Knowledge pills on Loom network (LOOM)

in loom •  11 months ago 


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1. What is Loom network?

 
Loom Network is a PaaS (Platform as a Service) that allows Ethereum based Solidity applications to be run on main chain and on private, and semi public chains .It is a Layer 2 scaling solution for Ethereum. It is a network of DPoS sidechains, which allows for highly-scalable user-facing DApps while still being backed by the security of Ethereum.


2. Loom network Dapp chain

 
DAppChain, which consists of a standalone blockchain that is bonded to an Ethereum smart contract via a Relay.


3. Plasma cash

 
Loom network build their implementation of Plasma Cash, which allows the use of ERC721 non-fungible tokens on Loom sidechains. That means users will now be able to have gas-less transactions and sub-second confirmation times on sidechains, all while having their token fully backed by the security of Ethereum mainnet.


4. LOOM tokens

 
Loom tokens will be used for:

  • Payments to run dapps: Developers can deploy their Ethereum applications to it for a fixed monthly fee paid in loom tokens. These loom tokens get paid to the DAppChain validators as fees for running the DAppChain.

  • Users payments for things on services on the Dapp. For example an user can use their loom tokens to buy something on the Dapp.

  • Users staking for things on services on the Dapp. For example an user can stake their loom tokens to receive something on the Dapp.

  • Enterprise pays for support: if an enterprise wants to build some Dapp on Loom network they will pay for support using loom tokens

  • ** to trasnfer loom tokens **: users that want to move their tokens between sidechains should have at least 1 loom token

5. LOOM tokens economy

 
The company hold’s 35% of the total supply as a reserve fund.

10% is held by team members and advisors with a lockup period ranging from 6–12 months.

Somewhere between 55–65% is in circulation, depending on how much of the advisor pool has entered circulation.


6. Delegated Call

 
Delegated call is a Dapp on loom network where users can earn by posting and answering questions.

On DelegateCall, users earn karma points when their questions and answers get upvoted. But unlike traditional Web 2.0 sites, on DelegateCall these karma points can be redeemed for a tradable ERC-20 “DelegateCall token” on Ethereum mainnet, allowing users to earn rewards proportional to their contributions to the site.


Do you know some other interesting facts about Loom network? Leave some "knowledge pills" in the comments.

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