About Loom (LOOM)
Loom is an Ethereum side-chain built to power a wide range of decentralized applications.
Loom Network is a blockchain scaling project focusing on education and social applications. So far the network has launched a number of products attempting to increase accessibility and smart contract development. The network itself runs on Plasma, a scaling solution for Ethereum, which allows faster transactions throughout the network.
LOOM is the digital token used to pay for services on the Loom Network. It is built on Ethereum in accordance with the ERC20 standard for tokens. In order to run a decentralized app (dApp) on the Loom Network, a developer must stake LOOM. The Loom token is not mined. Instead, it is earned by users who engage with dApps on the Loom Network. Transactions are free on the Loom Network (i.e., “gasless”), however, if a user wants to transfer assets to another blockchain, like Ethereum, she or he must own at least 1 LOOM to make the transfer. LOOM can be bought and sold for fiat currency or other digital currencies.
Loom can be stored in a crypto wallet and custodian like Gemini.
The supply of LOOM tokens is fixed at 1 billion LOOM.