Loom Network (LOOM) –Building Blockchain has never been an easy task for developers in the early days of Cryptocurrency; in fact, it will take skilled minds, skilled hands and bunch of developers to come up with a coin. But over the years, there have been certain changes that have improved the situation.
Many can now sit in their homes and build Blockchain themselves. Several factors have contributed to this development, here is a gist about one of such primary tool called Loom Network.
Digging into Loom Network (LOOM)
Do you love games? How about using social media? If you do, a straightforward definition of Loom Network might just do for you. It is referred to officially as your favorite games or social media network but this time on the Blockchain network, built on Ethereum. With the aid of Loom Network, it has become far more comfortable to create DappChains and dapps.
When using Loom Network, you get all the benefits of using Blockchain and also profit from using a system scalable, forkable, high performing and trustable. So this Blockchain runs with the use of Ethereum based token and the security of Ethereum.
Why use Loom Network (LOOM) for Games and Social app
Blockchain for games, you may wonder where the links come from, and that’s reasonable. How can a game be built from Blockchain including those games that won’t even come into existence without the use of Blockchain? With the aid of DappChains that runs with Etherum smart contract, LOOM can quickly scale data for games instead of transactions.
For a social app, Loom Network allows the creation and usage of application not driven by advertising. With the aid of Karma tokens, the social application can be monetized and can also be improved with multiple clients’ application. In the bigger picture, Loom Network was explicitly built for games and social application.
The Loom Network (LOOM) Token
To enter a home, you will need either your key or your tag. So also, to access and make use of dapps running on LOOM you will need the token. It functions across all DappChains which are functional on LOOM, and they allow you to transfer between the LOOM DappChains and Etherum digital assets and data.
The LOOM Token works both as a membership card and a license key. It is an ERC-20 token, hence the token are stored in Etherum wallet. Whenever transactions are initiated from any of the LOOM DappChains to Ethereum or withing the DappChains, dapp before proceeding with the transaction check on your token balance as this will affect the transaction.
Loom Network (LOOM) DeligateCall
Delegatecall is a question and answer website that is based solely on the Blockchain and run with DappChains. It is the pioneer application to go live under the platform. Loom Network built it and make use of real tokens that are made up of Etherum
With delegatecall, more points can be earned by either posting question or answering them. The game makes use of Etherum for its transaction. Points earned are first converted to karma points then into Etherum. After this, the ETH can be sold or converted into a token.
The Present Worth Of Loom Token (LOOM)
The token is presently worth ($0.14) which is a 25% increment from the day it was launched. There are over $100,000,000 worth of the coin available for users for purchase and transaction. The circulating supply of the token is $593,726,019
Where To Buy LOOM token
Without the token, using LOOM is an idea dead on arrival. You can purchase LOOM token from Binance, Kucoin, Upbit, etc. as long as you have Etherum wallet, the token can be saved there.
Adding all facts up
Mere making use of the Loom Network has afforded developers the opportunity of running decentralized apps on a large scale. Loom Network is built on Ethereum which has opened the way for developers to build both with security, trust and computing resources Dapps needed for running commercial service.
Its usefulness and effectiveness have been proved by the wide range of dapps that has been created on it and this signals a better future.