- 1 Introduction to Loom Network
- 1.1 About the Loom Network
- 1.2 Misconception And True Facts About Loom Network
- 1.2.1 Misconception 1: Loom is a network platform for scaling games and apps
- 1.2.2 Misconception 2: PlasmaChain is a mainnet of Loom Network
- 1.2.3 Misconception 3: Use of Loom SDK by developers for deploying dapps
- 1.2.4 Misconception 4: Ethereum sidechain
- 1.2.5 Misconception 5: Need of LOOM token value for holding 1 LOOM for asset transfer between chains
- 2 Conclusion
Introduction to Loom Network
A lot much has been written about Loom Network. But there are some misconceptions brewing in people’s minds about it. So today I will let you know about the exact key points about the Loom network, and will also rubbish all those misconceptions in this blog.
But before we flock on to it, you must be thinking about the popping up of these misconceptions? Since October 2017, Loom Network has evolved a lot during the good blockchain scenario. If in case you are not much familiar with Loom, then let us begin from its introduction.
About the Loom Network
Loom Network is a multiple chain platform associated with top blockchains including Ethereum, Tron, Ethereum, and Binance Chain. To attain the largest user base profile, dapp can be deployed just once, enabling you to concentrate upon business growth and development of dapp.
Users can enjoy with no gas fees payment. It asks for confirmation for 1 or 3 seconds and then gets a link with all top blockchain with the use of the wallet, automatically.
Misconception And True Facts About Loom Network
After getting a brief introduction to Loom Network, now let me take you to some misconceptions that are buried in people’s minds, which needs to be cleared out with facts.
Misconception 1: Loom is a network platform for scaling games and apps
There is one big misconception about Loom is it’s being a platform of social apps and scaling games. But it is not true. Loom network prime attention was indeed on social apps and games. The network is being known for helping developers in creating and launching of dapps on Basechain.
Also, with multiple chain structure, scaling of any dapp by developers on Loom Network have become possible. There have been many projects lined up for the utilization of Loom tech, including Somnium Space, ShipChain, Crazy House, AliceFi, Hey Network, LevX, and various others.
Misconception 2: PlasmaChain is a mainnet of Loom Network
People have this misconception about PlasmaChain to be the mainnet of Loom Network. But it was later observed that the performance of PlasmaChain failed to meet the expectation of user experience.
It is a prime factor to be focused upon, as utility is very important for blockchain mass adoption. By backing out Plasma, the main chain got its new name, Basechain, that would symbolize the aim of the Loom network, and to become the home base of all requirements of your dapp.
Basechain is a DPoS blockchain that is activated for battle-tested, production, audited, and secured by more than 21 validators, and numerous individual token delegators.
Besides this, it is also compatible with EVM. Porting of Ethereum dapp on Basechain can be done without any fixed time, resulting in better reach and scalability.
Misconception 3: Use of Loom SDK by developers for deploying dapps
As per the initial approach, developers did find the need for Loom SDK for deploying dapps blockchain for customizing their chain based on Loom for special use.
But later on, it was noticed that many developers were not satisfied with the functioning of their chains. Instead, they expected a chain open for deployment and would concentrate on the building of dapp, successfully.
Misconception 4: Ethereum sidechain
Yes, it is true that to scale your Ethereum dapps, Loom is of much use. In doing transactions in bulk on Basechain, developers find the use of transfer gateway.
However, it is not completely true, as Loom Network appears to be multiple chain platforms having efficiency in the functioning and being united with Tron, Ethereum, and Binance Chain. Progress is under for the integration with Libra and Bitcoin.
Misconception 5: Need of LOOM token value for holding 1 LOOM for asset transfer between chains
It is also one of the misconceptions about Loom Network. Whereas the truth is that the use of LOOM token is referred for securing Basechain, the mainnet of Loom Network.
In that way, there is no need for paying any transaction costs (different from Ethereum dapps use) by the users. These fees are sent to validators and stakers.
Also, there is no need to hold LOOM for engaging with any operating apps on Basechain. Don’t mistake LOOM to be a membership token.
But in the coming time, it might become necessary to pay fees in LOOM by the users for assets movement from Basechain to other ones. Validators and stakers again will be getting these fees as well.
Further visit: A Speedy Solution To Networking Problems Beyond 2020
So these are all the misconceptions about the Loom Network that have been in the mind of people unnecessary. But now I have cleared them with the facts regarding the Loom network.
For those who were not familiar with the latter network. Let me explain to you about the Loom Network again. In short, it is multiple chains able platform that is audited, tested for battle, and live in production.
This platform is best for raising apps performance. If you want to find more about Loom Network or top LOOM dapps, then Cryptoknowmics is the best site providing all new updates about Loom decentralized apps.