![]() ![]() Delegators can also take part and stake their LOOM tokens to a predetermined validator in order to receive a share of the block rewards. This includes validator nodes that must stake in order to run nodes. The LOOM token has several key utilities. These include future-proofing apps, by allowing them to be compatible with multiply blockchains, and access to a large and growing user base. The platform prides itself on the facilities and benefits it can offer dApp teams. Some of its other properties include being audited and secured with a network of validators. Its architecture is similar to that of the Ethereum network, as such it is EVM compatible. Loom Network Basechain is a DPoS blockchain. Developer teams can deploy their application to the Loom Network’s Basechain and automatically reach a large number of users. This means that developers can create one application that can be simultaneously offered to users of all networks, without the need to rewrite or reprogram the application. What are Loom Network's key features and how does it work?Īs mentioned, the platform is interoperable and compatible with major blockchains. LOOM is an ERC20 token and has a total supply of 1,000,000,000. This means that users do not pay transaction costs as they are absorbed into a flat fee paid by projects themselves. Beyond security, the token can be used to pay fees, such as the developer fees paid by teams for hosting their application on Loom Network. It is a proof-of-stake token that is used in part to help secure the platform via network staking. LOOM is the platform’s native cryptocurrency. It is an optimized platform that aims to create the best possible foundation and resources for dApp development. The platform was founded in 2018 and has since developed to be highly scalable, usable, and can be integrated with Bitcoin, Ethereum, BNB Chain, and other major blockchains. Loom Network is a platform that allows dApp developers to create projects ready for blockchain deployment.
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