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How ZombieChain Launch Will Impact the Future of LOOM Network Holders

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LOOM Network

For the past few months, precisely after the shattering event of Bitcoin’s massive downfall, a significant number of slightly unfamiliar and unpopular coins have been making inroads in the cryptocurrency market. This new trend is still strongly existent as the struggle for Bitcoin and various other ostensible big guns continue. Since the beginning of this year, relatively newer coins that were tokenized just a few months ago have been doing considerably well in earning their traders’ trust than the others. Loom Network certainly belongs to this category of cryptocurrencies as it began its journey as a legitimate digital token on 14th March 2018.

The sole purpose of introducing this coin to the investors across the globe was to prove that ameliorating the transaction system is not the only objective of blockchain technology. On the contrary, it can be implemented in various industries and help them prosper. To the constantly growing online gaming industry, Loom Network (LOOM) offers the unique Decentralised Application or DApp which is likely to revolutionize the methods of game development. It also offers a platform where the Ethereum based apps can run without any interruption.

Here, a few aspects of Loom Network’s technology.

The Technology behind Loom Network:

As far as the technology of this currency is concerned, it is absolutely unique from all other cryptocurrencies that are currently traded across the globe. Like most other coins, LOOM does not have a whitepaper or even an ICO. Interested traders can simply go through its website to gather necessary information about the coin.

The technology of LOOM is mainly based on the Loom Network DAppChains that allows the development of various games and social apps in a completely hassle-free environment. The technology comes with a couple of very useful features such as:

  • Convenient Platform: Loom Network offers a full-service platform that allows the developers to develop various apps and online games according to their choice without changing the programming language.
  • Smart Contracts: The smart contracts offered by this cryptocurrency allow the developers various advantages including a massive computing power for activities like free trials and development of decentralized applications. The platform allows them to use the benefits of Ethereum blockchain while interacting with APIs from the third parties. Various developers have managed to make the most of this feature by implementing a 2-factor authentication for smart contracts.

The Launch of ZombieChain:

The idea of ZombieChain originated from the need of mitigating the load on Ethereum’s blockchain that the LOOM holders currently use for developing applications. Tersely speaking, ZombieChain is a sidechain tailor-made for social networks and decentralized games. With the help of this sidechain, DApp developers around the world would be able to use the blockchain platform of Loom Network in exchange for a monthly payment to the company. It would allow the developers to afford a much more convenient and efficient paradigm.

According to James Buffy, the CEO of Loom Network, this new implementation would help developers to reach new heights in exchange for a rather small and affordable price. He also said, “Rather than having users pay gas per-transaction, developers will be able to run their DApps on ZombieChain for a fixed monthly fee. We think this is an important quality of a blockchain that plans to host DApps which require a seamless user experience.” ZombiChain would use the Delegated Proof of Stake (DPoS) consensus mechanism allowing the developers to maintain a considerably higher throughput.

The announcement of this launch was made on 23rd of May, 2018 and the implementation is likely to be completed within the next two months.

Advantages of ZombieChain:

Once ZombieChain is implemented, it would not only offer a better environment for developing DApps but would make the transaction procedure much better as well. The DPoS consensus management of ZombieChain would increase the scalability of Loom Network to a significant extent leading to a more efficient blockchain ecosystem. The DPoS would also mitigate the cost of transaction for the developers.

Current Scenario of Loom Network:

Despite being introduced to the crypto-traders just a couple of months ago, Loom Network has managed to topple a significant number of currencies in terms of market capitalization. As of June 4th, 2018, Loom Network holds the 70th position on Coinmarketcap (among nearly 1600 coins) with a market cap of circa 211 million USD and a price of nearly $0.35. After the announcement of ZombieChain, the popularity of this coin is increasing rapidly leading to a possible upsurge in price.

Final Thoughts:

As online games and applications are the future of this society, a cryptocurrency that offers developers to develop such applications in a hassle-free environment is likely to succeed. According to this notion, it can be certainly inferred that if the development team of Loom Network continues to implement such new and innovative features to its blockchain, LOOM holders can expect a lucrative 2018.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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