View source for Loom Network (LOOM)

{{Crypto_info_template|website = https://loomx.io/|launch = Trading launch: 15-3-2018|total_supply = 1,000,000,000 LOOM}}

== Basics ==
* Started in:
* Based in:
* Developing and launching a [[layer 2]] enterprise platform on top of [[Ethereum (ETH)|Ethereum]].
* [https://cointelegraph.com/news/loom-network-responds-to-rumors-of-the-projects-demise Pivoted] (11-5-2020) to an enterprise solution.
== History ==
* Started for Dapps, but [https://t.me/loomannouncements/295 pivoted] (10-4-2020) towards enterprise solutions. [https://cointelegraph.com/news/loom-network-responds-to-rumors-of-the-projects-demise From] [[Cointelegraph]] (12-5-2020):
"''Following the [https://medium.com/loom-network/loom-network-company-update-ea484a50e155 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 [https://twitter.com/StakeCapital/status/1244957068089536512 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 [https://www.kickstarter.com/projects/328862817/zombie-battleground-the-new-generation-of-ccg-tcg/posts/2906929 once more] by an ex-employee who also called the project out for its lack of competency (24-9-2020).

== Token ==
=== Launch ===
* Project contributors [https://cointelegraph.com/news/loom-network-responds-to-rumors-of-the-projects-demise invested] $45M in 2018.

=== Token allocation ===
=== Utility ===
=== Token Details ===
=== Stablecoin ===
== Tech ==
* [[Whitepaper]] can be found [insert here].
* Code can be viewed [insert here].

=== Implementations ===

* Built on [[Ethereum]] [https://medium.com/loom-network/loom-network-revamp-2021-q2-fd2ffd8645d6 and] [[BSC]] (23-3-2021)

=== How it works===

=== 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 (Mailing List)|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 -- [https://twitter.com/Wetez_wallet Wetez] and [[SNZ Holding|SNZ]]
* 6-2019: [http://email.mg2.substack.com/c/eJwlUMuOwyAM_JpyjHiEFA4cttX2tP8QEXBa1AQiMFtlv35JK1myPLbHM3YW4Z7ybrZUkNQCeQzeMKHPmlLiTe-ZkoqEMs4ZYLVhMZgrkK1OS3AWQ4rHgtSCPNqwG4RllvYSmBYaZkbP8uwmNvdc95wcR0ZbfYDowMAv5D1FIIt5IG7lJL5O_NYCXwERcufS2qpr3jcMdf2xUyHBcMo0lYJRIbUcOtYpLm_qylX_fZFMKH3q6XrnXalTQeueBwvJ5s8vrbHlhCkeNt5wczG2vNYYcB8h2mkBbwh-vvFWi_sGJsKrLHBo-oDN8SCEkqQd8anRRdOY05zmV8rPf50zcxM Cryptium Labs] goes live as a Loom validator.
* [http://email.mg2.substack.com/c/eJwlUMuOwyAM_JpwjAiPkBw4VOr2N6IEnBaVQARmo-zXL2klS5bH9njGZkZ4xnTqPWYkJUOanNUdH9VIKbFa2G6QA3F5WhPANjuvMRUge1m8MzO6GK4FOXLy0pwzuwpQcu2Esr0UxizDsgjWWQBmGLmOTHOxDoIBDb-QzhiAeP1C3HPDbw171MDDIUJqTdxq5cKasY5l4jSj3Uh7pqjko-zbrr0L9cMV73sqbqJ_sEbQ7cnaXJaMs3lfFCTpP-trY0-x8lwePnC1MNW8leDwnCDMiwerCX5f8ZGK5w46wJE9XIK-YLWrFBcjqUdsrHRBV-a4xvWI6f0P9Apyzg Infinity Stones] goes live (6-2019) as a Loom validator 
* [[Stake.fish]] [https://stake.fish/en/ is a] Staker 
* [[Huobi]]; [https://medium.com/loom-network/huobi-to-become-a-loom-network-validator-f7034401bf79 live] on Loom's Basechain (10-2019) 

===Liquidity Mining===
===Scaling===
===Interoperability===
==== Connecting with other chains ====

* "''Loom PlasmaChain & Loom [[Wallet]] [https://medium.com/loom-network/loom-plasmachain-loom-wallet-are-now-interoperable-with-binance-chain-bringing-an-erc20-bep2-bridge-509e6b202b91 Are Now] Interoperable with [[Binance Chain]] — Bringing an [[ERC20 tokens|ERC20]]–BEP2 Bridge and [[Smart Contract]] Functionality to Binance" ''(7-2019)
* ''"[[MakerDAO]]’s [[dai]] [[stablecoin]] will be implemented on the [[tron]] and [[binance Chain|binance chains]] in the near future through Loom Network, according to a company [https://medium.com/loom-network/making-a-multichain-dai-maker-and-loom-network-to-build-dai-gateways-to-tron-binance-and-other-39ca20bd2a1d 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)
* [https://proofofwork.news/p/proof-of-work-77 From] [[Proof of Work (Mailing List)|Proof of Work]] #77 (23-10-2019):
"''Loom is [https://medium.com/loom-network/who-needs-lightning-network-when-you-have-loom-basechain-e21b1f7c107c adding] [[Bitcoin]] support to Basechain, giving developers a simple interface to send and receive [[BTC]] for zero [[Transaction Fee|fees]] and with instant confirmation times."''
===Other Details===
==Privacy Method ==
== Oracle Method ==
== Their Other Projects ==

