The Loom Network was set up to create programs that anyone can access, and LOOM is its native currency. Let’s find out more, and take a look at some of the loom network price predictions that were being made on 26 August 2022, too.
Loom network explained
One of the main issues when it comes to the world of blockchain technology in general and cryptocurrency in particular is that of scalability. The idea is that many blockchains work better when there is less activity on them. This means that if the markets start to get busier, transactions slow down. Not only does this make carrying out activity on a blockchain slower, it also means that buying and selling can potentially be more expensive. Therefore, developers are looking for a way to ensure their programs and transactions can maintain speed.
One potential solution to this problem comes in the form of the Loom Network. This system is designed to work alongside the Ethereum (ETH) blockchain and help make it easier for people to create decentralised applications (dApps). The system also aims to make those blockchain-based apps more transparent and more like the programs that computer and phone users make use of every day, thus helping bring both crypto and the blockchain a little more into the mainstream.
The network says would-be users do not have to download crypto wallets in order to access the DApps, which could bring in people who otherwise would not be interested in blockchain technology. Loom Network also claims to be able to integrate assets in a cross-chain manner, meaning that people can use the likes of Bitcoin (BTC) on the platform, which is based on something called the Loom Network Basechain.
Every blockchain-based application needs to have its own native token and Loom Network has the conveniently named loom network crypto, also known by its ticker handle of LOOM. This token is designed to be used to pay to…
