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What is Loom Network (LOOM)?

Loom Network basic info

Name:Loom Network
Ticker:
Introduction:

What Is Loom Network?

Loom Network is a Platform-as-a-Service (PaaS) blockchain solution, designed as a Layer-2 scaling solution for Ethereum-based applications. It utilizes sidechain development to facilitate the creation of decentralized applications (dApps) that can operate with their own rules, consensus methods, and security measures, enabling faster and more efficient scaling. Initially, Loom Network concentrated on blockchain-based social media and gaming dApps but has since pivoted to focus on enterprise blockchain applications, specifically for government agencies and healthcare providers.

Loom Network, founded in 2017, is headquartered in Bangkok, Thailand. It aims to resolve the scalability trilemma in blockchain design, which posits that a blockchain network can only maximize two out of three options: scalability, decentralization, or security. By offering developers the ability to create customized sidechains, Loom Network provides a solution for building scalable and fast applications without compromising the security and decentralization inherent to the Ethereum protocol.

Resources

Official Documents: https://loomx.io/developers/en/intro-to-loom.html

Official Website: https://loomx.io/

How Does Loom Network Work?

Loom Network employs a sidechain architecture to alleviate traffic from the Ethereum mainnet, allowing the execution of high-performance dApps without sacrificing the security or decentralization of Ethereum. These sidechains are interoperable with the Ethereum mainnet, facilitating easy porting of dApps between the two networks. Loom Network’s sidechains are secured by a Delegated Proof-of-Stake (DPoS) consensus mechanism, which is more energy-efficient and scalable compared to Proof-of-Work, used by networks like Bitcoin.

The Loom Network provides an SDK for developers, simplifying the development of dApps without requiring advanced knowledge of Ethereum’s native Solidity programming language. Applications developed using the Loom SDK can be integrated into the Loom Network platform through their unique Ethereum sidechain, called the dAppChain. This allows developers to implement distinct rules, consensus methods, and data protocols for their applications.

What Is LOOM Token?

LOOM is the native utility token of the Loom Network with a fixed total supply of one billion. It powers the Loom Network and is used for staking on the PlasmaChain, a blockchain connected to Ethereum that uses a Proof-of-Stake mechanism. LOOM tokens are essential for clients and partners to access the Loom Network, and businesses pay subscription fees and transfer fees in LOOM for utilizing the Loom Network PaaS model and for moving assets between Loom Network sidechains and the main Ethereum blockchain.

Loom Network's Impact on Finance

Loom Network’s innovative approach to solving Ethereum’s scalability issues has the potential to revolutionize financial applications built on blockchain technology. By enabling the development of high-performance dApps, Loom Network can facilitate faster and more efficient financial transactions, reducing latency and improving user experience in decentralized finance (DeFi) applications. The integration of Layer-2 solutions like Loom Network can drive the adoption of blockchain technology in the financial sector, offering scalable and secure alternatives to traditional financial systems.

What Determines Loom Network's Price?

The price of Loom Network's token, like other cryptocurrencies, is influenced by a myriad of factors, reflecting the dynamics of the cryptocurrency market. One primary determinant is market supply and demand, driven by cryptocurrency enthusiasts and the crypto community's perception of Loom Network's value, especially in its ability to solve Ethereum’s scalability issues. The LOOM token's utility within the network, required for accessing the platform and paying fees, also plays a crucial role in its valuation. Market sentiment, often swayed by cryptocurrency news, trends, and analysis from cryptocurrency experts and influencers, can significantly impact the cryptocurrency price, leading to fluctuations and volatility.

Cryptocurrency regulation is another pivotal factor, with changes in legal frameworks potentially affecting the token's availability and, subsequently, its price. For those wondering where to buy cryptocurrency like LOOM, it can be acquired on leading exchanges such as Bitget, and the ease of acquisition can also influence its price. Cryptocurrency charts and crypto market analysis are essential tools for those looking to understand price trends and make price predictions for 2023 and beyond, aiding in crypto portfolio management and trading strategies. The overall adoption and development trajectory of Loom Network, coupled with its security and the perceived risks and rewards of investment, will continue to shape its price in the cryptocurrency market.

