Loom Network announced that it created a next-generation Ethereum-based blockchain platform that is more stable, faster and scalable to the level where it can support large apps and games such as StarCraft.
Loom Network was established in Bangkok in 2017 by Luke Zhang, Matthew Campbell, and Duffy and is a Platform as a Service (PaaS) created to enable Solidity-based decentralized applications (DApps) to work on the Ethereum blockchain. The platform has stated that it recently raised $25 million in funding.
The company was behind the creation of CryptoZombies, a learning resource that lets developers learn how to write smart contracts through a tutorial guide. The purpose of their interactive guides is to enable developers to create their own crypto-collectable Zombie Game.
Even though the CryptoZombies learning app was launched just a few months ago, more than 130,000 developers have used the app to learn how smart contracts are written.
“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.” said co-founder of Loom, James Duffy.
Cryptocurrencies are now known to be limited in terms of scalability and speed, and right now developers are trying to find new ways of solving this problem. In December, Ethereum network got congested when CryptoKitties, a popular game where sell and collect kitties, as the number of transactions per second was so high that it jammed the network.
Loom Network is looking to solve the issue with this new blockchain infrastructure. The company wants to give access to more computing power at a lower price to app developers. This will act as an incentive for developing new DApps and also new smart contracts for applications that can run freely from the blockchain network.
Loom Network proudly state that its platform could easily run a million CryptoKitties at the same time without any network congestion or influencing any important transactions on the network.
The company claims that it will be able to offer DApps with a lot more scalability by allowing each DApp to run on its own blockchain, called DAppChain, which can run alongside an Ethereum smart contract.
The software development kit (SDK)can be used by developers to easily code their own blockchain-based DApps without having to be an expert in blockchain tech. Loom Network has already launched a social question-and-answer online app for developers that only functions with the blockchain.
The app known as DelegateCall allows users to ask and answer questions concerning blockchains and everything that is related to the development of DApps. The app also financially rewards those who give the best answers, which can be voted by other users, and every vote is compensated with ERC20 tokens.
Without a doubt scalability is a major problem at the moment when it comes to improving the capacities of blockchain technology. Loom Network apparently is on the right track on finding a proper solution for this issue, at a time when Ethereum –based games are more popular than ever.