CryptoZombies curriculum includes interactive coding lessons.
The Loom Network (LOOM) Token
The Loom Network (LOOM) is a proof-of-stake token that secures Loom Network’s mainnet, Basechain. Developers use LOOM to host their dapps on Basechain. Interestingly, LOOM is an ERC20 (Ethereum request-for-comment) token.
They pay the Validators, the users who verify Loom’s security, in LOOM. Valdiators earn LOOM by performing duties on the LOOM Network. A LOOM holder earns a portion of validators’ rewards by delegating to validators.
However, users do not need LOOM to pay DApps. Yet, developers pay LOOM to run dapps on Basechains. Instead, Basechain wallets accept payment in Ethereum, ERC20 tokens, TRON, and BEP-20 tokens.
LOOM is popular. It was CoinMarketCap’s 16th most-trending cryptocurrency on 13 September 2022. Plus, LOOM was CoinMarketCap’s 191st largest cryptocurrency with a 7.824₵ Coin Price, a $102.710 million Market Cap, a $102.307 Fully Diluted Market Capitalization, and a 24-Hour Market Volume of $192.388 million on 13 September 2013. They base those numbers on a Circulating Supply of 1.3 billion LOOM, a Maximum Supply of 1.3 billion LOOM, and a Total Supply of 1.3 billion LOOM.
What Value does the Loom Network (LOOM) have?
Comparatively, CoinGecko gave Loom Network (LOOM) an 6.6₵ Coin Price, and a 24-Hour Trading Volume of $166.565 million on 13 September 2022. They base that number on a Total Supply of one billion LOOM.
Meanwhile, CoinBase gave the Loom Network (LOOM) a 7.81₵ Coin Price, a $101.5 million Market Cap, and a 24-hour Market Volume of $192.5 million. They base those numbers on a Circulating Supply of 1.3 billion LOOM. CoinBase gives Loom Network a 77₵ all-time high Coin Price.
I consider Loom Network a realistically priced cryptocurrency integrated with a useful blockchain capability. If you are seeking a flexible cryptocurrency that could make money, I think Loom Network (LOOM) is worth examining.
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