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Innovation is not difficult to come by in the world of blockchain technology. Loom Network aims to become a different breed of blockchain platform, as it mainly focuses on large-scale online games and applications. It is a very interesting approach, and now is a good time to take a closer look at what this particular project is all about. The Purpose of Loom Network There is a lot more to blockchain technology than just financial transactions. Even though it’s evident that this technology will mainly disrupt the financial sector, projects such as Loom Network show that there are other opportunities available. Right now, this project focuses on games and social applications which can make use of this technology. How Does it Work? Loom Network largely revolves around DAppChains. More specifically, it aims to establish an ecosystem where token-based karma, Ethereum-based crypto-collectibles, games, and social apps can all come together without any friction. All of this will be based on forkable, decentralized, and human-readable blockchain rulesets. Moreover, Loom Network will help build games which cannot be built without the blockchain. Although it sounds like a niche market, the project’s team has rather bold ambitions. With provably scarce items, traceable tokens, and multi-game-spanning universes, there certainly are a lot of opportunities waiting to be explored. Additionally, the project also wants to build new types of social applications not inherently driven by advertising. The DAppChains themselves are full-scale blockchains running in parallel to Ethereum smart contracts. In the modern world, they are referred to as sidechains, but they…
Source: What Is Loom Cryptocurrency?
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