The cryptocurrency space is currently involved in finding the solution for a lot of problems in different fields like science, technology, healthcare, etc. One of these cryptocurrencies, the Loom Network, has been showing considerable promising with its entry in the gaming and social applications industry.
What is Loom Network Trying To Do?
Built on Ethereum, Loom network intends to become the next generation of Blockchain platforms that will run games and social applications. A decade ago, with iOS and Android’s emergence, developers could build apps and upload them on the App Store and Play Store and earn money when users downloaded and bought their apps. This market is where Loom Network is focusing on.
However, cryptocurrencies’ arrival has given a rise to decentralized applications or Dapps. Dapps are considered the future of software applications and thus, various companies are competing to become one of the major platforms to build these Dapps and Loom Network is among those companies. Through Loom Network, one may be able to build the next GTA or Facebook.
Modern day social media applications like Twitter and Instagram and games like PUBG and Battlefield require a whole lot of computational power as they consume substantial resources to process. Moreover, scalability is a major problem, particularly in Twitter’s case as it had to undergo major development issues when its users increased in large numbers. Loom Network aims to solve all these issues by offering a platform that can not only easily help to build Dapps but also handle the growing amount of users.
Development on Loom Network does not mean you will have to fear for crashes like that of Cryptokitties. Loom Network has a mechanism called ‘the Dappchain Generator’. Dappchains use Blockchain technology and can work with Ethereum’s Smart Contracts. With each Dappchain, you can develop a Dapp which can be either a social app or a game. These Dapps will utilize Ethereum’s crypto assets and token based karma. Dappchains can be created using Loom Network’s Software Development Kit (SDK). Loom Network’s SDK facilitate software developer to create their own Blockchains.
Loom Network’s token is known as ‘Loom’. Loom’s token will help the smart contract developers in tightening the security of Dapps, to use Loom’s SDK and deploy Dapps on them.
Lack of Whitepaper
As someone visiting Loom Network’s website, you may be surprised by the lack of a whitepaper on their website. Whitepapers are technical documentations that are generally uploaded by cryptocurrencies on their websites to explain the idea and technical details of their products. Loom Network’s does not believe in a whitepaper, since almost all cryptocurrency companies have failed to deliver on the promises they’ve made in their whitepapers. Loom Network is confident that people will trust them due to their experience. They believe in “walking the talk” as opposed to “cheap talk”.
Delivering on Promises
Loom Network’s first Dappchain started working in March 2018. The Dappchain is named ‘Delegate Call’ and it is a website where internet users can post queries about Ethereum and Blockchain and get answers from other users. Each question and answer can reward users with karma points which can be exchanged with tokens running on the ERC20 mechanism and thus, offering users a chance to earn real money.
If you are interested to learn how to build Dapps, then there is a free online coding website known as ‘CryptoZombies’ developed by Loom Network. More than 170,000 people have joined CryptoZombies and hence, it is currently the most favoured coding tutorial platform for Dapps. CryptoZombies aims at teaching its users to develop Ethereum’s smart contracts and then proceed towards training users to create Loom Network’s Dappchain.
Loom Network plans to build on its initial success. Furthermore, it has a number of projects planned for future. Firstly, Loom Network’s beta SDK is to be released in this month. Moreover, three games based on Blockchain are also expected to be released before the end of 2018. Lastly, some big companies are also working on Loom Network’s SDK to create games but it cannot be disclosed to NDAs.
We believe that Loom Network is contributing greatly to the crypto sphere and has proved its mettle by dishing out one of the best cryptocurrency projects. Therefore, it has the potential to be a giant of gaming and social apps industry in the future.