Loom Network-LOOM

Mode of Operation of Loom

Loom Network (LOOM) is a blockchain platform that primarily focuses on providing developers with tools and infrastructure to build scalable, high-performance decentralized applications (dApps). Below, you’ll find information about Loom Network, including its owner, uses, seed sale, working principles, limitations, current value, and how to buy and sell the coin.

Owner: Loom Network is an open-source project with no single owner or central authority. It was created by a team of developers and is maintained by a decentralized community of contributors.

Uses:

1. Blockchain Infrastructure: Loom Network offers blockchain infrastructure and tools for developers to create scalable dApps. It provides sidechains that can interoperate with major blockchains like Ethereum, making it suitable for gaming, social apps, and more.
2. Scalability: Loom Network aims to address the scalability issues often encountered on the Ethereum blockchain. Developers can use Loom’s sidechains to create dApps that scale efficiently.
3. Loom SDK: The platform offers an SDK (Software Development Kit) with various features, such as authentication, payments, and blockchain data, to simplify the dApp development process.

Seed Sale: Loom Network conducted a token sale during its ICO in 2018 to raise funds for further development. The ICO concluded in early 2018.

Working Principles: Loom Network utilizes sidechains to enhance scalability. It allows developers to build and deploy dApps on these sidechains while benefiting from the security of a more established blockchain, such as Ethereum. Loom’s DPoS (Delegated Proof of Stake) consensus mechanism facilitates faster transactions and higher throughput.

The Loom SDK offers various features, including user authentication, the ability to handle microtransactions, and communication with other blockchains, which provides flexibility and utility for dApp developers.

Limitations:

1. Competition: Loom Network operates in a highly competitive space, with many blockchain platforms aiming to address the same scalability and dApp development challenges.
2. Ecosystem Adoption: Like other blockchain platforms, Loom Network’s success relies on widespread adoption by developers and users, which can be influenced by market dynamics and industry trends.

Current Value: The value of Loom Network’s native token, LOOM, can be found on cryptocurrency tracking websites, financial news sources, or exchanges that list LOOM for trading. Crypto prices can be highly volatile, so ensure you have up-to-date pricing information when trading.

How to Buy and Sell Loom Network (LOOM):

1. Create a Wallet: Choose a cryptocurrency wallet that supports LOOM. You can use hardware wallets, software wallets, or online wallets.
2. Choose an Exchange: Sign up on a cryptocurrency exchange that offers LOOM trading. Some popular exchanges for LOOM trading include Binance, Bittrex, and Upbit.
3. Fund Your Exchange Account: Deposit funds into your exchange account using other cryptocurrencies like Bitcoin or Ethereum or fiat currency (if supported).
4. Buy LOOM: Once your account is funded, you can place an order to buy LOOM using available trading pairs, such as LOOM/USDT or LOOM/BTC.
5. Withdraw to Your Wallet: For added security, it’s advisable to transfer your LOOM tokens to your personal wallet after purchase. This keeps your assets under your control.

Always exercise caution and perform due diligence when trading or investing in cryptocurrencies. Use secure wallets and reputable exchanges, and follow the regulations and tax laws of your jurisdiction.