LOOM Network is a platform and SDK that allows developers to build high-performance dApps that are scalable and user-friendly. Founded in 2018, LOOM aims to resolve some of the major issues facing blockchain technology like Ethereum – namely speed, cost, and user experience.
Ethereum is limited in throughput to 15 transactions per second, which has caused major congestion issues for dApps like crypto kitties. Transaction costs on Ethereum have also fluctuated wildly. Plus, dApp user interfaces can be clunky and difficult to navigate.
LOOM provides a solution through a multi-chain architecture consisting of a network of interoperable sidechains anchored to the Ethereum mainchain. By building dApps on faster, more flexible LOOM sidechains, developers can optimize for usability and adoption.
LOOM sidechains enable several key advantages:
- Faster transactions: LOOM Plasma chains can process thousands of transactions per second, far exceeding Ethereum’s limits
- Lower costs: LOOM provides a stable, predictable pricing model for transactions
- Smoother UIs: Apps can be built with a focus on user experience vs complex blockchain interactions
By making dApps faster, cheaper, and easier to use, LOOM unlocks new use cases for blockchain technology. Crypto projects built on LOOM sidechains can provide seamless onboarding and mainstream usability.
LOOM’s Benefits for Crypto dApp Development
LOOM’s multi-chain architecture provides significant advantages for building crypto-based decentralized applications compared to developing directly on Ethereum’s mainchain.
The LOOM platform operates using Plasma-powered sidechains that are anchored to Ethereum. This enables dApps to be built on scalable sidechains while still being secured by the Ethereum mainchain.
Having fast, independent sidechains allows for several benefits:
- Speed – Plasma chains on LOOM can process thousands of transactions per second, far exceeding Ethereum’s 15 TPS limits. This enables smooth, high-performance dApp experiences.
- Cost – LOOM sidechains have a separate gas fee structure from Ethereum, with stable, predictable pricing. This avoids high volatility transaction fees.
- User Experience – With high speed and low costs, LOOM-based dApps can optimize for best-in-class user experience, with fast onboarding and simple user interfaces.
Crypto projects built on LOOM sidechains retain security from Ethereum while gaining the speed, cost, and UX advantages needed for mainstream adoption. For crypto developers, building on LOOM represents a next-generation blockchain model compared to legacy networks.
Use Cases Demonstrating Value for Crypto dApps
CryptoKitties congested the Ethereum network back in 2017 by driving significant transaction volume. A game like CryptoKitties built on LOOM sidechains instead would be able to handle much higher throughput without impacting the main Ethereum blockchain.
Several crypto dApps have already demonstrated the benefits of using LOOM’s architecture:
- Relentless, a blockchain-based RPG, offers fast transactions and gameplay thanks to LOOM.
- Battle Racers, a decentralized racing game, uses LOOM sidechains to enable smooth graphics and user experience.
- DelegateCall, a crypto education platform, leverages LOOM for low-cost transactions and gas-free onboarding.
LOOM Token Economics
The LOOM token is an ERC-20 utility token used to pay for transaction fees on LOOM sidechains. It provides a stable gas price that avoids volatility.
LOOM holders can also help secure sidechains through a staking mechanism. Staking LOOM tokens earns rewards while helping validate transactions.
Future Outlook for LOOM
As more developers build high-quality dApps on LOOM, it could significantly advance blockchain adoption and perceptions thanks to its focus on user experience.
LOOM aims to be a layer-2 scaling framework that helps Ethereum reach mainstream potential. By resolving issues like congestion and gas price volatility, LOOM strengthens the whole Ethereum ecosystem.
LOOM Network provides a next-generation blockchain platform optimized for usability. By harnessing multi-chain architecture and Plasma sidechains, LOOM enables crypto dApps with fast onboarding, seamless UIs, and scalability. This unlocks new possibilities for blockchain’s mainstream adoption and real-world usage.
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