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Loom Network

The Production-ready, Multichain Interop Platform for Serious Dapp Developers
Category
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Productivity
Blockchain
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Ethereum
Currency
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?
LOOM, LOOMOLD
Publisher
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Loom Network Team
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What is Loom Network?
Loom Network is a multichain interop platform live in production since early 2018. Optimized for scaling high-performance dapps that require a fast and smooth user experience, the network allows dapps to offer a UX comparable to traditional applications and onboard new users without the friction of needing to download crypto wallet software. Loom also has integrations to Bitcoin, Ethereum, Binance Chain, and Tron (with EOS and Cosmos coming soon). This allows developers to integrate assets from all major chains, as well as build a dapp only once and offer it to users on all platforms simultaneously.
Information
Type
Platformer
Blockchain
Ethereum
Currency
LOOM, LOOMOLD
Platform
Windows, macOS
Publisher
Loom Network Team
FAQ
LOOM is a Proof-of-Stake token that is used to secure Loom Network’s mainnet, Basechain, and is the currency that dapp developers use to host their dapps on Basechain.
It is fixed at 1 billion tokens.
Yes, it is.
Basechain is a Delegated Proof of Stake (DPoS) blockchain. There are validators and delegators who stake their LOOM tokens to collectively uphold the security of the network. Validators earn LOOM as block rewards for performing various duties on the network (similar to the role of ETH on Ethereum). LOOM holders earn a portion of these rewards by delegating to validators.
The minimum number needed to stake is 1 LOOM — fractions are not supported.
The following wallets can be used for staking purposes: MetaMask, Ledger Nano, Trezor, ImToken, Trust, and Cobo Wallet — with more being added.
Some exchanges such as KuCoin also allow LOOM soft staking.
Validators and delegators will earn rewards from the following sources: guaranteed block rewards, dapp hosting fees, and Transfer Gateway fees.
For the first year, utilizing the Transfer Gateway will be free. After that, users will pay a small fee when sending their assets between chains, which will be contributed toward validator and delegator rewards.
No, users do not need LOOM. Developers pay LOOM to run dapps on Basechain. Read more here.
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