Loom Network is an Ethereum-based platform built for social media and online games. The platform is open source, scalable, forkable, and performant. Full-featured blockchains called DappChains exist on Loom – in essence, these are sidechains optimised to scale data. Loom SDK is a platform which makes it possible for developers to create their own sidechains.
The LOOM token (an ERC20 token) acts as an all-access pass for all dApps and DAppChains running on the platform, and its balance is checked every time a digital asset transfer attempt is made between DAppChains, DApps, and the Ethereum network. The minimum token required to execute a complete digital asset transfer is 1 LOOM token. The network is lightning fast and all tokens are backed by the Ethereum blockchain. The network continues to grow with the solutions it is offering – this growth is likely to help the Loom network flourish in the future and scale its trading volumes as more tokens are brought into use.
