![]() ![]() ![]() These 'hosting' fees are consequently paid out to validators as rewards for their services.Įnd-users : LOOM is the native currency for the Marketplace. If selected, validators can perform core network services (validate transactions, propose new blocks, participate in governance, etc) and earn LOOM rewards for their work.ĭelegators : LOOM holders can proxy their tokens with any validator from the PlasmaChain Dashboard, thereby helping choose which nodes run the network, contributing toward that validator's staking pool, and potentially sharing in the rewards it generates.ĭevelopers : to run their DApps on the network, developers must stake and make ongoing payments in LOOM. Validators : a minimum stake of 1.25M tokens is required to qualify for running a full validator node. What is Loom Network (LOOM)? LOOM token overview & use casesĪs a staking token, LOOM enables a system where participants are incentivized to contribute toward securing the network: The LOOM token is an ERC-20 token on the Ethereum network, it is a staking token that is used to secure the Basechain network, and is further used as the currency that dApp developers use to host their dapps on BaseChain.Īny LOOM holder can delegate their tokens on Basechain to help support validators and actively participate in securing the network.ġ. Developers can deploy their dApp once to Basechain and gain access to the user base of multiple networks. Basechain is a Delegated Proof-of-Stake (DPoS) network that acts as an interconnected multi-chain platform supporting the Ethereum, Binance Chain, and TRON networks.īasechain allows developers to deploy highly-scalable games and user-facing dApps that interact with other major blockchains. Loom Network (also referred to as Loom) launched its mainnet, Basechain, in September 2018.
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