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Loom Network (LOOM) is the 359th largest cryptocurrency in the world by market cap, valued at $70,967,587. The current price of Loom Network is $0.0545904513, which is 2.872% higher than yesterday. Prices have ranged between $0.055204 and $0.053256 over the past 24 hours. All prices are listed in US dollars and accurate as of February 03, 2023 11:02 UTC.
Loom Network is a blockchain platform intended for large-scale apps built on Ethereum. The network was launched in 2018.
Using technology known as DAppChains, Loom Network is building an infrastructure platform designed to help Ethereum scale.
Its key product is a software development kit (SDK) which 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), but also allows assets based on these chains to enjoy all the security benefits of Ethereum.
Though it has support for most dApps, one of Loom’s initial focuses is on hosting entertainment content – massive blockchain-based games and interactive social media platforms.
LOOM is the native token of the Loom Network and operates as a membership token for the platform. LOOM holders are granted access to Loom Network-native dApps and can also transfer funds between the Ethereum and Loom dAppChains.
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