What is Loom Network?
To make this a reality, LOOM Network operates as a service (PaaS) and allows developers to run their dApps, regardless of the demand of the dApp. For smart contract developers this network will help them create apps without switching to Solidity. In short it’s a PaaS which allows for Solidity apps to run on permission public and private chains.
Loom Network makes it possible for commercial scale dApps to run faster while their security is guaranteed. In order to attract new users, they offer free trials and their ingenious oracle communication channels enables safe and secure off chain chats. Besides, it’s easy to use because underneath it is this real blockchain that is scalable, trusted and forkable.
LOOM is the ERC20 token for the network and is used for the products and services offered by the network. Apps that run on Loom Network are forkable since they run on their won side chains. On the other hand, app developers can decide to run their apps based on their own consensus mechanism and rules and even release functional nodes that run from the cloud.
LOOM tokens are not mineable. There are a total of 1 billion LOOM tokens in supply with 604 million already in circulation.