Scalability is a problem that we all talk about in the cryptocurrency market and blockchain industry. It is one of the most serious problems and also one of the tallest obstacles that the industry has to pass. The blockchain is the future, that we know. But is it ready to take on the stress and traffic that it is required to?
The answer to that question is a hard no. And for it to be the future, it is important that these shortcomings of the industry are sorted and eliminated by the time it is time for the blockchain to take over. The bitcoin network is the oldest network in the cryptocurrency market and blockchain industry, because it was also the first.
So the fact that that network had scalability issues was understandable. But the blockchain networks that have come after face the same problem, sometimes to a graver scale. The perfect example of this is the Ethereum Network. Ethereum is the world’s second largest cryptocurrency by market capitalisation and is one of the most promising companies the cryptocurrency market and industry is home to.
But the past year has been a slump for the currency. It has lost over half of its value over the last three quarters and it is only expected to slump even further. This slump that Ethereum is undergoing right now, is attributed to the lack of scalability of the network. Which basically means that even though the network is at less than half its capacity, it is starting to fray.
A company called the Loom Network, is out to solve just that problem. The Loom Network is essentially building a product to help Ethereum scale.
The Loom Network
The Loom Network is building quintessential infrastructure to help Ethereum scale. The solution is aimed at Ethereum because it has seen and facilitated the highest amounts of development in the cryptocurrency market and is, at the moment, struggling to scale to accommodate the requirements of growing industry.
Loom as a solution is aimed at the Solidity developers on the Ethereum platform. It wants to provide them with a protocol and provide itself as a Platform-as-a-Service (PaaS) to the developers specifically. The Loom Network solution will essentially enable the Ethereum Solidity developers to move their products on to the main chain, a private chain and semi-public chains based on their computational requirements.
Loom Network’s core product is a Software Development Kit (SDK) that will allow easy transition and integration of companies onto the blockchain. The aim is to make the change as easy as possible so that it is not necessary for everyone who wants to shift to the blockchain to know the nitty gritty of it. The SDK that the Loom Network is building allows total technical autonomy to the developer.
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It allows developers to choose their consensus algorithm, develop their own rulesets and also allows easy integration with the other DApps. The product, in the words of the founders themselves is; “a build your own blockchain generator”.
The SDK also promotes Delegated Proof of Stake consensus algorithm. The delegated proof of stake consensus algorithm promotes scalability among startups and products that are focussed on the social media and gaming purposes.
The Loom Network apart from building its SDK product that is aimed at Ethereum Solidity programmers, the developers at Loom have made and released many code related products as well.
Loom is essentially a platform on top of Ethereum’s existing network which will allow the DApp developers a new set of options while developing while also allowing the Ethereum network a more feasible scalability track.
The cryptocurrency market and the blockchain industry is a largely peer-to-peer community. And for a company its community image and the things that are said about it in the community are as important as media coverage.
A company’s community perspective can do wonders to the growth that the token will see and the support that the product will get, so it is obvious that it is imperative for all companies to have a proper community outreach program and active social media pages to keep communication channels open between the two parties.
The other important thing that all companies must spend time on is the partnerships it strikes in the beginning. These partnerships help lend credibility to each other, especially when partnerships are struck between established companies and ones that are newly entering the market.
The Loom Network has four big-time investors. These investors are venture capitalist firms that have been the funding force behind a lot of successful projects, startups and companies. Three major investors that the Loom Network has are; Nirvana Capital, Techstars and MW Partners.
Apart from being backed by these high-level venture capitalists, the Loom Network also has some strategic partnerships within the industry and community as well. In May this year, the company partnered with Trust Wallet. Trust Wallet is a popular and trusted wallet service provider in the community and the two have partnered with each other to add mobile deep linking to the Loom Network’s products.
The company, as they are building a product specifically for the Ethereum platform, the Ethereum Network backs the project. Being the world’s second largest cryptocurrency by market capitalisation, this partnership
The Loom Network is a rebellious start up. Most startups in the cryptocurrency market and blockchain industry usually release a document called the whitepaper that explains what the product is and how the company is likely to go about getting it done. The whitepaper usually includes the roadmap or the sequence of event completion with timeline as well.
However, the main motto of the Loom Network is “Res, non verba”. Which roughly translated to “deed, not word.”. So the company does not believe in talking about what they are going to do before they do it.
So in place of that the company runs a blog on medium that updates interested participants, investors and the cryptocurrency community of what they are releasing, when, where and how.
Follow their Medium: https://medium.com/@jamesmartinduffy
The LOOM Token
The native token of the Loom Network is called LOOM. All transactions and deals on the network will happen using LOOM and LOOM is a utility token. The token is available on Binance, Fatbtc, LATOKEN, etc. The current price of the token is $0.0901 USD. The token’s all time high is $0.714 USD.
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