![]() By using dPOS as the consensus mechanism in their side chains, Loom allows developers to create dapps that have less than 1 second transaction times, as opposed to 15 seconds on the Ethereum main chain, as well as very low or even zero transaction fees. Loom refers to itself as the “EOS of Ethereum” because EOS is a highly scalable or fast smart contract and dapp platform that also uses delegated Proof-of-Stake (dPOS) to maintain their network. What’s so special about the Loom Network? ![]() Early 2019 – Loom announces plans to build their PlasmaChain to be interoperable with EOS, TRON, and Cosmos Hub.March 2018 - Loom Network is live in production.December 2017 - CryptoZombies is released.The Loom Network offers developers the option of having scalability now while sacrificing some aspects of security and decentralization instead of waiting for Ethereum 2.0. The base Ethereum protocol has currently chosen to focus on decentralization and security as its core features with scalability being cautiously developed for the next version: Ethereum 2.0. In blockchain design, there is a concept known as the scalability trilemma in which a blockchain network can only maximize two of the following three options: scalability,ĭecentralization, or security. Loom Network was started in 2017 and founded by current CEO Matthew Campbell, current CTO Luke Zhang, and current CMO James Duffy. ![]() Loom has developed several types of side chains such as PlasmaChain, DAppChains, and GameChain, and SocialChain. These layer 2 solutions are based on proof-of-stake mechanisms and side chains. Loom has built ‘layer 2’ scaling that does not rely on a change in the base Ethereum protocol, but instead builds a structure on top of Ethereum that allows fast applications to be built. These customized side chains allow developers to tweak security, decentralization, and scalability requirements instead of relying solely on Ethereum’s primary features. The development of these side chains is Loom’s primary offering in which developers can create their own specially focused blockchain networks depending on the objective of each application. Side chains are essentially minor blockchains that are linked to a larger blockchain network such as Ethereum. Stake Capital had claimed that Loom was basically a dead project.$0.00039723 1.73% Terra Classic (Wormhole) Stake Capital, a well-known Loom Network supporter and transaction validator, had noted via Twitter on March 31, 2020, that it would hand over control to Matic. Loom Network developers had noted in the blog post (published earlier this year) that they’d be cancelling their bounty program, and there were also questions around the project’s roadmap for 2020. Vadim Macagon, who has reportedly been involved with the Loom Network initiative for a long time, was supposed to be appointed as the new chief executive. Notably, the developers of Loom have not published a Medium blog post since February 2020.Ī blog post in February had confirmed that project CEO Matthew Campbell would be leaving. The user claims they stopped getting emails from Loom, which were reportedly sent to community members two times per month. There have been no updates or anything here for a while really.” Loom’s Reddit channel has also been silent, with members saying that updates for the project have not been announced for a long time.Ī frustrated user noted around a month back that there was a lack of communication. Loom Network has pivoted from blockchain games to enterprise, therefore we’ve decided to consolidate our public channels so our staff can focus on enterprise sales, support, and outreach.” Loom secured more than $45 million through its ICO, by selling its Ethereum-based tokens, ICODrops – according to reports.Īn admin message posted in Loom’s Telegram group claimed: The company notably sold its Loom token holdings right before the historic crash of the cryptocurrency market in 2018, after a bull run that saw Bitcoin’s (BTC) price briefly reach nearly $20,000. The South Korean Loom Network project had conducted an initial coin offering (ICO) back in January 2018. “I’d call it an exit scam if there was anything left to exit with.” ![]() Loom’s core team also seems to have abandoned the project. I’d call it an exit scam if there was anything left to exit with. As noted (via Twitter) by Bruno Skvorc, manager of blockchain and crypto education site, Bitfalls, Loom is no longer has an active presence on major social media networks, which had previously included Telegram, Reddit, and a company blog.
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