What is Loom Network (LOOM)? Interview with Janam Jhaveri with Grace Pham

By Le Thanh | Interview / AMAs

Loom network AMA

Sequence chain AMA with potential Blockchain projects, Coin98 had a lively discussion with Janam Jhaveri - Marketing Manager at Loom Network. The following are key contents summarized from the last AMA session.

Janam Jhaveri is the Marketing Manager at Loom Network. He has been interested in the Blockchain field for several years now and Loom is one of the most promising projects according to his judgment in 2018.

Loom Network is a Sidechain DPoS network that enables scalable applications (dApps) and games. Through the PlasmaChain layer - a layer hub connecting sidechains with Ethereum, transactions are processed quickly and costly compared to the network. Ethereum.

Basically, Loom Network is an interactive solution. This is a project that allows the application of a wide range of Blockchain technologies. From there, give them the tools needed to create successful applications. That is why they focus so much on developers.

Loom's mainnet, Basechain, is able to interact with Ethereum, Tron, Binance Chain. In this way, developers only have to deploy once and have access to all major Blockchain ecosystems.

What are the key remaining issues in the Blockchain industry today? Loom was born to solve problems?

User experience, gas usage fees and scalability are outstanding issues in the Blockchain industry today.

  • User experience: Currently, the user experience is extremely "terrible." Project developers must constantly find ways to get users to buy tokens and use them. Metamask or another wallet. With Loom, you can create dApps without being too familiar with Blockchain.
  • User's gas charge: This is an annoying problem for the current Ethereum and is a Bitcoin problem faced a few years ago. Gas charges are skyrocketing on the Ethereum network. For DeFi applications, this fee can quickly increase to more than $ 0.5 per transaction. On the Loom network, developers only pay a very reasonable gas fee.
  • Ability of extension: Current Blockchain projects need solutions that speed up thousands of txs. With Loom, the long-term plan is to create a system of chains.

What is LOOM Token?

LOOM Token Used similar to the way ETH is used to secure the Ethereum network.

Loom Basechain is a Blockchain DPoS, requiring people to contribute LOOM tokens. In return, block producers will earn rewards.

How to earn LOOM token?

Has Loom Network launched the Mainnet yet?

Loom Network is about to release its biggest ever upgrade to PlasmaChain, which is Basechain. Introduced will make the Ethereum network faster and 10 times cheaper.

You can see more details here: https://medium.com/loom.../basechain-is-coming-99fdb643950a

Who are Loom's customers?

Developers.

As a Layer 2 solution on Ethereum, who is Loom's main rival?

Loom has no direct competitors.

What problems did the project encounter when implementing the product?

Loom Network was born with the purpose of serving developers.

At the moment, user experience and the expansion of Blockchain solutions are still not enough. Therefore, the focus of the project is to constantly optimize the experience of developers and users.

Include:

  • Developers: Loom is an interoperable solution for all first-class blockchains. Developers only need to deploy once on Loom Basechain and have access to all other Blockchain ecosystems.
  • User: There is no gas charge (developer has to pay) and it is possible to integrate with large wallets like Metamask. In addition, users can use multiple dApps on Loom. In fact, with many dApps, such as CryptoWars, users don't even know dApps are running on the Blockchain.

What are the advantages of Loom Network compared to other Blockchain projects?

Loom Network stands out at a point that focuses entirely on developer and user experience.

In 2019, Loom has more than 20 projects under construction and 25 others underway. In terms of use, Loom has had strong days with 10-15% of Ethereum's daily trading volume.

Are fees in the Loom network cheap now? Is it possible to change in the future (like Gas in ERC-20)?

Currently developer fees are low to maximize developer participation.

In the future, the fees will be placed in a tighter scope, similar to traditional SaaS services.

So who will control these fees?

Those are the validators setting up the fee structure. They will present the solution and other validators will vote for each solution.

What makes Loom an interesting option for developers compared to other blockchains?

Developers only need to deploy once on Loom. They then have access to all Blockchain ecosystems because they can interact with Ethereum, Tron, Binance Chain ...

What are Loom's main strengths as a leader in the Layer 2 space?

1. The project has a real solution.

2. Loom can interact with multiple blockchains, including Binance Chain and Tron.

3. The project continually transports code and adds value to developers.

What is the maximum number of sidechains on Loom Network?

May be unlimited.

Roadmap of the project

You can track the route of the project here: https://medium.com/.../loom-network-roadmap-2019-5183ce02267

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