The token acts like a software license key. It allows you to transfer your data and digital assets between Loom DAppChains and the Ethereum mainnet.
The LOOM token serves as a lifetime membership card to all DApps running on the Loom Network. And DelegateCall, a decentralized Quora where you can earn tokens by posting and answering questions. SolidityX, a ‘secure-by-default’ programming language that compiles to Solidity, avoiding bugs and other known pitfalls. EthFiddle, a place to share Solidity code snippets.
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For example, CryptoZombies, where you can learn how to code Ethereum DApps by coding your own game. There are already several Dapps deployed on the Loom Network. You can simply choose your own consensus mechanism and ruleset, without having to implement the consensus layer, so you can focus on building your Dapp. Anybody can create their own DAppChain using the Loom Network. A DAppChain is a type of Ethereum sidechain optimized for scaling data rather than financial transactions. Get ready for this weeks adrenaline-pumping dose of crypto news Check out the video below, and dont forget to subscribe to our YouTube channel. DAppChains are full-featured blockchains that are built to run in parallel to Ethereum Smart Contracts. The Loom Network makes usage of what they call ‘DAppChains’, built on the Ethereum blockchain. For social media users, the Loom Network wants to help its users build social media applications not driven by advertising, monetizable via karma tokens, expandable via multiple-client apps, while minimizing the trust that is granted to centralized social media platforms like Facebook and others. For gamers, the Loom Network wants to offer provably scarce items, tradable tokens, eternal worlds, and multi-game-spanning universes. The Loom Network is catered to (1) gamers and (2) social media users. The Loom Network intends to become “The next generation blockchain platform for large-scale online games and social apps.”
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