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Loom Network Token logotype

Loom Network Token

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Loom Network Token Review

When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of Loom Network Token consists of three chapters: origin, technology and pros & cons.

Origin & Background

Loom Network is a platform that allows developers to build DApps easily. Each DApp will have its own sidechain (called Loom DAppChain) and token.

Each Loom DAppChain operates in its own ecosystem. Occasionally, the Ethereum main chain records a snapshot of the blockchain. This increases the security of the DAppChains without worrying about the issues of congestion with the Ethereum blockchain.

Developers

The Loom Network’s SDK (Software Development Kit) allows developers to build blockchain-based DApps without having to understand blockchain infrastructure. In addition, one can customize the rules in a DAppChain based on a DApp’s specific needs. The vision is to allow large-scale games, like World of Warcraft or social Apps like Facebook, to run directly on the blockchain without the issues of scalability, decentralization, or censorship from a third party.

Current DApps

The first DApp built with Loom Network SDK is called DelegateCall, a fully blockchain-based Q&A site that runs on a DAppchain.

CryptoZombies is an online code school that teaches people how to code in Solidity (Ethereum’s programming language) by coding one’s own zombie game. The product received good reviews and has over 130,000 students. The team behind CryptoZombies plan to put it onto a DAppchain as well.

Whitepaper

Loom Network believes that whitepapers are mostly used as a marketing tactic and that there is no way a cryptocurrency can have a perfect understanding of what their product will look like from Day 1. The company says, “Loom Network doesn’t have a whitepaper because it’s too busy shipping code.”

Loom Network Token

Loom Network Token claims that the Loom token is used to transfer earnings on a DApp built on the Loom Network. For example, DelegateCall can earn Loom Tokens and sell them for ETH. This seems to be an attempt to hide the fact that Loom Network Token does not have a good use-case for its token, and was mainly just a way to raise funding.

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