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How ZombieChain Launch Will Impact the Future of LOOM Network Holders

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LOOM Network
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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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