=== CryptoZombies ===
* The team has launched [[CryptoZombies]], a live app enabling anyone to learn to code [[Smart Contract|smart contracts]] on Ethereum (with over 200,000 students).
* [http://email.mg2.substack.com/c/eJxNkV2PojAUhn-NvRtSWj7koheMzuxgFOMGXb0iUIpWoCVtGQZ__RQnm93kJOfkOV_J-9LCsKtUE-mlNmDQTOW8Ii6OwghCUBGvcpf-EnCd14qxruAtMWpgoB_KltPCcCnmBT_C4EZCGlDfljhAJUR2tUR-WaMlCgsa1KEL5id5MVScCcoI-2RqkoKBltyM6fUCxwv0bqNXUtayHqVqHMFGPaO_-MXG3HgJ_QV-N7JhYoHXbNq4FJ2mM2qb5C6_do8G77N43K42Y4lT-I_HOL0fdNK1t2qVBLvsiPbZxd3dE5iuRl6c04ed4_TjxLfZ0d9NiU5E6l54EiTi9ZPig6Hd6XbBv_sSebw-OLC5eRudZ2OGfn2p1zVttt5Ov_EPddwzN11d-fVwxuhPNHqAEwTdCEZoCQMMvcBxnVWMfPQWhz5G0Rp5aOHB7oocPZTaFLRxqOyAIo-qtQ0rgJFiNuGJrQe5zd0guJlyJoqyZRUB5sfLp9Zm6hmZJWyZMUz9wKfBMAw8YL9U0t4T5D_JvwEmQ7JD From] [[Proof of Work (Mailing List)|Proof of Work]] #75 (28-9-2019):
''"[https://medium.com/loom-network/master-the-basics-of-libra-blockchain-development-before-everyone-else-ad699112b326 Announced] a new CryptoZombies for [[Libra]] and [[Move]] course and plans for Libra integration.<br>Loom [[mainnet]] [https://medium.com/loom-network/basechain-is-coming-99fdb643950a upgrade] to Basechain, including additional validators, more rewards, staking referrals, [[slashing]], a multichain LOOM token, new [[dapps]], and more."''
=== DEX ===
== Governance ==
=== DAO ===
== Upgrades ==

* From its [https://medium.com/loom-network/integrating-zkrollup-into-the-loom-protocol-b398c170fd4b 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."'' [https://twitter.com/loomnetwork/status/1371883023646388225?s=21 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 [https://medium.com/loom-network/loom-network-revamp-2021-q2-fd2ffd8645d6 here] (23-3-2021).
* From a [[Telegram]] [https://t.me/loomannouncements/295 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 [https://medium.com/loom-network/loom-network-company-update-ea484a50e155 discontinued]; ''"It didn’t work out how we expected it would, and just caused a lot of resentment."''

* From [[Proof of Work (Mailing List)|Proof of Work]] #74 (21-9-2019): Completed security audit by [[Trail of Bits]] and [[Open Source|open sourced]] PlasmaChain [[mainnet]].

=== Bugs ===
== Usage ==
=== Projects that use or built on it ===
* From a [[Telegram]] [https://t.me/loomannouncements/295 announcement] (10-4-2020):
''"Outside of a couple of [[dapps]], the bulk of the transactions were created by our first party dapps."''
* [https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F19995253-8a89-4bdd-ada9-8c1d73f25607_1512x1600.jpeg As of 20202 Q1], it has 20 [[Dapps]], 18 of which are active and about 16K active users.

== Pros and Cons ==
=== Pros ===
=== Cons ===
== Competition ==

== Coin Distribution ==

== Team, investors, partners, etc. ==

=== Team ===
* [[Vadim Macagon]]; CEO after Matthew stepped down.
* [[Matthew Campbell]]; ex CEO and co-founder (at least as of [https://www.coindesk.com/loom-network-is-bringing-defi-to-tron-binance-chain 19-9-2019], [https://medium.com/loom-network/loom-network-company-update-ea484a50e155 left] 21-2-2020.
* 'Micheal'
* [https://www.coindesk.com/loom-network-is-bringing-defi-to-tron-binance-chain Works together] with [[MakerDAO]] (19-9-2019)

=== Funding ===
* Project contributors [https://cointelegraph.com/news/loom-network-responds-to-rumors-of-the-projects-demise invested] (2018) $45M
* From a [[Telegram]] [https://t.me/loomannouncements/295 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 [https://medium.com/loom-network/loom-network-revamp-2021-q2-fd2ffd8645d6 announced] on Mar. 23, 2021, that it completed another funding round with private investors.[[Category:Companies/Organisations]]