Loom Network (LOOM)

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Loom Network (LOOM) is a layer 2 scaling solution that optimizes network performance with high performance decentralized applications (DApps) specifically in mind. Founded by Matthew Campbell and Luke Zhang in 2017, Loom’s vision is to build a universal layer 2 solution that connects all blockchains.

The network utilizes a Delegated Proof-of-Stake (DPoS) consensus algorithm and its native token, LOOM, is used by developers to pay for their DApps to be hosted on the network. However, as stated by the team, LOOM differs from networks like Ethereum in that developers only pay a flat monthly fee based on volume and users do not pay transaction costs. 

Games usually fall under the category of high-performance DApps, and to that end, Loom Network already has several developers building games on its network, including titles like CryptoZombies, Relentless and Battle Racers. The rapid growth in the ecosystem could perhaps be attributed to the fact that Loom is already in production, offering developers the kind of network performance they need to successfully run their games. 

Loom also integrates with some of the biggest blockchains, such as Ethereum, EOS, TRON and Cosmos, which is another strong measure of how much progress it has made in becoming a universal layer 2 solution. 

Two other major features of convenience are Universal Transaction Signing, which permits access to Loom’s DApps from native wallets, and the fact that Ethereum DApps can be ported over in just a few steps. 

The Loom team released a roadmap update in April 2019, which described the team’s path forward and the completed milestones up until then. Notable milestones of 2019 include launching the staking feature and the Loom Marketplace on the network’s PlasmaChain, a DEX for in-game economies; integrating the top 100 ERC-20 tokens with the PlasmaChain; and successfully executing a decentralized hard fork.

The focus moving forward is the PlasmaChain, including staking improvements, end-user adoption, greater interoperability and on-chain fees incentives. No dates have been specified.


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