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Loom Network Pledges to Fix Scaling Issues with the Ethereum Scaling Solution

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The cryptocurrency market is an amusing financial environment to work in, with coins experiencing massive upsurges in price followed by manic lows without much of a concrete reason. Indeed market volatility is the single most important characteristic of the crypto market and is almost always influenced by investor sentiment. In a market which is dominated by market sentiment, it’s no surprise to find newer coins replacing older coins which seems to disappear altogether. Of course, there are no guarantees that all of the new arrivals will turn out to be successful investment options, but the ones that stand the test of time, emerge as the most profitable options for many investors. This brings us to the Loom Network.

About Loom Network:

Based in Thailand, the Loom Network was formed on October 1, 2017, with an aim to provide users an easy and secure way to deploy, scale and manage their own solidity decentralized Apps. Examples include Heroku for Ethereum.  A relatively new addition to the crypto-space, it has since climbed up to rank 156th according to coinmarketcap with a market cap of $50,946,300 USD

The Company’s Aim:

The Loom Network have stressed on developing a PaaS (Platform-as-a-Service) application for Ethereum based solidity applications for allowing them to run on the main chain as well as on other private/semi-public chains. The need for establishing such a platform comes after the various issues noticed in the Ethereum network, where a lack of proper “layer 2’’ solutions to assist developers. Operations like bootstrapping and abstractions were previously very time-consuming and the need for a faster solution with scalability was felt.

The goals of the LOOM Network Team are clearly defined in brief below:

  • To enable a trusted and secure passage of communication with the off-chain world through “oracles”.
  • To automatically notify users of state changes through SMS or push notifications, which in turn saves on computation fees.
  • To enable decentralized apps by any developer to run faster and with lower costs.
  • To enable free trials in order to attract newer users to the platform.

Loom Network’s Side Chains Explained:

One stand out feature of the whole initiative is the use of side chains inside the platform. They aim to address the different issues experienced while using the original Ethereum Sidechain, including difficulties to optimize for scaling data instead of financial transactions. With Loom Network’s sidechain, only the data that needs to be secured will use the Ethereum Mainnet while the other functions will be run off-chain.

In layman’s terms, the sidechain will operate independently from the Ethereum mainchain, following a different set of rules. This will make them possible to be optimized for high-speed operations while keeping the critical data secure.  Sidechains address the issue of scalability in the most efficient way possible and remain decentralized.

Impact on the Gaming Industry:

The Loom Network team is also working towards supporting developers to run huge games such as “World of Warcraft” directly on the blockchain. Loom network’s own blockchain which is called “DAppChain” running parallel to a smart contract. This will allow a substantially larger number of applications or bigger applications such as games to effectively run on the network without creating any congestion.

Loom Network’s Market Performance:

Since its introduction to the market on March 14th, 2018, the Loom network has experienced a somewhat stable price level as compared to the overall crypto-market which is still recovering from a slump. As always investor sentiment plays a big part in this market, which was behind the coin’s massive price surges and drops.

A perfect example would be Loom Network’s March 22nd twitter announcement concerning the “cryptozombies” hard fork and its addition to the DAppChain. Following the announcement, Loom Network’s price spiked massively on March 23rd, reaching a market cap exceeding $69 Million at its highest point. It reached a market high of $ 0.180356 on March 23rd, a massive jump from the previous day’s high of $ 0.131896 USD. It has since settled at a high of 0.122157 at the time of writing.

Conclusion

Blockchain technology has a bright future especially in future applications across a host of different industries and Loom Network’s recent plans further reiterate this claim. Loom Network’s scalability solution is thus considered by industry experts to be the “next logical step” after both Ethereum’s and bitcoin’s past innovations. The immediate future thus looks indeed bright for Loom Network, which is aiming to become the next Ethereum, in the crypto universe.

We will be updating our subscribers as soon as we know more. For the latest on LOOM, sign up below!

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.

Image courtesy of sethoscope via Flickr

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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