Which country issued LOOM coins?

The company behind the development of LOOM Network, Loom Network Inc., is headquartered in Singapore.

Dec 01, 2024 at 03:51 am

Which Country Issued LOOM Coins?

Introduction

LOOM Network, formerly known as Loom Protocol, is an Ethereum-based platform that enables the creation and deployment of highly scalable blockchain applications. LOOM coins (LOOM) are the native token of the LOOM Network, used for various purposes within the ecosystem, including staking, transaction fees, and network governance.

Country of Origin

LOOM Network is a decentralized platform with a global community of developers and users. The company behind its development, Loom Network Inc., is headquartered in Singapore.

Overview of LOOM Coins

• Ticker Symbol: LOOM
• Blockchain: Ethereum
• Total Supply: 1,000,000,000 LOOM

• Use Cases:

  • Staking for network security and rewards
  • Transaction fees on the LOOM Network
  • Governance and voting on platform proposals

Purchase and Storage

• LOOM coins can be purchased on various cryptocurrency exchanges, including Binance, Huobi Global, and OKEx.
• LOOM coins can be stored in any Ethereum-compatible wallet, such as MetaMask, Trust Wallet, or the LOOM Network's own wallet.

Technical Specifications

• Consensus Mechanism: Delegated Proof-of-Stake (DPoS)
• Block Time: 2-3 seconds
• Average Transaction Finality: 6 seconds

Ecosystem and Applications

The LOOM Network ecosystem includes various applications and protocols, such as:

• LOOM DAppChain: A scalable blockchain infrastructure for deploying decentralized applications (dApps)
• PlasmaChain: A sidechain technology that enables dApp developers to achieve high transaction throughput and low fees
• Basechain: The main blockchain for LOOM Network, where consensus and governance occur

Key Features of LOOM Network

• High Scalability: LOOM's PlasmaChain technology allows for significantly higher transaction throughput than Ethereum, making it suitable for dApps with high transaction volumes.
• Low Fees: The PlasmaChain architecture also lowers transaction fees, making it more cost-effective for users and developers.
• Developer-Friendly: LOOM provides various tools and frameworks to simplify application development and integration with the network.
• Cross-Chain Compatibility: LOOM integrates with Ethereum and other blockchain platforms, enabling interoperability and asset transfers.

Additional Resources

• [LOOM Network Website](https://loom.network/)
• [LOOM Network Whitepaper](https://loom.network/whitepaper/)
• [LOOM Network Telegram Community](https://t.me/loomnetwork)