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

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Loom Network

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

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.

NFTs are already being actively traded in markets globally. For…

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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 been…

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