What is Loom Network (LOOM)? How to Buy LOOM Token in India?

What is Loom Network (LOOM)?

As the popularity of cryptos and decentralized applications (dApps) has risen over the years, one of the biggest challenges users have to face is delayed confirmation and complexity while navigating. For this, blockchain communities have come up with something called layer-2 solutions that take transactions off the main blockchain. Thus, improving the speed and performance of blockchain for greater adoption.

Loom Network is one of the protocols that help developers create highly efficient and user-friendly scalable decentralized applications on the Ethereum blockchain. It offers no gas fee for users, instant confirmation, and interoperability with multiple blockchains, including Ethereum, Binance chain, TRON, and Bitcoin(upcoming Cosmos and EOS). LOOM is the native token of the Loom ecosystem, used for staking to secure the Loom mainnet and payments by developers.

Who are the Founders of Loom Network?

Loom Network was co-founded by James Martin Duffy, Matthew Campbell, and Luke Zhang in 2017. James is currently CEO of Epictetus Ventures, he has also founded other companies such as Auragin and KoreaJobFinder. Matthew has rich experience in R&D and engineering and has previously worked at leading companies like Bloomberg, Gucci, DigitalOcean and more. Luke Zhang also has extensive experience in development.

How does Loom Network(LOOM) work?

Loom network is based on delegated proof of stake consensus and utilizes side chain technology for the fast and smooth working of running dApps. It lets developers create customized sidechains designed with specific purposes and features. Loom network’s Basechain is EVM-compatible and secured by network 21+ validator nodes, thousand delegators.

Loom utilizes zero-knowledge technology to secure transactions between sidechains and mainchain. The tokens are deposited in smart contracts on the mainchain, which retain token custody and forward deposit events to the Zk-rollup contract, which then credits tokens to the user’s account on the basechain. Similarly, token transfers on the basechain are initiated and secured by zk-rollup contracts, which are then submitted to the Ethereum gateway for verification.

What makes LOOM Unique Use Cases?

• Loom Network is continually evolving and integrating with protocols to enable future-proof development for dApps.
• It offers a dApp user base with zero cost and a fast transaction time of 1-3 seconds for multiple blockchains.
• It also has learning resources like CryptoZombies, for Ethereum dApps and blockchain development.
• LOOM holders can contribute to the network by staking as minimum as 1 LOOM to secure Basechain and earn rewards in return.

Loom Network (LOOM) Price Analysis

• LOOM price today is trading at $0.04784, with a 24-hour trading volume of $17,979,364. In the last 24 hours, The LOOM price has rallied by 2.35%, and its market cap is $57,729,236 as of July 21, 2023.
• LOOM price spiked to $0.158 in mid-March but has been bearish following rejection from its 50-day moving average.
• It recently made a bullish diverge and is trading above 50-MA. If the market outlook remains positive, the LOOM price might possibly touch $0.06.

How to Buy LOOM Tokens in India?

To buy LOOM Token in India, just follow the below mentioned steps:

• Download the CoinDCX App
• Enter the details for registration.
• Complete KYC
• Once your profile is verified, fund your wallet and buy LOOM Tokens.