The Loom Network operates as a platform-as-a-service layered over Ethereum, enabling developers to create large-scale decentralized applications. It was launched on October 1, 2017.
The primary aim is to empower developers to utilize smart contracts that can tap into greater computing resources when necessary, or to maintain the same power level at reduced costs. This is particularly useful for tasks like onboarding new users or for applications that don't require the full security of a blockchain.
This system also allows interaction with third-party APIs that aren't based on-chain. Loom aspires to be the ultimate platform for smart contract developers to build applications without needing to learn a new programming language.
This makes it easy to integrate applications with external systems.
Loom Network is built on Plasma, a scaling solution that facilitates quicker transactions across the network.
Who founded the Loom Network?
The Loom Network was established in 2017 by Matthew Campbell, James Martin Duffy, and Luke Zhang.
Matthew Campbell is a co-founder and a principal of the Loom Network. He also serves as the principal of Hyperwork Inc. and has held roles such as lead software engineer at Digital Ocean, instant messaging server architect at Thomson Reuters, engine mechanic and co-founder of Errplane, Scala Dude at Tapad, architect at Bloomberg, technical architect at Thomson Reuters, senior R&D engineer at Bertelsmann, he revamped the Gucci website to Ruby on Rails, led technical engineering at Superdeluxe, and was a software analyst at Bellsouth, with experience in programming at Listman Home Technologies and Insurance House.
James Martin Duffy acts as the CMO at Loom Network, and he is the CEO at Epictetus Ventures as well as the founder of Auragin. His previous roles include being a developer at Cryptocurrency Trading Bot, founder of KoreaJobFinder, lead developer at Casual Steps Inc., and a freelance web developer and online marketer.
Luke Zhang is another co-founder of Loom Network. Prior to this, he was a lead developer at BlockMason and worked as a developer at Elemica and Workopolis, as well as a prototyping expert at Shifthub.
What sets the Loom Network apart?
Loom Network offers platform-as-a-service capabilities for running Ethereum Solidity applications via side chains.
This enables applications to have consensus mechanisms tailored to their specific needs and threat models. Loom facilitates quicker and easier scaling of decentralized applications on the Ethereum network through DPoS sidechains, maintaining security with the Ethereum mainnet.
The LOOM token serves as a membership token, granting users access to all applications on the Loom Network. This token operates across all DAppChains on Loom Network and allows for the transfer of digital assets and data between Ethereum and Loom DAppChains.
How is the Loom Network secured?
The Loom Network's security is anchored by the zkLoom protocol, which ensures efficient blockchains. The Ethereum network, a widely known open-source blockchain for smart contracts and the second-largest cryptocurrency, backs this. By utilizing the zkLoom blockchain, there is no need to trust validators, as security assurances are provided by Ethereum. This approach makes it easier and more cost-effective to initiate and operate new blockchains with minimal validators.
What is the circulation supply of Loom Network (LOOM)?
LOOM is a digital token used for transactions on the Loom Network, constructed according to the ERC-20 standard on Ethereum.
It's important to note that LOOM tokens are not mined. Instead, they are earned by users interacting with DApps on the Loom Network.
The maximum supply of LOOM tokens is capped at 1 billion.
Where can you purchase Loom Network (LOOM)?
You can trade Loom Network on the following prominent exchanges:
