Proof of Work

Cryptocurrency

Base Ecosystem

Backed Tokens

Ethereum Mainnet

Binance Smart Chain Mainnet

Avalanche C-Chain

Fantom Opera

Polygon Mainnet

Cronos Mainnet Beta

Arbitrum One

Klaytn Mainnet Cypress

Harmony Mainnet Shard 0

Metis Andromeda Mainnet

Huobi ECO Chain Mainnet

Aurora Mainnet

Celo Mainnet

Optimism

Gnosis Chain (formerly xDai)

Theta Mainnet

Moonriver

Emerald Paratime Mainnet

Fusion Mainnet

Telos EVM Mainnet

RSK Mainnet

Moonbeam

IoTeX Network Mainnet

OKExChain Mainnet

Boba Network

Wanchain

KCC Mainnet

Velas EVM Mainnet

Smart Bitcoin Cash

Songbird Canary-Network

CoinEx Smart Chain Mainnet

Fuse Mainnet

Shiden

Elastos Smart Chain

Callisto Mainnet

ThunderCore Mainnet

Meter Mainnet

TomoChain

Energy Web Chain

Syscoin Mainnet

Ubiq

Polis Mainnet

Zyx Mainnet

High Performance Blockchain

GoChain

Palm

Expanse Network

ThaiChain

Metadium Mainnet

Flare Mainnet

Diode Prenet

ThaiChain 2.0 ThaiFi

ELA-DID-Sidechain Mainnet

Dithereum Mainnet

ShibaChain

Genesis L1

GoodData Mainnet

TBWG Chain

Valorbit

Darwinia Crab Network

XinFin Network Mainnet

Ontology Mainnet

EOS Mainnet

Ethereum Classic Mainnet

Ellaism

SoterOne Mainnet

IDChain Mainnet

POA Network Sokol

PrimusChain mainnet

GeneChain

GateChain Mainnet

Nova Network

Garizon Stage0

Garizon Stage1

Garizon Stage2

Garizon Stage3

NEXT Smart Chain

POA Network Core

EtherInc

EtherLite Chain

Fuse Sparknet

Decentralized Web Mainnet

OYchain Mainnet

Factory 127 Mainnet

DAX CHAIN

Lightstreams Mainnet

Seele Mainnet

BMC Mainnet

BitTorrent Chain Mainnet

Arbitrum on xDai

Freight Trust Network

Permission

Setheum

SUR Blockchain Network

Web3Q Mainnet

PulseChain Mainnet

Lisinski

Rupaya

Double-A Chain Mainnet

# Introduction to LOOMOLD

Loom Network has emerged as a significant player in the blockchain ecosystem, particularly focusing on Ethereum-based applications. It is a Platform-as-a-Service (PaaS) comprising a suite of tools and services designed to enable developers to create scalable decentralized applications (dApps). This article provides an informative overview of the origins, functionalities, and the evolution of LOOMOLD, the utility token that powers the [Loom Network](https://coinrotator.app/coin/loom-network-new).

## Origin and Utility of LOOMOLD

### Beginnings of Loom Network

Founded in 2017 and headquartered in Bangkok, Thailand, the Loom Network introduced an innovative approach to address the issues of scalability and user experience in blockchain applications. Emphasizing the need for more personalized consensus methods and security measures, Loom aims to facilitate the development of enterprise-grade dApps.

### The Utility Token: LOOMOLD

LOOMOLD is the native ERC-20 utility token of the Loom Network. It serves several purposes:

- **Access and Fees**: To access the Loom Network's services, a minimum holding of one LOOM token is required. Subscription fees for the PaaS model and transaction fees for asset transfers between Loom sidechains and the Ethereum blockchain are also paid in LOOMOLD.

- **Token Allocation**: With a capped supply of one billion tokens, 35% is reserved for project sustainability, and 10% allocated to the team and advisors. The rest, 55%, is publicly circulated, providing fluidity and accessibility for the ecosystem's participants.

## Innovations in Development and Consensus

### Loom Network's Software Development Kit (SDK)

The Loom SDK stands as a cornerstone of the platform. It empowers developers by abstracting the complexities of blockchain development. With this toolset, creating dApps without intimate knowledge of Ethereum’s Solidity programming language becomes accessible. The resulting applications can run on dedicated sidechains, respecting the unique requirements set by the developers.

### Delegated Proof of Stake (DPoS) Model

Unlike traditional Proof-of-Stake (PoS), Loom's DPoS system enhances scalability and transaction speed. Here, token holders can delegate their stake to validators, introducing a democratic layer to the consensus mechanism. This process not only secures the network but also ensures more efficient and rapid transaction validation. **Loom Network is among other notable DPoS projects like EOSIO, Cardano, and Cosmos.**

## Loom’s dAppChain: Scaling Ethereum with Layer-2 Solutions

Loom offers a [layer-2 scaling](https://coinrotator.app/category/Layer-2) solution for Ethereum called the dAppChain. It operates as a sidechain that alleviates the burden from the main Ethereum blockchain, allowing for a balance between decentralization, security, and speed - all while tackling the scalability trilemma. By doing so, dApps on the Loom platform can achieve greater efficiency and user experience, comparable to that of non-blockchain applications.

## From Gaming to Government: Loom's Evolving Use Cases

Initially conceived for blockchain-oriented games and social media dApps, Loom has pivoted its focus towards government and healthcare sectors. This shift aims to streamline data storage and management for entities still reliant on paper-based systems. The Loom Network has adapted by introducing transaction fees, ensuring network validators are adequately compensated, and enhancing its platform's monetization potential.

## Basechain and Multichain Support

Loom Network's Basechain is a live, EVM-compatible interoperable blockchain secured by a global network of validators. It provides dApp developers with:

- **EVM Compatibility**: Similar deployment procedures to Ethereum, making migration and scalability straightforward.

- **No Gas Fees and Quick Confirmation**: Creating a frictionless experience for end-users and developers.

- **Multichain Accessibility**: Integration with Ethereum, Bitcoin, Binance Chain, and Tron, with plans to include [EOS](https://coinrotator.app/coin/eos) and Cosmos.

- **Future-Proof Development**: By being not locked into a single blockchain, dApp creators can ensure their applications remain relevant and integrated within the broader blockchain community.

## Unpacking the Developer's Perspective

For developers interested in building on Loom Network, numerous advantages surface:

- **Production-Ready**: A scalable platform that is operational today for immediate dApp deployment.

- **Adaptable Development**: Loom supports dApp development across various industries with integrations spanning most major blockchains.

- **Expansive Reach**: By deploying once on Basechain, dApps can cater to a large and diverse user base.

- **Security**: A trailblazing DPoS mechanism with significant staking and comprehensive audits for robust system protection.

In conclusion, the Loom Network constitutes a vital segment of the blockchain infrastructure, facilitating the creation of scalable and interoperable decentralized applications. Its token, LOOMOLD, is instrumental in accessing and utilizing the network's services, ensuring that developers have the tools needed to build the dApps of tomorrow. While the platform's focus has shifted over time, its aim to streamline blockchain development and improve user experiences while maintaining security and decentralization remains steadfast. Whether for enterprise applications, social platforms, or innovative gaming experiences, Loom Network offers a technological foundation poised to support the ever-evolving demands of the blockchain space.

## {{name}} Price Analysis

As of {{month}} {{day}} {{year}} {{name}} has a marketcap of {{marketcap}}. 
This is {{percentagefromath}} from its all time high of {{ath}}. 
In terms of its tokenomics, there's a total supply of {{totalsupply}} with {{percentagecirculatingsupply}} currently outstanding. 
Keep in mind {{name}} has a fully diluted value of {{fdv}} which many investors might interpret as overvalued. 

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Loom Network (OLD)

Loom Network (OLD)

Price Data

Analysis

Trade

Market Cap

All-Time High

All-Time Low

Fully Diluted Valuation

Circulating Supply

Total Supply

Categories

Similar Coins