What are the areas of Loom Coin (How is Loom Coin)?

What are the areas of Loom Coin? The blockchain project Loom Coin includes mining, trading, and liquidity mining. Loomon is a decentralized cryptocurrency system that uses sharding to solve scalability and speed issues on the chain. By establishing a consensus mechanism on the Ethereum mainnet, Loom provides a protocol that verifies data availability in a trustless manner. This significantly reduces the workload of developers and accelerates the network’s development.

In addition, the project’s whitepaper also reveals Loom’s ecological development plan: first, there will be 1000 nodes joining; then, a community governance committee with 10 to 50 million people; a DAO organization (Governance Association) and some projects designed specifically for the project, which will start public sales after one year; finally, the team will provide a series of tools and services for all participants to vote and perform other operations at any time and anywhere. (BlockBeats)

How is Loom Coin?

According to coindesk report, the price of Loom Coin has dropped by 10% in the past 24 hours, rebounding from a low of $1 to 2 cents. Although the token cannot currently be used as a payment method or currency, it does provide a way for people to buy and sell ownership proofs (PoW) of their digital assets and allows for trading at rates lower than the current exchange rate, with these operations being automatically executed through smart contracts at any time. Furthermore, although Loom has recently partnered with IBM to launch blockchain privacy technology, Loom still cannot fully achieve its goals as the company will not leverage the characteristics of this new distributed ledger technology to provide customers with more secure and advanced privacy protection services and features.