What is Loom Network? Things to know about the latest LOOM coin 2020

With Loom Network (LOOM) you can move dApps language-based Solidity to Loom Network in just 3 very simple steps.

So…

  • What is Loom Network? What is LOOM coin?
  • Should I invest LOOM coin?
  • Buy and sell LOOM coin Where is the reputation?
  • LOOM coin wallet Which should be used?

If you are looking to learn the background Loom Network and potential LOOM coin investment then this article is for you.

What are you waiting for, let’s start the article!

Maybe you are interested: What is Bitcoin? Bitcoin investment guide for beginners?

What is Loom Network?

Loom Network is a cross-platform support solution launched in early 2018.

It is optimized for scaling the dApp High performance requires fast and smooth user experience. Besides Loom Network allow the dApp provided UX Links with traditional applications and new users without conflicts or downloads of crypto wallet software.

Present Loom also integrated into the Bitcoin, Ethereum, Binance Chain and Tron blockchains (EOS and Cosmos coming soon). This allows developers to integrate assets from all major blockchains, and build only one dApp once and make it available to users on all platforms at the same time.

loom-network

Advantages of Loom Network

  • Loom Network is now ready to support the largest and most popular blockchains today.

You do not need other extension solutions because as stated above, Loom Network already supports most of the major blockchains. So you can launch dApp instantly, ready to serve thousands of users.

  • Optimized for speed and scalability dApp.

Loom Network uses protocol Delegated Proof of Stake (DPoS). Optimized for fast confirmation times and high transaction throughput, essential for dApps.

  • No transaction fees.

Loom Network enable ultra-fast transactions and zero costs for your users. There, users do not need to pay for gas.

  • Provides access to a large user base.

With the integration of Loom Network and a global transaction federation agreement, users from every major blockchain will be able to access the app Loom with their original wallet.

Loom Basechain is a DPoS blockchain with over 21 validators located all over the world. And there are more than 247,828,530 LOOM staked. This thread has also been audited by Trail of Bits – a famous information security company specializing in blockchain technology.

Loom Network token – What is LOOM coin?

LOOM is the base currency of the blockchain Loom Network. It plays an important role in maintaining the stability and security of the network and dApps developed on Loom Network.

Present LOOM . coin working on standard Ethereum blockchain token ERC-20. Transaction Confirmation Protocol LOOM to be PoS.

Maybe you are interested: What is ERC20? Learn more about ERC20 tokens and ERC20 wallets

Basic parameters of LOOM coin:

Token symbol LOOM
Blockchain Ethereum
Token Standard ERC-20
Contract 0xa4e8c3ec456107ea67d3075bf9e3df3a75823db0
Total supply of tokens 1 billion LOOM
Total tokens in circulation 969,260,769 LOOM

You can use LOOM . coin to participate in staking and receive rewards and LOOM . coin newly created.

LOOM also used by developers to pay for hosting dApp above Loom Network.

LOOM coin allocation rate

  • The Private Sale round accounted for 45% of the total supply LOOM coin.
  • Team dev holds 10% of the total LOOM published. One half was unlocked in January 2018, with the other half halved in March and June 2018.
  • Advisors (advisors) get 10% of total supply LOOM (unlocked in Jan 2018)
  • Reserves (Reserve funds) 35% of total supply LOOM . coin.

loom-coin

LOOM . coin release schedule

The chart below shows the release quantity and schedule LOOM . coin.

phatthanh-loom-coin

LOOM adopted a relatively simple method of issuing tokens, with 60% of the total supply released as of the initial unlock date (January 2018).

There is no specific timeline for unlocking reserves (Reserve funds) 35% of the total supply. LOOM in the reserve will be used for airdrops or other promotions in the future.

How to mine LOOM

Do Loom Network using consensus protocol is PoS, so you can’t mine LOOM like Bitcoin miner.

However, you can completely participate in Loom staking to receive a reward of LOOM . coin newly created (block reward).

Should invest in LOOM coin or not?

Attention: no investment is 100% safe and every decision carries risk. In any case, it’s up to you to decide. However, below is some useful information that can impact the return on your Loom Network investment.

Loom Network’s potential

Loom Network known as a solution layer 2 (layer 2) of Ethereum and according to the development team, currently, this platform does not have a direct competitor.

There have been more than 20 projects built on Loom Network and dozens of other projects are being implemented. Particularly for online activities, there have been times Loom Network surpasses Ethereum by 10-15% of trading volume.

Also with developers only needing to deploy once on Loom Network is already linked with major blockchains (Bitcoin, Ethereum, EOS, Tron, Binance Chain) with completely free transactions. It can be seen that Loom’s future development potential is huge and promising.

Loom Network Development Team

Loom currently has 70 employees with about 20 developers. You can find more information on Loom’s team page here.

  • Matthew Campbell: CEO and co-founder. A former scalability expert at Digital Ocean, Thomson Reuters, & Bloomberg.
  • Luke Zhang: CTO and co-founder. Former top developer at Blockmason and previously built a global supply chain network.
  • James Duffy: CMO and co-founder. Set up and own a company, with additional experience as lead developer at a Korean e-commerce startup.
  • Michael Cullinan: Head of Business Development. Former product manager at Thomson Reuters and CEO of Canopy Innovations.

Price LOOM

At the initial time, after opening for sale, price LOOM traded around 0.075 – 0.1 USD. Experiencing many ups and downs, there are times price LOOM reached $0.774, the highest price ever of LOOM . coin.

gia-loom-coin

However, after a massive multi-day drop in the cryptocurrency market, price LOOM Currently, it has fallen deeply to reach $0.001176. Close to touching LOOM’s all-time low, $0.0076.

Where to buy and sell LOOM coins?

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy LOOM, sell LOOM has also become much simpler.

In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.

Buy LOOM in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy LOOM For prestige, I think the best currently is the Bitmoon exchange.

See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

Prestigious international LOOM trading floor

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the floor name and transaction fee comparison table for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Exchanges Transaction fee
Binance 0.015-0.100%
Houbi 0.070-0.20%
Okex 0.060 – 0.150%
Bitfinex 0-0.2%
Bittrex 0.25% (most sour – should not trade)
Kucoin 0.080 – 0.100%

Although the international exchange has the advantage of trading volume as well as high liquidity, the disadvantage is that you cannot trade in VND. Almost every transaction buy LOOM All of you use USDT for transactions.

Create a LOOM wallet

Currently, depending on your need to use and invest in LOOM, you will choose a suitable wallet.

Suitable for those who want to store LOOM coins for a long time and have few transactions.

The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.

Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020

Since LOOM is an ERC-20 token, you can completely use current popular supporting web platforms such as: MyEtherWallet nice MetaMask.

Maybe you are interested: What is MyEtherWallet? Instructions on how to create a MyEtherWallet wallet and how to use it

The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.

Maybe you are interested: What is Trust Wallet? How to create a Trust Wallet and use details

This wallet is suitable for those who often buy and sell LOOM because it is optimized for transactions.

Some reputable exchanges that you can refer to are: Binance exchange, Bitmoon exchange, …

Conclude

This article has summarized the most basic information you need to know about LOOM Network and LOOM . coin. With this article, I hope that readers can grasp some of its investment potential.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

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