At Loom Network, we want to enable developers to build dapps that are easily accessible across all major blockchains, and for users to be able to use dapps without wasting time trying to figure out the intricacies of the blockchain each dapp happens to be running on. To that end we’ve already built integrations with Ethereum, TRON, and Binance Smart Chain, and now it’s time to start planning the next major integration for our ever growing ecosystem of blockchains. …

LOOM tokens can now be staked via Binance Smart Chain (BSC), which has MUCH lower transaction fees than Ethereum. That means you can stake smaller amounts of LOOM, and do so more frequently — without having most of your staking rewards get eaten up by transaction fees! We will continue to support LOOM staking via Ethereum, and if you’re already staking LOOM you don’t have to do anything at all. On the other hand if you have some LOOM sitting around you could take advantage of the low BSC transaction fees to stake some of it today.

Yesterday the new…

LOOM is now officially live on Binance Smart Chain as a BEP20 token! Launching LOOM on Binance Smart Chain (BSC) is the first step in our plan to increase the liquidity, utility, and usability of the LOOM token, and to make it both quicker and cheaper to stake your LOOM on our Basechain network.

The LOOM BEP20 contract address on Binance Smart Chain is 0xe6ce27025f13f5213bbc560dc275e292965a392f

Just to make it perfectly clear… the BEP20 LOOM token will not replace the existing ERC20 LOOM token, the two token contracts will co-exist. …

In case you just found out there’s a LOOM token swap going on, you might want to start by reading our token swap launch article. If you still have some old LOOM sitting around in your wallet you have a couple of options for swapping those tokens:

  1. You can swap LOOM on our dashboard, it’s fairly straightforward, and we’ve previously published a step by step walk-through.
  2. If you don’t plan on keeping the LOOM after swapping you might find it more convenient to swap your tokens on Binance through their Convert & OTC Portal page.

In this article we’ll demonstrate…

Loom Network 2021 Q2 Revamp

Business Development

We’ve just completed another funding round with private investors, the new capital that was raised in this round will allow us to commit more resources to building out our blockchain tech. Our investors in this round have made it clear that they want Loom Network to focus on building infrastructure, and to secure new technical and strategic partnerships.

We’ve also started expanding our Marketing and Community management team. Our first hire is a community manager that we’re on-boarding today! And we’ll have a new marketing expert on-boarded in the next couple of weeks. …

Photo by Davyn Ben on Unsplash

A retrospective

Loom Network was the first to implement a sidechain to Ethereum (now known as Basechain), and one of the first to launch a working transfer gateway that allowed anyone to transfer tokens between our sidechains and Ethereum.

In 2020, our main focus was on building out our enterprise platform by running a number of pilot projects in collaboration with local hospitals. On top of the technical and administrative challenges, we also had to contend with the unique challenges posed by the on-going pandemic. …

Photo by Paweł Czerwiński on Unsplash

We’ve deployed the new LOOM token contract to Ethereum Mainnet, the new token contract has a 1 billion token supply, and retains the same LOOM symbol as the old token contract. Along with the new token contract we’ve also deployed the token swap contract that will handle the exchange of old LOOM tokens for new ones, at a 1:1 exchange rate.

The deployed contracts can be found at the following addresses:
New LOOM Token: 0x42476F744292107e34519F9c357927074Ea3F75D
Token Swap: 0x7711863244783348Ae78c2BDebb9802b297DCE56

WARNING: DO NOT send any LOOM or ETH directly to either of those addresses, doing so will result in an irreversible loss…

Photo by Jon Tyson on Unsplash

First, an update! We’ve been coordinating the LOOM token swap with multiple exchanges, and a few of them have requested for additional time to prepare for the swap. To ensure that the swap goes as smoothly as possible we’ve decided to push back the go live date by a couple of weeks, so the new tentative go live date is February 1st, 2021.

Second, there’s been a lot interest in the token swap in the last few weeks, and many questions about it since the last article, so we’ll answer some of the common ones…

Why are you doing a token swap?

The existing LOOM token contract…

Photo by Jordan Rowland on Unsplash

In our previous article we announced that we’ll be integrating zkRollup into the Loom protocol to create the zkLoom protocol. To recap, the zkLoom protocol architecture offers a number of advantages over the existing Loom protocol:

  • Transactions on a zkLoom blockchain are verified on Ethereum, making it practically impossible for a malicious validator to steal funds or cause an invalid state transition.
  • Funds transferred by users from Ethereum to a zkLoom blockchain can be recovered even if all zkLoom validators go offline, or simply refuse to process transactions.
  • Users no longer have to place their trust in validators, instead they…

From its inception Loom Network aimed to provide a scaling solution for Ethereum dapp developers. Three years ago the most practical way to do so was to build an Ethereum sidechain secured by multiple distributed validators. To date, blockchains built using the Loom protocol have proved to be performant and secure, but the reliance on a consensus of validators to secure the chain has resulted in a lot of wasted CPU cycles, storage, and bandwidth. …

Loom Network

We’re building an ecosystem of blockchains to sustain the next generation of DeFi protocols, NFTs, and high-performance multi chain dapps.

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