Loom Network was founded by Matthew Campbell, Luke Zhang, and Duffy in 2017 and is a Platform as a Service (PaaS) built to allow Solidity-based decentralized applications (DApps) to be run on the Ethereum blockchain. The Bangkok-based platform has claimed it has recently raised $25 million in funding.
The company was responsible for the development of CryptoZombies, a learning resource that teaches developers how to write smart contracts using a sequence of interactive guides. The tutorial purpose is to allow developers build their own crypto-collectable Zombie Game.
Despite the fact that the CryptoZombies learning resource app launched a couple of months ago, over 130,000 developers have used the resource to learn how to write smart contracts.
According to VentureBeat, co-founder of Loom, James Duffy, said:
“With Bitcoin came the world’s first blockchain… Ethereum took it a step further by allowing developers to upload indelible pieces of code into the blockchain, called ‘smart contracts.’ Loom Network is the next logical step in this evolution – it allows developers to run these unstoppable applications on a massive scale.”
Enabling Speed and Scalability
The infrastructure of a decentralized blockchain relies on an instant spread of information across a worldwide network of computers across the internet, enabling them to keep transparent and accurate tamper-free records; however, this sort of process is slow and affects the overall speed and capacity of the network.
Cryptocurrencies are now known to have a speed and scalability limit, and right now developers are struggling to present new ways to solve the issue. Back in December, the Ethereum network experienced some kind of congestion when CryptoKitties, a popular game where you breed kittens to sell them afterward, brought Ethereum to its knees as the number of transactions demanded every second was such that the network got “bloated.”
With this new blockchain infrastructure, Loom Network is looking to sort the issue out. The company wants to allow access to more computing power at lower costs to app developers has an incentive for the development of new DApps as well as new smart contracts developed for small tasks such as applications that can run independently from the blockchain.
For instance, there will be full access for developers to interact with third parties APIs that are not on chain such as connecting with Google Authenticator to perform two-factor authentication.
Whenever the blockchain is used this way, users will have their data a copied and servers cannot be shut down arbitrarily without community approval. In fact, the community at large will always have the final say with any decentralized apps (DApps) that run on the blockchain. It is the purest form of digital democracy for the future of the internet, the company said.
Duffy said he foresees a future where the Internet is composed of large-scale decentralized applications owned by the community, that are transparent and “immune to censorship or control from a single party.”
“Applications become like living, breathing entities. There’s a kind of organic freedom there that’s almost poetic.”
Development of DAppchains
The company says it is now able to provide DApps with a lot more scalability capacity by enabling each DApp to run on its own blockchain – known as a DAppChain, which can run side by side to an Ethereum smart contract.
Loom Network proudly states that its platform could easily run a million CryptoKitties simultaneously without any network congestion or affecting other important transactions in the network. According to the platform’s creators, it opens up the possibility of running large-scale apps on the Ethereum blockchain without worrying about keeping the network decentralized, scalability, or even censorship from a third party.
Developers can use the software development kit (SDK) to rapidly code their own blockchain-based DApps without having to be a blockchain expert. Loom Network has already released a social question-and-answer website-based app for developers that only work with the blockchain.
The app is called DelegateCall and enables users to ask and answer questions about blockchains and everything that is related to DApp development. The app also offers financial incentives for those who provide the best answers. Questions and answers are voted by other users, and every vote grants the users with ERC20 tokens as compensation.
There’s no doubt that scalability is one of the major issues right now when it comes to enhancing the blockchain technology capacities. Loom Network seems to be taking the right steps toward finding a suitable solution for this problem, at a time when gaming on the Ethereum blockchain is more popular than ever.