Question 1

What is the current price of Loom Network (OLD)?

Accepted Answer

As of writing, the current price of Loom Network (OLD) is BTC 0.00000006.

Question 2

Can you explain what Loom Network (OLD) is?

Accepted Answer

Loom Network (OLD) is a scaling solution developed specifically for the Ethereum blockchain. Billed as the next-generation blockchain application platform, it utilizes DPoS (Delegated Proof of Stake) sidechains to allow for highly scalable games and user-facing DApps (decentralized applications) — all while maintaining the security backbone of the original Ethereum blockchain. The structure of the Loom Network equips it with high scalability and throughput, reminiscent of alternative platforms like EOS, however Loom Network retains full compatibility with Ethereum. This combination of features means the Loom Network can conveniently provide intelligently scaled and secure solutions for developers crafting blockchain games and apps, while also ensuring the inherent security rooted in the Ethereum parent blockchain.

Question 3

Who created Loom Network (OLD)?

Accepted Answer

Unfortunately, the provided information does not include the specific individuals or team who created the Loom Network.

Question 4

How does Loom Network (OLD) work?

Accepted Answer

Loom Network (OLD) operates using Delegated Proof of Stake (DPoS) sidechains, which act as independent blockchain layers running parallel to the Ethereum mainnet. This allows for scalability, as these sidechains can process their own transactions and contracts, reducing the load on the Ethereum network. The Loom Network also boasts the world's first implementation of Plasma Cash. This means that Ethereum-based tokens can operate securely on Loom sidechains, extending the reach and flexibility of Ethereum-based applications. The Loom Network was built to support high performance applications and has been live in production since March 2018, providing a reliable platform for building on Ethereum.

Question 5

What makes Loom Network (OLD) unique?

Accepted Answer

What sets the Loom Network aside is its capacity for onboarding highly-scalable blockchain applications while maintaining the security and fidelity of the Ethereum mainnet. Developers can enjoy the scalability typically associated with platforms like EOS, but with the added bonus of full Ethereum compatibility. The Loom Network's implementation of Plasma Cash is another standout feature, ensuring that Ethereum-based tokens can be used on Loom sidechains with the full security guarantees of Ethereum.

Question 6

How is the safety of Loom Network (OLD) ensured?

Accepted Answer

The safety of the Loom Network is underpinned by the security of Ethereum mainnet. Since the Loom Network utilizes Ethereum-based DPoS sidechains, the security of the network is fundamentally tied to Ethereum. The sidechains operate independently of the Ethereum main chain, but any tokens used on the Loom Network maintain the security guarantees of Ethereum, thanks to the implementation of Plasma Cash.

Question 7

What is the circulating supply and total supply of Loom Network (OLD)?

Accepted Answer

The current circulating supply of Loom Network (OLD) is 833.9M, while its total supply stands at 1000.0M.

Question 8

Where can I buy Loom Network (OLD)?

Accepted Answer

You can buy Loom Network (OLD) from any of the following exchanges: Binance, YoBit, CoinEx.

Convert LOOMOLD to BTC

Try our Crypto Pro app