Loom Price Prediction: Will LOOM Coin Go Up?

The Loom Network is a blockchain platform designed to provide solutions for building decentralized applications (dApps) and games. It aims to address some of the scalability and performance issues associated with existing blockchains, particularly Ethereum. 

Loom aspires to be the comprehensive, all-in-one platform that empowers both smart contract developers and traditional developers to craft their applications seamlessly, without the need to switch programming languages or engage in manual server management. Additionally, it offers the significant advantage of effortless integration of their applications with the external world, akin to a Blockchain-aware and Blockchain-ready AWS (Amazon Web Services).

The Loom Network was co-founded by James Duffy, Matthew Campbell, and Luke Zhang. James Duffy primarily served as the company's Chief Technology Officer (CTO). He mainly participated in the technical development of the platform. Before co-founding Loom Network, he had a background in software development. Luke Zhang is another co-founder and the Chief Design Officer at Loom Network. He is responsible for the design and user experience aspects of the platform.

The founders recognized that the demand for blockchain-based decentralized applications (DApps) and games was growing, but the existing infrastructure couldn't efficiently support the high-speed, low-cost transactions needed for these applications. This led them to create a solution based on sidechains, allowing DApps to be built on scalable, high-performance chains connected to the Ethereum mainnet.

Loom Network offers a solution to the scalability problem that many blockchain platforms, including Ethereum. It introduced the concept of sidechains, which are separate chains linked to the Ethereum mainnet, designed to handle specific DApps or use cases. This allowed for faster and more cost-effective transactions and smart contract execution.

One of the main goals of the Loom Network is to make it easier for developers to create DApps. They provided tools and resources to simplify the development process, including their own software development kit (SDK) and a dedicated blockchain for DApps. Loom Network also offers tools for building smart contracts, connecting DApps to the Loom Network, and creating user-friendly interfaces.

Loom Network supports interoperability with other blockchains, enabling DApps to connect and interact with different blockchain ecosystems. The LOOM token is the native cryptocurrency of the Loom Network. It is used for various purposes within the network, including staking and paying transaction fees.

Loom Network primarily targets applications in the gaming and social networking spaces. The sidechains approach made it possible to create DApps with high-speed transactions, which was particularly important for gaming applications.

The project has its own implementation of a Plasma sidechain, which is a technique for achieving scalability while still benefiting from the security of a parent blockchain (in this case, Ethereum).

The Loom Network is secured through a protocol called zkLoom, which makes its blockchains work efficiently. Ethereum, one of the most popular open-source blockchain networks for smart contracts, supports this and is backed by the second-largest cryptocurrency. With zkLoom blockchains, users don't have to rely on validators because they're secured through Ethereum. By using Ethereum for security, zkLoom blockchains work securely with a small number of validators, making it easier and more cost-effective to start and maintain new networks.

The Loom Network introduced the concept of "crypto zombies," a gamified educational platform for learning blockchain development. It is a unique way to explain to the users the world of blockchain and smart contract development.

The LOOM token serves as a membership key, received by every member for access to all the applications operating on the Loom Network. The token operates across all DAppChains within the Loom Network, enabling the seamless transfer of digital assets and data between Ethereum and Loom DAppChains.

The total supply of the LOOM tokens is 1,300,000,000 LOOM and as of October 18, 2023, the circulating supply is 1,219,425,698 LOOM.