Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. This platform was released on October 1st, 2017.
The goal of this is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain to begin with.
In this system you have the ability to interact with APIs developed by third parties which are not on chain. Loom attempts to be the ultimate platform that allows smart contract developers to create applications without the need to switch to another programming language.
As such, they can easily integrate their applications with the outside world.
The Loom Network runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network.
## Who Are the Founders of Loom Network?
The Loom Network was founded by Matthew Campbell, James Martin Duffy and Luke Zhang in 2017.
Matthew Campbell is one of the co-founders and principal of the Loom Network. He is also the principal of Hyperwork Inc, and was also a lead software engineer at Digital Ocean, an instant messaging server architect at Thomson Reuters, an engine mechanic and co-founder of Errplane, a Scala Dude at Tapad, an architect at Bloomberg, a technical architect at Thomson Reuters, a senior R&D engineer at Bertelsmann, he rewrote the Gucci website into Ruby on Rails, he was the lead technical engineer at Superdeluxe and a software analyst at Bellsouth with a background in programming at Listman Home Technologies and Insurance House.
James Martin Duffy is the CMO at Loom Network, and he is also the CEO at Epictetus Ventures as well as the founder of Auragin. Before that, he worked as a developer at Cryptocurrency Trading Bot, and founded KoreaJobFinder. He was also a lead developer at Casual Steps Inc, and a freelance web developer and online marketer before that.
Luke Zhang is the co-founder of Loom Network, and before that he was a lead developer at BlockMason, a developer at Elemica, a developer at Workopolis and a prototyping expert at Shifthub.
## What Makes Loom Network Unique?
Loom Network is a platform as a service that allows Ethereum Solidity applications to be run through side chains.
This means that the applications can have consensus mechanisms specific for their needs and potential threat model. Loom makes scaling decentralized applications faster and easier on the Ethereum network and uses the DPoS sidechains for scalability with DApps through the security of Ethereum mainnet.
The LOOM token acts as a membership token that each member receives in order to get access to all of the apps that run on the Loom Network itself. This token functions on all of the DAppChains that run on the Loom Network and lets you transfer digital assets and data between Ethereum and Loom DAppChains.
How to Buy LOOM on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing LOOM. Some reputable platforms include LBNK, Okx, Kraken, and others.
Step 2: Register an Account
Here, we'll register an account on the OKX (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing LOOM.
Step 5: Purchase LOOM
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of LOOM you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy LOOM.
Step 6: Store Your LOOM
After purchasing, you can choose to store your LOOM in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and LOOM assets, be sure to use a strong password and enable two-factor authentication.
LOOM Price:Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. The price fluctuates daily, and as of March 30, 2024, the highest price for LOOM was $0.7345.
Recommended Similar Coins: LEET, GENO
Recommended Exchanges for Trading: LBNK、Okx、Kraken