Loom Network calls itself a next-generation blockchain-based platform designed for large-scale social apps and online games. The team describes it as your favorite game or social media network but on the blockchain and built on Ethereum.
The Loom Network makes it possible to create DAppChains and dapps, but it also functions as an actual blockchain. As such, you get all the benefits of a blockchain when using Loom Network, including a system that is scalable, trustable, forkable, and performant.
The DAppChains on the Loom are full-featured blockchains that were built to run parallel with Ethereum smart contracts. DAppChains are essentially a more advanced version of Ethereum sidechains that have been optimized for their ability to scale data instead of financial transactions. Each dapp has its own DAppChain, allowing for forkable, public data, as with Bitcoin and Ethereum.
The Loom Network DAppChains were specifically built for social apps and games. Examples include Ethereum-based crypto collectibles and token-based karma, with everything being based on blockchain rulesets that are decentralized, forkable, and readable by humans.
The Loom SDK makes it possible for developers to create their own DAppChain. You can select every single element of the sidechain, including your consensus mechanisms and a ruleset that you build yourself. You can then release the node software that is fully containable and will run on any of the major cloud platforms. The Loom SDK lets developers focus on creating their application instead of having to implement a consensus layer.
Features for Games and Social Apps
With Loom Network, it becomes possible to build a range of games that simply are not possible without using blockchain technology. This can include universes that span multiple games, eternal worlds, tradeable tokens, and items that are provably scarce. In terms of social apps, the big news is that Loom Network allows for applications that are not driven by advertising. Instead, the social apps are monetizable thanks to karma tokens and allow for the minimization of trust and the ability to expand with multiple-client apps.
The LOOM token is a membership token that gives users an all-access pass for the dapps that run on Loom Network. The token functions on all DAppChains that run on Loom Network and lets you transfer digital assets and data between Ethereum and Loom DAppChains. Think of the LOOM token as your lifetime membership card to everything on the Loom Network.
This functionality as a membership token works since the token acts as a software license key. It is an ERC20 token, and you hold it in an Ethereum wallet since it is on Ethereum. Anytime you try to transfer an asset from one of the Loom DAppChains to Ethereum or complete a transfer between DAppChains, the dapp will first check your LOOM token balance. As long as you have a minimum of 1 LOOM token, the asset transfer will continue. Otherwise, you will have to buy at least one token before completing the transfer.
At the time of writing, tokens were on sale for $1.99 each (0.003 ETH), compared to $4.99. You can buy them via the Loom Network website with the MetaMask plugin.
DelegateCall is a Q&A website that is based fully on the blockchain and runs with a DAppChain. It is the very first DAppChain to go live that was built by Loom Networks, utilizing real tokens backed by Ethereum that run on a scalable and lightning-fast network. With DelegateCall, users can earn tokens simply by posting and/or answering questions.
To give an example of the LOOM token’s functionality with DelegateCall, by owning a LOOM token, you are able to transfer the DelegateCall karma points that you earn to Ethereum. From there, you can sell them for ETH and turn your token earnings into money.
Other dApps on Loom
Although DelegateCall was the first DAppChain from Loom Network, it is no longer the only one. The dapps span a range of topics and uses, showing the versatility of Loom Network.
CryptoZombies, for example, lets you code your own game as a way to teach coding Ethereum dapps. It teaches players to write their own smart contracts with Solidity by creating their own crypto-collectibles game. So far, there are about 130,000 students. Very soon, this DAppChain will let you transfer zombies to the mainnet, then import them into other games with a related theme simply by holding a LOOM membership token. There will also be future token-based rewards for those who finish lessons, providing educational proof.
EthFiddle is the top Solidity code sharing site, designed for sharing snippets of code. It has more than 10,000 users and lets those users compile, test, then run various snippets of Solidity code from all over the web. Developers will find the user-friendly interface immediately familiar.
SolidityX is a programming language that is secure by default and compiles Solidity. This superset of Solidity complies down in order to secure Solidity for its deployment while avoiding known pitfalls. Loom Network sees it as a pragmatic step toward secure and scalable applications.
Loom Network is also developing three different games in-house to be launched in Q2 2018. The network is also working with various teams accepted into the Loom SDK’s closed beta, with the teams working to develop additional dapps on Loom. As time moves on, Loom Network will give even more developers access, expanding the dapps available for LOOM token holders.
With the help of Loom Network, developers are able to run decentralized applications on a large scale. This platform as a service is built on Ethereum and makes it possible for developers to create DApps along with security and trust and the computing resources they need for running commercial-scale services. Loom Network already has several dapps built on it that show off its usefulness and potential, indicating the strong possibility of growth in the future.