Loom Network (OLD) (LOOMOLD)
Loom Network is a next-generation blockchain application platform designed to enhance the scalability of Ethereum. By utilizing Delegated Proof of Stake (DPoS) sidechains, Loom Network enables the creation of scalable blockchain games and decentralized applications (DApps) with the security assurances provided by the Ethereum mainnet. Often described as "EOS on Ethereum," Loom Network offers Ethereum-compatible and secure solutions for developers.
History of Loom Network
Loom Network launched its platform in March 2018, marking its entrance into the blockchain industry as a Layer 2 scaling solution for Ethereum. Since its inception, Loom Network has focused on addressing the scalability challenges faced by blockchain developers, particularly those building games and user-facing DApps. By providing a network of DPoS sidechains, Loom Network has established itself as a viable option for developers seeking high throughput and scalability without compromising on security.
| Ticker | LOOMOLD |
| Category | Infrastructure |
| Website | https://loomx.io/ |
| @loomnetwork | |
| Telegram | loomnetwork |
| Contract Addresses | |
|---|---|
| ethereum | 0xa4...b0 Copied! |
How Loom Network works
DPoS sidechains
Loom Network’s core technology revolves around its DPoS sidechains. These sidechains are designed to operate alongside the Ethereum mainnet, offering enhanced scalability and throughput. Unlike traditional Proof of Work (PoW) systems, DPoS allows for faster transaction processing by utilizing a smaller number of trusted validators. This setup enables Loom Network to achieve high performance levels akin to those offered by platforms like EOS, while maintaining compatibility with Ethereum.
Plasma Cash implementation
In a significant technological advancement, Loom Network developed the world’s first Plasma Cash implementation. Plasma Cash is a framework that allows for the secure transfer of Ethereum-based tokens onto Loom sidechains. This implementation ensures that the security guarantees of the Ethereum mainnet are retained, providing users with confidence in the integrity and safety of their transactions on Loom Network.
Security backed by Ethereum
One of the standout features of Loom Network is its integration with Ethereum’s security model. By anchoring its sidechains to the Ethereum mainnet, Loom Network leverages Ethereum's robust security infrastructure to protect user assets and data. This integration ensures that despite the high scalability and performance of Loom's sidechains, the security and trust of the underlying Ethereum blockchain remain intact.
The potential of Loom Network
Loom Network provides a platform for developers to build highly scalable and interactive blockchain applications. Its Layer 2 approach addresses one of the critical challenges in the blockchain arena—scalability—while ensuring that applications remain secure and reliable. As a result, Loom Network is well-positioned to drive innovation in blockchain gaming and user-facing DApps, paving the way for more complex and resource-intensive applications to thrive on the Ethereum ecosystem.
For more information, visit the Loom Network's official website: loomx.io.