What is Loom Network (LOOM)?

LOOM is the digital token used as a membership token or to pay for the services on the LOOM network. It is an ERC-20 compatible token built on Ethereum to secure Loom Network's mainnet, called Base Chain. Developed in 2017 by Matthew Campbell, James Martin Duffy, and Luke Zhang, the Loom network provides its platform as a service (PaaS) to developers for running their large-scale decentralized applications backed by the security of Ethereum. The token is not mineable and could be earned by users who engage with dApps on the Loom Network. Instead of applying a gas fee, the LOOM network asks developers to own LOOM tokens for performing any transactions. Also, developers must stake LOOM for running a decentralized app (dApp) on the platform. The token has a maximum supply of 1 Billion.

How does Loom Network (LOOM) work?

The Loom network was set to prove that blockchain technology is not limited to transactions only. For this purpose, the platform allows developers to run their large-scale DApps, including social apps and games, on its sidechain. It will enable developers to run Ethereum Solidity applications and build a consensus mechanism for their needs and potential threat model. The Loom network also provides an SDK, i.e., Software Development Kit, to simplify app development for developers without knowing Ethereum's native programming language. The developed applications are then integrated into the Loom network by its Ethereum sidechain, dAppchain.

The DPoS consensus mechanism of Loom Network requires users to confirm network data and ensure system security by deposits. But what sets it apart from other similar platforms is its ability to secure itself by zkLoom protocol. This protocol eliminates the need to trust validators by relying on the security guarantees provided by Ethereum.

The LOOM token is a membership token and native currency for the LOOM network. It powers the smart contracts and dApps running on the LOOM network. It was initially an ERC-20 token integrated into the Binance chain and has become a BEP-2 token.

How to Buy LOOM (Loom Network) in India? 

There are many platforms where you can invest and trade LOOM (Loom Network) in India.

One such platform is Flitpay. To buy the LOOM  in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy the LOOM (Loom Network) , and execute the LOOM (Loom Network) purchase.

You can instantly convert your INR to LOOM and LOOM to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

How do I convert LOOM (Loom Network) to INR on Flitpay?

Buying and converting LOOM directly on Flitpay is a task of a few clicks using the Flitpay OTC platform. If you have already made an LOOM purchase on Flitpay and want it to convert into INR, all you need to do is; sell it on Flitpay, and you will receive the INR in return. If you have your LOOM holding in another exchange, you will have to deposit your crypto on Flitpay and then execute the selling process to convert LOOM into INR.

To learn; how to deposit LOOM or any other crypto from another platform, refer to the link.

You can easily withdraw your converted INR through the instant bank withdrawal service provided by Flitpay in a breeze.

Why Use Loom Network (LOOM)?

Loom Network (LOOM) is the Ethereum token used to pay for services the Loom platform provides. This platform allows developers to run their large-scale decentralized applications with Ethereum security. It offers side chains to developers to create their blockchain network according to their application. Through it, developers can even tweak security, scalability, and decentralization parameters as per their requirements without depending on the primary features of Ethereum. The Loom Network (LOOM) holders do not have to pay any gas fees on the LOOM network for performing any transactions. Through the dPOS consensus mechanism, Loom allows the development of apps with less than 1-second transaction times, compared to 15 seconds on the Ethereum main chain. All the chargeable services on the Loom network are payable in LOOM.

FAQs

What is LOOM?
LOOM is a native token of the Loom platform that powers a network of dPoS layer-2 sidechains. It allows developers to run highly-scalable games and dApps backed under the security of Ethereum.

What is the Loom Network (LOOM) price in India?
Check out the current INR price of LOOM in India on Flitpay.

Which is the best platform to buy LOOM in India?
The best crypto exchange in India to buy LOOM or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Loom Network (LOOM)?
The Loom Network (LOOM) cryptocurrency is used to pay for services on the Loom Network. A developer who wants to run their dApp nodes on the Loom network needs to stake LOOM coin to pay a transaction fee. Validators of the Loom network are also required to stake LOOM tokens to get a share of the block rewards. Lastly, it is a popular coin that can be traded on various crypto exchanges like Flitpay to earn profit.

Is it safe to invest in Loom Network (LOOM) in India?
Yes, investing and trading in LOOM is Safe in India. Flitpay is one of India's most secure crypto exchanges to invest in LOOM. It offers the most real-time prices and advanced investing features.

Is LOOM a Good Investment?
If we look into the past performance of the LOOM coin, it has not performed well compared to other altcoins. Since the coin has multiple utilities in the Loom network, it can hold a bright future in the upcoming time. But cryptocurrencies can be highly volatile at times; hence one needs to be careful while making any investment decision.