Loom Network review

Building decentralized Apps is the main feature Loom Network offers. Also, this review will deep dive into the deployment cycle of the platform.

4/5 star rating

Loom Network Review: Introduction

The quest to decipher new blockchain-based solutions to challenges faced by mankind is never-ending. Therefore, developers face stiff challenges not only in devising these ideas but implementing them. If they scale the implementation phase successfully, their products/dapps must pass a viability test to ensure that they are highly efficient and can accommodate a large user base with no hitch. Besides, the nature of blockchains makes it very difficult to achieve this, thus presenting a major problem to developers. 

In summary, time and efforts invested in scaling these barriers increase app deployment time and creates unfavorable circumstances for decentralized application developers.

About Loom Network

Before we delve into the nitty-gritty of Loom Network, let us draw an analogy from the early internet days and now. Several years ago, designing a website was anything but easy. Additionally, developers spend hours writing long lines of codes for each page on the website. Stressful as it was, there was no other option! 

Thanks to modern innovations, template-based platforms such as WordPress, Wix, and repositories like Github appeared. Moreover, these platforms helped developers to save time and the stress of having to code from scratch. Also, developers can use existing templates or plugins on WordPress to create their websites. This highlights the focal point of the Loom Network.

Loom A Next-gen Development platform

Deployment of Dapp with Loom Network
Deploying a Dapp with Loom Network is easy

Loom Network is a production-ready, multichain application deployment platform. Furthermore, it enables developers create high performance and scalable decentralized applications. With Loom, developers no longer have to invest hours into ensuring that their dApps pass the acid tests of security, scalability and speed as all these features are integrated on the platform. Therefore, they can focus more on creativity and other core aspects of dApp development. Referring to our analogy, Loom Network can be viewed as the “Wordpress of dApps”.

Hosting dApps on Loom exposes developers and users to a plethora of opportunities. Similarly, one of them is its multichain feature that allows integration with Bitcoin, Ethereum, Binance Chain and other blockchains. Furthermore, this helps to grow its userbase and affords developers the flexibility required to work with assets from different chains. Also, multichain integration allows decentralized applications to be used on other platforms aside that which it was built upon. Finally, developers who are interested in building Dapps on the platform should have a decent knowledge of the Solidity programming language.

Loom Network runs with Delegated Proof of Stake(DPos)

Loom Network runs on a Delegated Proof of Stake (DPoS) consensus algorithm. In the first place, DPoS helps to deliver a fast and efficient operation. Additionally, DPoS stands for fast transaction confirmation times coupled with high throughput. 

Decentralized applications on Loom are highly scalable. With an increased number of users, they maintain topnotch performance. Moreover, this makes Loom the developer’s top choice for building dApps for businesses and other practical applications. 

Features and Benefits of Loom Network

  • Loom dApps have multichain support
  • Loom is highly secure and scalable
  • Allows seamless application development and deployment
  • Zero transaction costs for end-users 
  • Staking and reward program for token holders 

Video Review

Token Economy

Loom token(LOOM) is a utility token used for every transaction within the ecosystem. Furthermore, it is used by developers to pay for dApp hosting on the platform.

Where to Buy LOOM token

Loom Network with its token LOOM is already available at several bigger cryptocurrency exchanges. Below the places to go with the highest trading volume:

ExchangeTrading pairs
BinanceLOOM/BTC, LOOM/BNB
HotBitLOOM/BTC, LOOM/ETH, LOOM/ATOM
BitFinexLOOM/USD, LOOM/BTC, LOOM/ETH
KucoinLOOM/BTC, LOOM/ETH

Loom Network(LOOM) numbers & details

Total amount raised for ICO$45.810.000
Total number of tokens1.000.000.000 LOOM
Emission rateNo further tokens will be created
Circulation supply966.575.675 LOOM
Token formatsERC20
Nominal price1 LOOM = 0.07600 USD

Loom Network Review: Use Cases

Loom Network is way beyond the proposal stage. Since inception, the adoption rate has grown massively. Besides, many high-performance dApps targeted at different industries have been built on the platform. Accordingly, here are some of them.

Axie Infinity

Axie Infinity is a crypto-collectible virtual pet game that lets you raise, breed, battle, and trade cute (but fierce) fantasy pets called Axies. Furthermore, the game includes an open world land system where players can attack resource nodes. Also, the game includes harvesting in-game currencies and other third-party tokens.

AliceFi

AliceFi is an all-in-one cross-chain decentralized finance (DeFi) platform. Moreover, they offer loans, insurance and decentralized exchange for cross-chain transfers. Also, this exchange can be used as a cryptocurrency savings service that provides up to 8% annual interest rates.

ShipChain

ShipChain is an end-to-end logistics platform featuring trustless, transparent tracking. It’s a fully integrated system across the entire global supply chain. Meaning it’s trackable from the moment a shipment leaves the production facility, to the final delivery on the customer’s doorstep. 

Final Thoughts

Mainstream adoption of blockchain heavily relies on the usability of its applications. Although different blockchain use cases exist, only a small fraction of them can be applied in practice due to problems of deployment, scalability, and security. In general, Loom Network presents a radical solution by enabling developers to create dApps that ticks all the boxes necessary for adoption by individuals and businesses. Finally, to end this review, some examples of dApps currently available on the network.

Information and Resources

Loom Network WebsiteFacebookTelegram
TwitterLoom Network on Medium

DISCLAIMER: Trading in cryptocurrencies involves substantial risk of loss and is NOT suitable for every investor. Any content on this site should not be relied upon as advice or misconstrued as providing recommendations of any kind. We are not investment advisors or analysts. Everything provided here is purely for informational and educational purposes. 

Daniel Okorafor
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Daniel Okorafor

Passionate about modern disruptive technologies and their impact on diverse aspects of human life. He has a wealth of experience in blockchain content creation and community management. Also he has written topnotch article reviews and whitepapers for several STOs and ICOs.
Daniel Okorafor
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