Connect with us

Blogs

Loom Network (LOOM): The Next Ethereum?

Published

on

Loom Network
READ LATER - DOWNLOAD THIS POST AS PDF

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

Blogs

Reasons Why You Are Much Safer When Crypto Trading on Dexes

Published

on

DEXes
READ LATER - DOWNLOAD THIS POST AS PDF

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

Continue Reading

Blogs

Crypto Billionaire Predicts Massive Price Growth by 2021

Published

on

crypto billionaire
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

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

Published

on

TokenRoll
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite