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Loom Network Climbs on Its SDK Public Beta Release

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Loom Network
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After going through a rough weekend and an even bloody Monday, crypto markets all over the world are now attempting for a recovery. Some altcoins have also contributed to the pace of recovery. Such a promising altcoin is loom network which has released its software development kit public beta version which gave its markets a bullish trend that continues even now. This public release will allow developers to try out loom network and build customized DAppChain games. After all decentralized apps have spiked many developer’s interests towards crypto. Loom Network does not have a whitepaper because according to them a whitepaper is all talk and unfulfilling promises. Such a daring project releasing their public beta at this point could only mean increased user base and bullish sentiments. In this article, we shall find out more about loom network’s potential and its recent achievements that contributed to its current performance.

An Overview of Loom Network:

For those who have not heard of Loom Network before, it’s a blockchain based ecosystem for games and even social apps. Loom Network is a platform as a service which was created on Ethereum blockchain. It allows developers to create and execute large-scale DApps. Loom Network applies the concept of a system of sidechains through which helps each decentralised application to run on its own sidechain avoiding congestion and network load and promote speed as well as scalability. The best part of using Loom Network SDK is that devs can code their own DApps in general programming languages. Loom Network aims to build a platform responsible for the creation of various blockchain-powered games and Apps through a scalable infrastructure.

Notable Features of Loom Network:

Loom Network was created back in September 2017 as fundamental infrastructure platform which would help Ethereum scale, it is also the first scaling solution for Ethereum to be live in production. The team of loom network also calls it EOS on top of Ethereum for better comprehension. The core product of loom network is their SDK which works as a B.Y.O.B (build your own blockchain). It also generates what is being called as ‘DAppChain’ which is a 2-layered blockchain having Ethereum as its base layer. DApps built using loom network would run on separate DAppChains because there are two effective advantages of it.

  1. DAppChains use alternative consensus rulesets which optimises DApps to gain higher scalability.
  2. As told earlier, the base layer of Ethereum guarantees security for DAppChain based assets.

Securing Listing on South Korean Crypto Exchange, Upbit:

Earlier on Tuesday, the announcement of listing Loom Network came from Upbit, a well-known cryptocurrency exchange based in South Korea. It is one of the largest crypto exchanges of South Korea based on 24hr volume statistics. Around $334 million worth of crypto were processed by Upbit within the past 24 hours. The same day loom network became available for trading which means the exchange process has already started. According to CoinMarketCap an approximate of $50 million (excluding trading fee) worth of $LOOM has exchanged hands through Upbit within past 24 hours. Loom network has also been listed on BartexDEX and Binance last month so it’s clear to see that the team behind loom network is getting ahead with listings on influential exchanges.

Loom Network SDK Beta Goes Live:

The announcement of loom network’s public beta release was well-received by crypto enthusiasts as well as blockchain developers. They also revealed information regarding the tools available for developers for building on their network with some additional examples of DApps. The Loom network SDK along with its tools are supposed to promote largescale adoption from differently skilled developers interested in DAppChain. The number of users on Loom Network has been increasing for the past few months. Their educational course CryptoZombies which helps new devs to learn how to create Ethereum DApps has gained 207,000 people up until now and its expected that all of them will now eye the newly released SDK. A couple of upcoming announcements and hints were also released with SDK public beta. The SDK roadmap and details on the Token Utility Updates are arriving next for the community according to the official tweet by loom network.

Current Market Position:

According to the data on CoinMarketCap, Loom Network is placed at the 73rd largest cryptocurrency having a total market capitalization of $154.6 million. Its individual price at the time of writing is close to $0.255 with an increased rate of 2.04%. LOOM tokens serve a very different purpose, for purchasing a license for developers to build games. The total circulating supply of Loom Network remains 606.4 million $LOOM. The booming performance by loom network is being tied to the Upbit listing because, in the past, crypto enthusiasts and investors have observed many altcoins rise after official listing on a South Korean exchange.

Final thoughts:

These past hours might’ve been bullish for loom network but people who have been following its trends since way back must know that it was nowhere close to its once all-time-high mark of $0.67. There’s no denying that this project has enormous potential but it needs more activity towards reaching their milestones to secure significant investment.

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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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