Loom Networks calls itself a next-generation blockchain platform designed for large-scale social apps and online games. The team describes it as your favorite game or social media network, but on the blockchain and built on Ethereum. The Loom network makes it possible to create dAppChains and dApps, but it also functions as a real blockchain. As such, you get all the benefits of a blockchain when using Loom Network, including a system that is scalable, reliable and transparent.
Loom Network was co-founded in 2017 by:
- James Duffy, a crypto enthusiast and entrepreneur. He was a leading developer at Casual Steps Inc.
- Luke Zhang, an IT specialist. Worked as a developer at BlockMason Inc, Workpolice and Elemica.
- Mattew Campbell, who worked for Hyperworks Inc., Thomson Reuters, Digital Ocean and Err Plane.
Loom Network offers developers of decentralized applications the opportunity to address the scalability of the Ethereum blockchain. Developers of DApps are offered a database with handy standard templates written in the Solidity language. This makes it easier to work with the Ethereum blockchain.
The LOOM token is a token that allows users to access all dApps running on Loom Network. It is an ERC-20 token and you keep it in an Ethereum wallet because it is on the Ethereum blockchain. Every time you try to transfer something from one of the Loom dAppChains to Ethereum or complete a transfer between dAppChains, the dApp first checks your LOOM coin balance. As long as you have at least 1 LOOM coin, the transfer continues. A total of 1 billion LOOM coins were issued.