![]() The Bangkok, Thailand-based Loom Network is also positioned as a protocol that is able to assist decentralized applications (dApps) in scaling on the Ethereum platform by implementing three key components of its network infrastructure. Loom Network is also designed to enable off-chain applications to integrate easily into the blockchain environment, thereby existing in both spaces and economies. They have already announced plans to build bridges to these other popular blockchain networks and plans for PlasmaChain to be the central hub for them all.Loom Network is an Ethereum-based decentralized platform that enables applications built on the Ethereum Network without developers needing to understand the advanced concepts required to build on Ethereum natively. They hope that PlasmaChain will be a hub that connects different blockchains such as Ethereum, Cosmos, EOS, and Tron together. The grand ambition for the Loom team will be for the PlasmaChain, which will be the primary Loom network to be “one of the most widely used blockchains in existence” through interoperability. The Loom team hopes to have up to 50% of the total circulating supply staked in the PlasmaChain. In the first two months since its release, LOOM holders have staked over 20% of the circulating supply or over $10 million in value in the PlasmaChain. PlasmaChain validators stake or lock up LOOM tokens in the network, run special hardware and software to process transactions, and get rewarded in LOOM tokens. The PlasmaChain is a blockchain connected to Ethereum that uses Proof-of-Stake so requires validators instead of miners to secure the network. The main use of LOOM tokens will be for staking on the PlasmaChain. Any wallet that is compatible with ERC20 tokens is also compatible with LOOM tokens. LOOM tokens can be traded for on major crypto exchanges. Unlike many other token teams, the Loom team did not do an ICO and were privately funded. There is a fixed supply of 1 billion LOOM tokens with about 55%-65% of the total supply in circulation and the remaining supply held by the company, team, and advisors. LOOM tokens are ERC20 tokens that were created on the Ethereum network.
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