Cryptocurrency Q&A
What is LOOM Network Coin?
What is LOOM Network Coin?
SilenceStorm
Fri Oct 25 2024
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5 answers
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LOOM Network Coin, or simply LOOM, is the native cryptocurrency of the LOOM Network. This network is a blockchain-based platform specifically designed to enhance the scalability of Ethereum-based decentralized applications (DApps), particularly in the gaming and social media sectors. LOOM serves multiple roles within the ecosystem, including as a gas fee for transaction execution, a staking token for network security, and a governance token for community voting.
5 answers
Ilaria
Sun Oct 27 2024
LOOM serves as the digital currency for facilitating transactions on the Loom Network.
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DondaejiDelightfulCharm
Sat Oct 26 2024
This token is grounded on the Ethereum blockchain, adhering to the ERC20 token standard.
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SeoulSerenitySeekerPeaceLover
Sat Oct 26 2024
Developers are required to stake LOOM to operate a decentralized application (dApp) within the Loom Network.
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Emanuele
Sat Oct 26 2024
The process of mining does not apply to the acquisition of Loom tokens.
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Chloe_emma_researcher
Sat Oct 26 2024
BTCC is a prominent cryptocurrency exchange platform that offers a variety of services.
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