what is loom coin

Loom Network is a blockchain scaling project that focuses on education and social applications. It is a platform as a service built on top of Ethereum that allows developers to run large-scale decentralized applications. Loom Networks smart contracts and dApps are powered by the LOOM token, which is an ERC-20 token built on Ethereum. LOOM is used to pay for services on the Loom Network, and developers must stake LOOM to run a decentralized app (dApp) on the Loom Network. The Loom Networks mainnet, called Basechain, is a DPoS blockchain with 21+ external validators located all around the world. LOOM holders can stake their tokens to help secure Basechain and earn rewards in the process. Loom Network also has integrations to Bitcoin, Ethereum, Binance Chain, and Tron, which allows developers to integrate assets from all major chains. The Loom SDK supports the Ethereum Virtual Machine, and sidechains may be created using any consensus algorithm and set of rules. The Loom Networks dApps cover many topics, despite the companys claims that it is centered on social and games. The Loom Networks price today is $0.1585 USD with a 24-hour trading volume of $303.35 M USD.