In conclusion, determining the price of LOOM involves considering various factors, including market supply and demand, utility, market sentiment, regulation, and broader trends in the cryptocurrency market. Potential investors, especially cryptocurrency beginners, should stay informed about cryptocurrency events, conduct thorough research, and consider the opinions of cryptocurrency experts before deciding if LOOM is the best crypto investment for 2023.

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Current price:
All-time high:$0.7745
All-time low:$0.007666

LOOM supply and tokenomics

Circulating supply:1,240,020,900 LOOM
Total supply:1,300,000,000 LOOM
Max supply:0 LOOM
Market cap:$74.38M
Fully diluted market cap:$77.98M
Token allocation:
Founders & Project
55.00%
Investors
45.00%
Tokenomics:

Uniqueness

Loom Network is a platform as a service that allows Ethereum Solidity applications to be run through side chains.

This means that the applications can have consensus mechanisms specific for their needs and potential threat model. Loom makes scaling decentralized applications faster and easier on the Ethereum network and uses the DPoS sidechains for scalability with DApps through the security of Ethereum mainnet.

The LOOM token acts as a membership token that each member receives in order to get access to all of the apps that run on the Loom Network itself. This token functions on all of the DAppChains that run on the Loom Network and lets you transfer digital assets and data between Ethereum and Loom DAppChains.

Links

Buy Loom Network for $1Buy LOOM now

What is the development prospect and future value of LOOM?

The market value of LOOM currently stands at $74.38M, and its market ranking is #536. The value of LOOM is not widely recognized by the market. When the bull market comes, the market value of LOOM may have great growth potential.

As a new type of currency with innovative technology and unique use cases, LOOM has broad market potential and significant room for development. The distinctiveness and appeal of LOOM may attract the interest of specific groups, thereby driving up its market value.

What will the price of LOOM be in 2025?
Based on LOOM's historical price performance prediction model, the price of LOOM is projected to reach $0.08174 in 2025.
What will the price of LOOM be in 2030?
In 2030, the LOOM price is expected to change by -4.00%. By the end of 2030, the LOOM price is projected to reach $0.1644, with a cumulative ROI of +185.92%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of LOOM and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is LOOM worth investing or holding? How to buy LOOM from a crypto exchange?

If you want to buy LOOM, the following information may be helpful for your investment decisions:
In the last 7 days, the price of LOOM has fallen by -10.73%, leading to negative returns for most LOOM investors. The market is currently pessimistic about the price trend of LOOM.
It is important to note that the current price of LOOM has retreated by -92.25% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether LOOM is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in LOOM or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of LOOM, if you want to buy or sell LOOM, you can consider Bitget for your trading needs. The best place to buy LOOM is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Loom Network has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Loom Network. Here's a step-by-step guide on how to buy Loom Network on Bitget.

How to get Loom Network through other methods?

Using cash to buy Loom Network is not the only way to obtain Loom Network. If you have the time to spare, you can get Loom Network for free.
Learn how to earn Loom Network for free through the Learn2Earn promotion.
Earn free Loom Network by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Loom Network airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Loom Network through Bitget Convert, Bitget Swap, or spot trading.

What is Loom Network used for and how to use Loom Network?

The use case of Loom Network may expand as the crypto market and the project itself develop. Currently, you can use LOOM to achieve the following goals:
Arbitrage by trading LOOM: Since LOOM is a frequently traded cryptocurrency, the price of LOOM is always fluctuating. Earn more LOOM by buying low and selling high on the exchange. Bitget spot market provides a variety of LOOM trading pairs to fully meet your needs.
Earn by staking LOOM: You can also generate income through financial management methods such as staking LOOM or lending LOOM. Bitget Earn offers a variety of financial products designed to help you earn more income from your LOOM.
Send or pay LOOM: If you want to give LOOM to your friends, a charity, or a fundraiser, or you want to pay someone with LOOM, you can quickly and easily send LOOM to the recipient through their payment address.
You can also go to the official website of the Loom Network project to learn more about the use cases of LOOM. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

Loom Network Wiki

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LOOM resources

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LOOM price calculator

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LOOM
USD
1 LOOM = 0.05979 USD
Last updated (UTC-0)
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