KuCoin Cryptocurrency Exchange
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A blockchain platform for large-scale online games and social apps, Loom Network is built on Ethereum. Using what it calls DAppChains, which are full-featured blockchains built to run parallel to Ethereum smart contracts, Loom Network is building an infrastructure platform designed to help Ethereum scale.
The Loom Network was officially launched in March 2018, and so too was its LOOM token, which acts as a network membership token. If you want to buy LOOM but don’t know where to start, we’ve put together this simple, step-by-step guide.
You can find LOOM listed on the following cryptocurrency exchanges:
To buy LOOM tokens, complete the following steps:
LOOM tokens are only available on a selected range of exchanges, so compare the platforms that support LOOM to find one that meets your needs. You’ll need to provide your email address and create a password to register, while some exchanges will also require you to supply additional personal information and proof of ID to satisfy Know Your Customer and anti-money laundering (KYC/AML) regulations.
Before depositing any funds, remember to enable 2-factor authentication to provide increased security for your account.
There’s currently no way to buy LOOM directly with US dollars, so you’ll need to first obtain a cryptocurrency listed in a trading pair with LOOM. Your options are bitcoin (BTC) and ether (ETH). If you need help getting your hands on any of these currencies, check out our how to buy BTC and how to buy ETH guides.
To deposit the funds into your account, you’ll need to find and copy your exchange wallet’s transfer address.
Now it’s time to find the exchange section of your chosen platform, search for the pair you want to trade (for example LOOM/ETH) and buy some tokens.
Enter the details of your transaction, such as the amount of LOOM you want to buy or your desired price. Make sure you then review the full transaction details before finalizing your purchase.
If you decide you want to sell your LOOM tokens, the process you’ll need to follow is essentially the same as that outlined in step 3.
Make sure to once again check the full details of the transaction before submitting, and remember that you may not be able to immediately exchange LOOM for the currency you want.
Although you could potentially store your tokens on an exchange, this would expose you to the risk of hacking and theft. Moving LOOM into a private wallet that you own is generally considered to be a much more secure option.
As LOOM is an ERC20 token on the Ethereum network, you’ll need to look for a wallet that supports these types of tokens. Options you may consider include hardware wallets like the Ledger Nano S and TREZOR, or the MyEtherWallet web interface.
Describing itself as “EOS on top of Ethereum”, Loom Network is developing a platform designed to help Ethereum scale. Its key product is a software development kit (SDK) that developers can use to create their own blockchain without needing any specialized knowledge of blockchain technology.
This SDK develops what Loom Network labels a DAppChain, which runs as its own sidechain to Ethereum’s base layer. This structure allows DAppChains to use different consensus systems, for example, delegated proof of stake (DPoS), but also allows assets based on these chains to enjoy all the security benefits of Ethereum.
With support for DPoS as standard, the two initial types of dapps the network is focusing on are large-scale online games and social apps. Loom Network’s first dapp was launched in March 2018. Known as DelegateCall.com, it’s a Q&A site all about blockchain and Ethereum programming.
The Loom Network’s SDK is currently in private beta testing and will have its public release in June 2018. The team behind the project has raised $25 million in funding and is led by co-founders James Duffy, Luke Zhang and Matthew Campbell.
Cryptocurrencies are complex, speculative and notorious for their volatility. Before buying any digital currency, make sure you thoroughly research the project and all the factors that could potentially affect its price.
If you’re thinking of buying any LOOM, take the following issues into consideration:
It’s still early days for Loom Network, so whether or not it can become a popular dapp platform among developers remains to be seen. Make sure you thoroughly research the project before deciding whether or not to buy any LOOM tokens.
Disclosure: At the time of this writing, the author holds IOTA and XLM.
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