The Loom Network (LOOM) markets itself as “the next-generation blockchain platform for large-scale online games and social apps.” The platform’s website notes that there are numerous use cases for blockchain technology. These use cases, as the Loom Network creators state, are not just limited to financial transactions. The two main areas that the platform’s developers focus on are building games and social media apps using blockchain.
Proprietary DAppChains are used by the Loom Network to create decentralized games and and social apps. The designers of the network seem to want to have a little bit of fun with crypto considering they are reportedly offering cryptocurrency collectibles created using the Ethereum blockchain. Notably, Loom’s website also says that there are games which cannot be built unless blockchain technology is used. These games, according to Loom, include:
- Multi-game Spanning Universes
- “Provably Scarce” Items
- “Eternal Worlds”
- Tradable Tokens
In addition, they aim to offer ways to launch social media networks that are not dependent on advertiser’s money to operate. In a nutshell, Loom is:
“a Platform as a Service built on top of Ethereum that allows developers to run large-scale decentralized applications. This lets developers build DApps with the trust and security of the world’s most secure public blockchain, along with the computing resources necessary to run commercial-scale services. Like how Filecoin tokenized disk space, Loom aims to be the tokenized application protocol of the new decentralized web.”
One thing to note here is that the Ethereum blockchain has become too overcrowded, notably exceeding 1 Terabyte in size. This means, to operate a full node, one would have to download a full 1 Terabyte of data/information and then even more as it grows even larger. The network effect and security level might be high for the well established Ethereum blockchain, but scalability remains a lingering problem.
Therefore, to run “commercial-scale” or “large-scale” applications using Ethereum might not be such a good idea at this point. While Ethereum co-founder Vitalik Buterin has stated that the “world computer” he helped create will scale to 1 million transactions per second, the current Ethereum blockchain can only process up to 25 transactions per second. Clearly, this is a performance issue.
Loom Network – Unique Features
Interestingly, the Loom Network website proudly states that they do not write whitepapers. Instead, the deliver results…
So, what are the “results” so far?
Apparently, Loom’s creators have monetized their Q@A section which is a commendable idea and concept. However, the claim that it’s operating on a super speed and scalable platform would need more careful investigation. Not only is scalability an issue with the Ethereum blockchain, but also the prohibitive network usage fees associated with conducting transactions on the Ethereum network.
As you can see from the screenshot above, Ethereum users have their share of problems and issues. Not only might transaction fees be high on Ethereum, but MyEtherWallet – which is a very popular online cryptocurrency wallet – has been hacked on numerous occasions. However, this is largely due to phishing attacks, and the people who fall for them need to learn how to surf the internet more responsibly. If you cannot safeguard your own digital assets, then you should probably not hold any.
It’s not that difficult to detect a phishing scam. Simply check the website URL before entering your private data. Also know that nobody will actually ask you to enter your SEED, unless you are using the official website or desktop client of the wallet provider to access your funds. Being mindful of these things should ultimately be the responsibility of the user.
Anyway, let’s get back to what else the Loom Network aims to offer.
The creators of Loom have a fun way to learn how to code. That being learning to program your own game by using CryptoZombies. This is an “interactive coding school” that helps people learn how to program in Ethereum’s own programming language, called Solidity. Already, the CryptoZombies school has enrolled more than 130,000 students (CryptoZombies.io).
Then, there’s EthFiddle which is described by Loom’s developers as a:
“place to share Solidity code snippets. Compile, test, and run Solidity code snippets from around the web. User- friendly UI that’s immediately familiar to any developer.”
And, there’s even more…
The Loom Network creators have even developed SolidityX, which builds further on Solidity by including everything that Solidity has to offer and simply adding more onto it. SolidityX is described as a “superset” of Ethereum’s Solidity. Notably, SolidityX is also called the “secure by default” programming language. To what extent is this claim valid would require more careful investigation.
Please visit this exciting platform’s website to learn more about the people behind its developments. Here are a few links that cover the latest developments related to the Loom Network:
DISCLAIMER: This article is not meant to influence any investment related decision. It’s purely for informational purposes and to help create more awareness about cryptocurrencies and blockchain technology.