Loom Network (LOOM) Review
Oct 20, 20224 min read
As any blockchain-based network increases, the processing time required to confirm transactions increases. This limitation is due to the basic technological algorithm. However, considering the project's purpose, significant difficulties arise in practice.
When paying for goods/services, spending time from tens of seconds to several minutes is quite acceptable. Now imagine similar delays accompanying communication on a social network or online games. Such losses in such situations should be excluded. Loom Network developers offer solutions to these problems.
What Is Loom Network?
The Loom crypto project was launched in 2017 and has adopted many changes. Today it is a powerful platform that allows you to create large-scale decentralized applications focused on long-term scalability and flexibility. Loom allows developers to create high-performance dapps that can be integrated into the major blockchain chains, including Ethereum, Bitcoin, Binance Chain, and Tron. Thanks to the support of multiple chains, the novel Universal Transaction Signing technology Loom provides seamless onboarding for thousands of users. In the future, the developers also promise to add support for Cosmos and EOS. In addition, decentralized applications created based on Loom have a high-quality user experience design so that these applications can be compared with traditional ones. But the most remarkable thing is that users of decentralized applications built based on Loom eliminate the need to pay network fees.
How Does Loom Work?
Currently, the developers of Loom have concentrated on the so-called Basechain. This interoperable blockchain allows you to create high-performance decentralized applications with integration into the major blockchain networks. Earlier, the project used Plasma Chain technology. However, the project team transitioned to the Basechain, realizing the importance of supporting multiple chains. Thanks to the Basechain, dapps developers can not worry about the future of their projects. Loom’s Basechain allows you to deploy the dapp once and access all integrated chains using any wallet.
The SDK offers tools to create your gaming and other applications quickly. The selection for this project was created considering the minimization of the necessary knowledge. You can download it from the official website of Loom Network.
Basechain is based on the Delegated Proof of Stake consensus mechanism. At the time of writing, more than 21 validators worldwide are responsible for the security and functioning of the network. The DPoS protocol is based on democratic principles. Its mechanism was created by the famous developer D. Larimer. A scheme for delegating individual powers is proposed to exclude the direct participation of individual wallets in the transaction confirmation process. “Witnesses” perform control functions, receiving remuneration. Candidates are chosen by voting. Similar methods are used to recall them. These processes are automated, so they do not cause any significant difficulties for users. All this makes it possible to achieve a high level of security and decentralization necessary for the high-quality operation of decentralized applications.
Thanks to the proposed technologies, developers can easily launch serious applications such as games, DeFi, supply chain management, metaverses, etc. In addition, thanks to the integration of multiple chains, developers can build multi-blockchain decentralized applications, allowing end users to access them using their native wallets. End users may not be familiar with the crypto sphere and get access to applications, just like traditional ones, thanks to the built-in Loom Wallet. As already mentioned, users of dapps do not pay gas fees for their use. This became possible because application developers undertook to pay a monthly fee for hosting their applications on the Loom platform. This fee is flat.
Loom’s CryptoZombies Project
The creators of the Loom platform are also the founders of the popular CryptoZombies training project. CryptoZombies are a companion to the world of programming in the Solidity language (the most popular tool for writing smart contracts). The free platform will be useful to every person who wants to learn how to code Ethereum applications. The tasks are designed in such a way as to master the “step-by-step” technology. No prior knowledge is required. The interface and learning process feel the influence of Code School and Code Academy, thanks to which thousands of developers worldwide owe their profession.
LOOM is a multi-chain token that is used to secure the Basechain network. The network is supported by a set of validators that process transactions. Naturally, validators are rewarded for their work and associated expenses. For this reason, the Loom project charges a monthly fee from developers who host their applications on Basechain. Thanks to this fee, end users can not pay gas for transactions sent to the Basechain. Developers replenish their balance to provide a fee-free experience for end users. After each transaction made by the end user, part of the balance goes to pay the network fee. If the balance is exhausted, further transactions will be rejected until replenished. Developers of decentralized applications have the right to independently decide how to charge their users to cover the costs of gas fees.
Loom is a project that can completely solve the problem of poor user experience when using decentralized applications. The project provides many benefits for both developers and ends users. Developers get access to several crypto communities, thereby expanding their user base, and end users can use decentralized applications even without any knowledge of blockchain technology.