Loom Network (LOOM)

Loom Network

Total supply	1,000,000,000 LOOM
Website	https://loomx.io/

Basics

• Started in:
• Based in:
• Developing and launching a layer 2 enterprise platform on top of Ethereum.
• Pivoted (11-5-2020) to an enterprise solution.

 History

• Started for Dapps, but pivoted (10-4-2020) towards enterprise solutions. From Cointelegraph (12-5-2020):

"Following the departure of the network’s CEO, the project announced that it would be pivoting away from its original business model into an enterprise-facing solution. In the weeks that followed, a number of the Loom Network’s validators abandoned the project, with one calling the network dead in a March 31 tweet. Representatives ultimately responded stating: “We haven't gone anywhere, and the chain is still operational. Our developer telegram group and subreddit are still open.”

• Got declared dead once more by an ex-employee who also called the project out for its lack of competency (24-9-2020).

Token

Launch

• Project contributors invested $45M in 2018.

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on Ethereum and BSC (23-3-2021)

Staking

• 152M LOOM tokens are now (4-2019) staked on PlasmaChain, which amounts to ~20% of circulating supply
• Update 6-2019: Over 202M tokens have been staked on Loom, which amounts to ~26% of circulating supply. Additionaly, PlasmaChain averaged 34K transactions per day last week (5-2019) which is around ~4% of Ethereum.
• From Proof of Work #74 (21-9-2019): Update 7-2019: Over 238M tokens have been staked on Loom, which amounts to ~30% of circulating supply

Validators

• The first set of PlasmaChain validators are now live in production -- MW Partners, Mythos, and Shipchain. Went live with 2 more external validators PlasmaChain -- Wetez and SNZ
• 6-2019: Cryptium Labs goes live as a Loom validator.
• Infinity Stones goes live (6-2019) as a Loom validator 
• Stake.fish is a Staker 
• Huobi; live on Loom's Basechain (10-2019) 

Interoperability

Connecting with other chains

• "Loom PlasmaChain & Loom Wallet Are Now Interoperable with Binance Chain — Bringing an ERC20–BEP2 Bridge and Smart Contract Functionality to Binance" (7-2019)
• "MakerDAO’s dai stablecoin will be implemented on the tron and binance chains in the near future through Loom Network, according to a company blog posting today. Describing the tech, Loom says their network will operate as a Layer 1 ‘transit hub,’ shuffling funds between different protocols such as etherum, tron, or binance. Transfers between chains will be secured through multi-signature validations on the Loom Network which require three-quarters plus one of all Loom validators before transactions can be signed off." (19-9-2019)
• From Proof of Work #77 (23-10-2019):

"Loom is adding Bitcoin support to Basechain, giving developers a simple interface to send and receive BTC for zero fees and with instant confirmation times."

Their Other Projects

CryptoZombies

• The team has launched CryptoZombies, a live app enabling anyone to learn to code smart contracts on Ethereum (with over 200,000 students).
• From Proof of Work #75 (28-9-2019):

"Announced a new CryptoZombies for Libra and Move course and plans for Libra integration.
Loom mainnet upgrade to Basechain, including additional validators, more rewards, staking referrals, slashing, a multichain LOOM token, new dapps, and more."

Upgrades

• From its blog (22-10-2020):

"Upgrading Basechain to the zkLoom protocol will require multiple steps, the first of which consists of deploying a new LOOM token contract to Ethereum mainnet. The current LOOM token contract is not upgradable, so there’ll be a token swap once the new LOOM token contract is deployed, which is expected to happen by the end of the year. We’ll publish more details about the token swap process closer to the deployment date." Update (17-3-2021): "All LOOM tokens on Basechain have now been swapped, and deposit/withdrawal of LOOM has been re-enabled. "

Roadmap

• Can be found here (23-3-2021).
• From a Telegram announcement (10-4-2020):

"Basechain has been running for more than a year already, with over 30 hard forks and more than a thousand builds. Recently, we’ve been seeing a decline in validators and developers working on it, and the community has been asking about this trend and what our plan is for the future. We are going to focus on our profitable spaces of enterprise blockchain for healthcare and government. Moving forward, we think building the token around a proprietary enterprise technology would be a more sustainable path."

Audits

• Bug bounty program got discontinued; "It didn’t work out how we expected it would, and just caused a lot of resentment."

• From Proof of Work #74 (21-9-2019): Completed security audit by Trail of Bits and open sourced PlasmaChain mainnet.

Usage

Projects that use or built on it

• From a Telegram announcement (10-4-2020):

"Outside of a couple of dapps, the bulk of the transactions were created by our first party dapps."

• As of 20202 Q1, it has 20 Dapps, 18 of which are active and about 16K active users.

Team, investors, partners, etc.

Team

• Vadim Macagon; CEO after Matthew stepped down.
• Matthew Campbell; ex CEO and co-founder (at least as of 19-9-2019, left 21-2-2020.
• 'Micheal'
• Works together with MakerDAO (19-9-2019)

Funding

• Project contributors invested (2018) $45M
• From a Telegram announcement (10-4-2020):

"We have been providing technical support (to the extent of writing and debugging code for developers), small grants, and all of our staff’s attention — in hopes of onboarding as many developers and validators as possible to bootstrap the utilization. However, as we were approaching the one year mark, many developers and some validators asked us to provide them with additional funding in order for them to stay."

• Loom Network announced on Mar. 23, 2021, that it completed another funding round with private investors.