Friday, September 30, 2022
No menu items!

Loom Network Cryptocurrency (LOOM): blockchain platform for online games and social apps

Must Read

Technology and the Internet have brought tremendous change to our modern world and have made human existence, and the way activities are being done easier. Different sector that contributes to the existence of man has benefited from this. One sector that is massively being transformed with modern innovation is finance and investment.

For decades, a novel means of investment and transacting has hit the Internet, which is cryptocurrency. It has been growing and expanding wide beyond what many people expected of it since its inception. Cryptocurrencies have become so popular and a means of making payments online, serving as a much better alternative to making payments with fiat currency.

Cryptocurrency, a digital currency uses encrypted algorithms through cryptography. It eliminates the operations of third-party agencies like the Central Bank and government interference in carrying out transactions or investing. Cryptocurrency has different categories, which can be classified based on the code design, used case, or other factors. Some crypto classes are coins, payment tokens or altcoins, security tokens, NFTs, DeFi tokens, and utility tokens, among others.

Since the launch of the forerunner cryptocurrency, Bitcoin, in 2009, numerous crypto has emerged, saturating the digital currency platforms. These crypto are used to transact between one party to the other, while some invest in them by buying a larger portion of particular crypto that has profitable prospects when the price is very low. After some time of HODLing and with an increase in value, investors can sell it out, making huge profits.

Aside from Bitcoin, Ethereum, Solana, and Litecoin, among others, another crypto set to revolutionize the cryptocurrency market is the Loom crypto. What is Loom crypto all about, what does its future holds, is it what investing in, how to invest in the crypto, and many relevant points will be discussed to have a better investment strategy for the crypto.

A brief overview of Loom Crypto

Loom crypto, which is from the loom network, is a multichain interop medium that allows for an exchange of data and information transfer from one blockchain platform to another without glitches. This network is built on Ethereum, and developers can seamlessly run decentralized applications in large proportions. Loom Network is aimed at giving application developers smart contracts platform where they can access numerous computing power when they need to. On the smart contracts of the loom network, developers can also sustain computing power on the platform at a lower rate for tasks like testing new onboarding users or applications that do not demand the full use of blockchain security to get started with.

High-performance dapps that demand a swift and seamless user experience are optimized for scaling on the network. A user experience that can be compared to traditional applications for onboarding new users is allowed on the platform. And with this, the demand for downloading crypto wallet software is no longer applicable.

In the Loom network, developers can interact with APIs that are not on the chain which third parties develop. While creating applications on the Loom network, the need to switch to other programming languages has been cut off as applications developed can be integrated with others. There is integration to other platforms like Bitcoin, Ethereum, Binance chain, and Tron.

The Loom network has a token know as Loom Token, and it serves as the staking token to conserve the mainnet of the Loom network called Basechain. For the Basechain to be secured, it is expected that Loom holders stake their tokens which will in turn yield rewards to them. Developers using the Loom network can pay for Dapps hosting with the tokens.  To host dapps on Loom, there are no transaction fees, only a flat monthly payment is required to be paid.

The Loom Network was established by Matthew Campbell, James Martin Duffy, and Luke Zhang in 2017 but got the Loom network to be live in 2018. The overall Loom supply is fixed at one billion, and the token contract has been deployed to the Ethereum mainnet.

How Loom Network operates

Loom, a blockchain-like medium, is meant for social apps and games that operate on a large scale. The development of the network has helped to prove that apps are not restricted to transactions alone. Large-scale dApps developers can also launch their work in a friendly and easy-to-use environment.

On the Loom network, a programming language is not required to set the ball rolling on the platform. With the common language, developers can build an app. Developers can also develop their blockchain on the Loom network using the Software Development Kit (SDK). Doing this does not require that developers have an in-depth knowledge of the blockchain infrastructure.

The uniqueness of Loom Network

On the Loom network, Ethereum solidity applications can be run on the platform. And with this, the Loom network has stood out among contemporary platforms. Developers on Loom have a ready-to-use production that allows them to launch their Dapps with immediate onboarding to users. Loom operates on Delegated Proof of Stake (DPoS), which makes it fast and scalable for high transactions in real-world Dapps.

Another feature that makes Loom unique is the appealing user experience that it has. On this network, transactions can be done at a speed of light without gas payment by users or frequent MetaMask popups. For developers using the Loom, users from other chains will be able to access their Dapps through their native wallet.

Loom Network has stringent and guaranteed security as a Basechain operating platform that has over 21 external validators that are spread across the globe. In attestation to the safety of the loom network, the chain was audited by Trail of Bits. As a developer, having your Dapp in Loom will not become obsolete as it has integration with other chains and still building more with other new chains to help over the issue of incompatibility with other chains.

Members on the Loom network can receive the loom token as a membership token for accessing the apps in the network. With the token, you can transfer digital assets and data between the Loom DappChains and Ethereum.

