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Loom Network (LOOM): The Next Ethereum?

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Loom Network
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The cryptocurrency market has been the subject of focus of the investing community worldwide over the past few years. Indeed, the hype for cryptocurrencies is at their peak at the moment, with the overall crypto-market recovering from a drastic slump experienced at the beginning of the year. Even after all the publicity and the hype, the majority investors still do not fully understand the blockchain concept, with their main focus on the top 3 coins, namely Bitcoin, Ethereum, and Ripple. However, 2017 saw the emergence of many such projects that aim to address all the issues of the aforementioned three. One such project is the Loom Network.

About the Loom Network:

Among all the specific use cases that blockchain projects have, Loom Network focuses on providing a next-generation blockchain platform for large-scale online gaming as well as social interaction. The Loom Network team also provides a “coding school” where developers can make their own games based on the famed “smart contract” technology. The project is still in its infancy with no large gaming project or development house having yet approached it. As of 17/4/2018, Loom Network is ranked 125th with a combined market cap of $94,034,086 USD and valued at $0.192282 USD.

The Loom Network technology is based on the Ethereum blockchain but meant for large-scale online games and social DApps, something that the Ethereum network has experienced problems with in the past. Thus, it is built on an Ethereum Side chain offering trust and security, along with the computing resources necessary for operating commercial-scale services. It is one of the very few projects which did not have a whitepaper when it originally started and is already backed up by several projects, one of which being “CryptoZombies”.

Loom network’s Recent Developments:

The Loom Network’s Developers have recently released an update explaining the development of Plasma Support for Loom DApp Chains. As explained by them, DApp’s require trust assumptions to be made in order to effectively reach their target scalability. They thus decided to introduce Plasma technology, and more specifically, Plasma Cash to address these scalability issues. Indeed, analysts firmly believe that Plasma’s utility will help companies that need automated plasma security for their respective private or public chains.

How Does Plasma Technology Work?

Contrary to existing sidechains, Plasma Cash allows developers to transfer assets onto side chains securely. This is achieved by associating the asset deposited by a user onto a sidechain with a specific serial number.  The asset, which can be a token, is non-fungible and thus has its own transaction history. This results in zero-confirmation transactions. Because of plasma technology, the efficiency of a side-chain is greatly increased, which is great for exchanges and games in the crypto-space. It also adds an extra layer of security, as users can reclaim their funds on the Mainchain through “plasma exits” in case of a data breach.

What Plasma Technology can bring to Loom Network’s DAppChains:

As mentioned before, DAppChains were secured through DPos, which is not fully decentralized and requires the users to put some level of trust in the witnesses who are running the network. Implementing Plasma Cash technology will result in better security in this regard, as it will allow more critical operations to run the chain without high trust level requirements. Users thus no longer have to trust any sidechains as they are secured by Plasma Cash constructs.

With the addition of Plasma Cash, DAppChains can now report “Merkle proofs” which act as checkpoints directly to the Ethereum Mainnnet. Loom Network’s variant will use a slightly different implementation of the existing Plasma MVP to better suit the online gaming environment.  The plasma implementation news was received with positivity within the community, with many crediting the Loom Network to be the future of DApp development.

Final thoughts:

With an over-abundance of blockchain related projects littering the crypto-space, it is getting increasingly crucial for investors to take a closer look at an upcoming project that seems viable. The fruition of the Loom Network would mean a victory not only for the crypto-space in general but also for the implementation of blockchain technology which is poised to take over the world in the recent future. Indeed, the future prospects for the Loom Network are pretty high, with many believing that it can oust Ethereum from its position.

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

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 Daniel Friedman via Flickr

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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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.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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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.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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