What is Loom Network (LOOM)? High Scalability DApp Platform

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Bittime - Loom Network is ablockchainthat enables developers to builddecentralized applications (DApps)on top of Ethereum. 

Purpose of Loom Network (LOOM)

The platform uses a sidechain connected to the Ethereum mainnet, allowing DApps to achieve higher throughput and lower fees.

Uses of LOOM Tokens

LOOM is an ERC-20 token used for various functions within the Loom Network ecosystem, including:

• Paying transaction fees: LOOM is used to pay gas fees on the Loom Network sidechain.

• Staking: LOOM holders can stake their tokens to earn rewards and help secure the network.

• Governance: LOOM is used to participate in the governance of the Loom Network, including voting on proposals and validator elections.

LOOM Tokenomics

LOOM is a digital token used to pay for services on the Loom Network and is built on Ethereum according to the ERC-20 standard.

Please note that LOOM tokens are not mined but rather earned by users engaging with DApps on the Loom Network.

The maximum supply of LOOM tokens is set at 1 billion.

LOOM Market Predictions

LOOM price has experienced significant volatility since its launch. In 2021, the price reached a high of $2.48 USD. However, the price later fell and currently (2023-11-16) is around $0.14 USD.

Market predictions for LOOM are mixed. Some analysts believe that the price will rise in the long term due to the increasing adoption of Loom Network.

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Founder and Development Team of Loom Network

Loom Network was founded by Matthew Campbell, James Martin Duffy, Luke Zhang, and Quan Nguyen. The team consists of experienced engineers and entrepreneurs with backgrounds in blockchain and technology.

Also Read Hedera (HBAR): Fast, Safe and Environmentally Friendly Blockchain Platform

Conclusion

Loom Network is a promising blockchain platform with the potential to improve the scalability and security of DApps. LOOM is an important token in the Loom Network ecosystem and has the potential to provide value to its holders.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read

What Are Ethereum Options?

The Important Role of the Ethereum Virtual Machine (EVM) in the Ethereum Ecosystem

What is The Merge (Ethereum 2.0)?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.