Loom Network (LOOM)
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About LOOM
Loom Network (LOOM) is a multichain interop platform that enables developers to build scalable, user-friendly blockchain applications, renowned for its production-ready, high-performance capabilities. Launched in 2018, Loom Network provides a seamless experience for users and developers alike, allowing for the creation of dApps that can interact with multiple blockchain ecosystems, including Bitcoin, Ethereum, Binance Chain, and Tron. With its Delegated Proof of Stake (DPoS) consensus mechanism, Loom Network ensures fast transaction times, high-transaction throughput, and a frictionless user experience, making it an attractive solution for developers and users seeking to build and interact with decentralized applications. As a proof-of-stake token, LOOM is used to secure the network and incentivize validators, while also providing a flat monthly fee for dApp hosting, eliminating the need for users to pay transaction costs.
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Frequently Asked Questions about Loom Network
What is Loom Network?
Loom Network is a multichain interop platform that provides developers with the scalability and usability they need to build high-performance user-facing dApps. It has been live in production since early 2018 and allows dApps to offer a user experience comparable to traditional applications.
What is the LOOM Token?
The LOOM token is a proof-of-stake token used to secure Loom Network's mainnet, called Basechain. LOOM holders can stake their tokens to help secure Basechain and earn rewards in the process. The token is also used by developers to pay for dApp hosting on Loom Network.
What are the benefits of using Loom Network for dApp development?
Loom Network offers a number of benefits, including scalability, usability, and flexibility. It allows developers to build high-performance dApps with fast confirmation times and high-transaction throughput, and provides a frictionless user experience with zero transaction costs for users.
How does Loom Network's multichain interop work?
Loom Network has integrations with major blockchains such as Bitcoin, Ethereum, Binance Chain, and Tron, allowing developers to integrate assets from all major chains and build a dApp only once to offer it to users on all platforms simultaneously.
What is the security model of Loom Network?
Loom Network uses a Delegated Proof of Stake (DPoS) consensus mechanism, which is a variant of the Proof of Stake (PoS) algorithm. The network has 20+ external validators located all around the world. The chain has also been audited by Trail of Bits, an information security company specializing in blockchain tech.
How easy is it to deploy a dApp on Loom Network?
Deploying a dApp on Loom Network is relatively easy, especially for developers familiar with Solidity. The network is Solidity-based and Ethereum-compatible, allowing developers to port their Solidity-based dApp to Loom in just 3 steps.
What kind of dApps can be built on Loom Network?
Loom Network can be used to build any type of dApp, including DeFi, supply chain management, virtual reality, e-learning platforms, and gaming. The network also offers the added benefit of being accessible to all major blockchain communities, and offering the potential for multichain dApps.
What resources are available for learning to build dApps on Loom Network?
Loom Network offers a number of resources for learning to build dApps, including CryptoZombies, a free code school platform that teaches developers how to write Solidity smart contracts through interactive tutorials.