Loom Network Coin launched its mainnet Basechain in September 2018. Basechain is a Delegated Proof-of-Stake (DPoS) network that supports Ethereum, Binance Chain and TRON and acts as an interconnected multi-chain platform. In this article, as Kriptokoin.com, “What is Loom Network?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is Loom Network? What does LOOM do?
Basechain allows developers to deploy highly scalable games and investor-facing DApps that interact with other major Blockchain. Developers can deploy their DApps to the Basechain once and gain access to the user base of multiple networks. LOOM Coin is an ERC-20 Token on the Ethereum network. LOOM Coin is a Stake Token used to secure the Basechain network. However, it is also used as the currency that DApp developers use to host their DApps on BaseChain. Any LOOM Coin holder helps support validators. It can also transfer its Tokens on Basechain to actively participate in securing the network.
How does LOOM work?
Loom Network Coin has an Ethereum-based infrastructure that is faster, scalable and much more stable than any previously developed Coin. The developers used various tools developed by Loom Network Coin and their teams. There are huge game worlds that are similar in scope and size to MMORPGs and World of Warcraft. However, it can also create global social applications. The platform was developed with the idea of proving that various applications of Blockchain technology are not limited to transactions only.
What is Loom Network? How to buy LOOM?
The largest and most well-known exchanges traded with LOOM Coin on the platform; Binance, KuCoin, Huobi Global, Coinbase Exchange are exchanges. These steps are followed to buy coins. First, access the web/mobile application of the LOOM-listing exchange you selected as the first step. Then complete the account opening steps. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, select LOOM for the balance you want and create a purchase order. Store it in your trusted accounts.
