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.
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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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
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