Given this, users delegate their tokens to validators, who validate transactions on their behalf. However, the DPoS is a bit different.įor one, there are 21+ delegated validators on the Loom Network, and the DPoS system focuses on voting and delegation systems. The standard PoS system rewards users who stake (lockup) their coins to validate transactions and secure the blockchain network. Delegated Proof-of-Stake (DPoS)Īlthough Loom Network operates on top of the Ethereum ecosystem, it runs on a modified proof-of-stake (PoS) consensus algorithm called delegated proof-of-stake (DPoS). ![]() It also enables developers to build a diverse range of permissionless applications, all without the need for advanced knowledge of how to do so natively on the Ethereum blockchain. ![]() The software kit simplifies application development on the blockchain network. Like most SDK packages, Loom Network’s development kit is focused on providing real-time value for all dApp developers. Delegated proof-of-stake (DPoS) consensus algorithm.The platform relies on a framework inspired by the Plasma network, which encompasses: How Does Loom Network Work?įrom the ground up, the Loom Network is optimized for scaling blockchain-based applications that require speedy transaction validation and a smooth user experience. However, it has since pivoted to more enterprise-driven applications and expanded its offerings to include platforms like PlasmaChain and DAppChain. Projects like SocialChain and GameChain garnered significant attention during this phase. In its early days, the network was focused on creating blockchain-based decentralized networks for social media and gaming. It offers high-speed development and transaction processes for blockchain-based applications with the conventional user experience (UX) that most traditional applications use. Loom Network is built on Ethereum as a layer-2 protocol that seeks to address the scalability issue surrounding the smart contract behemoth network. This allows developers to build dApps that meet particular needs and use cases without feeling boxed in. Recognizing that each dApp has unique requirements for consensus methods and security measures, the network allows developers to make and implement their own rules according to the defined objectives of their protocols.
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