Analysis of Loom Price History

As a crypto investor, before proceeding with your decision to invest in crypto, whether new or old, price analysis must be carried out. The history of crypto to price, recurring patterns, and indicators should be considered in carrying out price analysis to know what the future price holds, whether it will be bull or bear.

There are different analysis approaches to know the prospect of the future market in making buying decisions on Loom crypto. However, the most common are fundamental and technical analysis.  Analysis with technical analysis can be carried out even without information on the loom historical price data. This method requires using indicators on charts to know the price falls and points of high volatility per the retained rise to new highs. The analysis in the approach can be considered for the future price if there is consistency.

To analyze Loom crypto using fundamental analysis, you will look at how economic, political, social, and financial factors have affected the crypto price, whether uptrend or downtrend. Information on interest rates, gross domestic product, manufacturing data, and unemployment rates will be gathered concerning its influence on the crypto price.

News can also determine the possible future price of Loom crypto before investing in it. News like the national bank interest rates, fiscal conservatives, impact of natural disasters on agriculture and other industries.

Most investors incorporate fundamental, technical analysis and news to have a good evaluation of the crypto market.

The current loom network market price fluctuates between $0.06384 and $0.070063, with a trading volume of $73,915,525 in twenty-four hours and a total supply of its coin of 1,300,000,000 in circulation. The price of Loom is not static, it has been down by 10% yearly and losing about 63% of its all-time high value. Loom has shown the propensity to sustain gains in the market base on demand and market support.

From the daily chart, the price of Loom shows a bullish trend in the market for a few days. Loom coin price has gone beyond the resistance level of $0.074, and this has been the highest price so far this year.

Loom Network is one of the top gainers in the market with a high potential of attracting more investors and traders, which will invariably lead to the crypto entering its new high. In the moving average, Loom has moved beyond the 25 days and 50 days time frame, and the oscillator moving above the neutral level. Crypto may likely have a downward trend when investors start taking profits on the platform.

Factors that could dictate the price of Loom Network

The market value of the Loom network can rise and fall at any time, resulting from some influencing factors surrounding the crypto market. Although as a decentralized digital currency, government policies cannot cause inflation in the price. The economy generally can affect the direction that the price moves.

Some factors that affect Loom crypto are investment regulations, restrictions on mining of crypto, and government plans for digital currency, whether for adoption or proscription. The significant influencers of the crypto prices are the newsmakers. For instance, a multi-billion dollar entrepreneur can make a tweet or post in support of the Loom token. And when this happens, the price increases leading to more demand.

The influence and endorsement of entrepreneurs and celebrities on a cryptocurrency, especially on social media platforms, cannot be underrated.

How to purchase the Loom Crypto

In purchasing a loom, you don’t need the assistance of an expert to do that on your behalf. With a simple guide on what to do and how to get it done, you can make the purchase yourself. Loom can be purchased on cryptocurrency exchange platforms like Binance, Kucoin, Coinbase pro, Upbit, Uphold, WazirX, Paybis, BitFinx, and Huobi. what you need to do first is to choose your preferred exchanger and create an account and verify your identity using the accepted means of identification on the platform.

Once your account has been successfully verified, secure your account by initiating a 2-factor authentication before you deposit into the exchange. After you have carried out 2FA, you can proceed to fund your account using the preferred mode of payment available on the exchange platform. Your deposited fund can now be used to purchase Loom.

Before purchasing Loom, you will create a Loom wallet where the Loom to be purchased will be deposited. Once that is done, copy your loom wallet address, head on to the buying section of the exchange, click on the Loom, which is the crypto you want to buy, and enter the amount you wish to purchase based on the amount you have deposited. After that, enter your copied wallet address and click on buy. With a successful purchase, you will have the value of the bought Loom in your Loom wallet.

Trading, converting, and selling Loom Crypto

As you can purchase Loom, you can also trade with it, convert it to other crypto or sell it and have your money in your local bank account. This can be done on the exchange that you have your loom crypto. If you want to trade with it, go to the crypto trading platform on the exchange platform and select the pair you wish to trade it with and the amount you are willing to spare. Once you profit from your trade, you withdraw your earnings to your local bank account.

If you want to convert or sell the Loom, you have to select convert or sell order and choose the amount of Loom you are willing to sell or convert to other cryptos. Confirm the sell or conversion rate and finalize the process before closing the sell or convert panel. If you are selling, the fiat amount in value of the Loom sold will be sent to your local account. If it is conversion, the crypto you converted to will be reflected on your exchanger account.

Loom is a crypto you can decide to invest in as it is a crypto with much potential that keeps having increase per time. While investing, have in mind that the market is volatile. As the price moves uptrend, it can also change direction.

Latest stories

Flux: cross-chain Oracle on NEAR Protocol

Flux protocol is a cross-chain oracle aggregator that supplies economically-viable information to smart contracts. Smart contracts are pieces of code...

More Articles Like This