The LOOM token acts as a lifetime membership card to all DApps running on Loom Network.
It allows you to transfer your data and digital assets between Loom DAppChains and the Ethereum mainnet.
The token acts like a software license key. It’s implemented as an ERC20 token on Ethereum, which you hold in your Ethereum wallet.
When you attempt an asset transfer from a Loom DAppChain to Ethereum (or to another DAppChain) the DApp first checks the LOOM token balance of your wallet. If you have at least 1 token in your possession, you can proceed with the asset transfer. If not, you’ll need to purchase a token before you’ll be allowed to transfer data between chains.
The first DApp released on Loom Network is DelegateCall.com — a blockchain-based Q&A site where your karma points are exchangeable for a re-sellable ERC20 token. (“DelegateCall tokens”, which have no relation to the LOOM token). You can use your LOOM token to transfer your DelegateCall karma points to Ethereum and sell them for ETH, thus earning money when other users upvote your answers.
This is the first use-case of the LOOM token, but it will also be usable for the many DApps that will be released on Loom Network in the future.
1. We’re currently developing 3 games in-house that will be launched in Q2 2018. The LOOM token will allow you to transfer these in-game assets to Ethereum to trade them with your friends or sell them for ETH.
2. Are you a CryptoZombies user? In the near future a LOOM membership token will allow you to transfer your zombies to mainnet, and import them into future CryptoZombies-themed games. We also have token-based rewards planned for those who have completed lessons, which will be transferable to mainnet as a permanent proof of your CryptoZombies education to future employers.
3. We’re working with teams who have been accepted into the closed beta of the Loom SDK to build out their DApps on Loom. We’re dedicated to bringing blockchain-based games and social apps to the mainstream, so we’ll be giving more and more developers access to the Loom SDK moving forward in order to get as many DApps released on Loom DAppChains as possible.
As a LOOM token holder, you’ll have access to all of these future DApps as they’re released, and be able to transfer your digital assets freely between them.
Currently there is only one membership tier, which requires a balance of 1 token. This membership tier unlocks the ability for members to transfer their assets between DAppChains and to the Ethereum mainnet.
In the future, higher membership tiers and functionality will be announced that will require larger balances of LOOM tokens. These membership tiers will have access to premium features and exclusive benefits on certain DAppChains.
Tokens are never used up or spent — as long as you have one in your possession, it acts as a membership pass to all DApps on the Loom Network.
We’re a software development company with a focus on blockchain-based games and social applications.
We’re building an SDK that makes it simple for developers to build and deploy their games and apps on Loom DAppChains, a type of application-specific sidechains for Ethereum. This network of DAppChains collectively make up the Loom Network.
We also build our own DAppChain-based games and apps in-house. DelegateCall.com was our first release, and we have 3 more games slated for release in Q2 2018. (A card battle game, a 2D side-scrolling platform game, and a Pokemon-style game where you collect, train, and battle zombies against other players.
We have a team of almost 40 people and growing. Check us out at Loomx.io for more info on what we’re building.
We are currently in closed beta and taking applications from developers who would like to build their game or social DApp on a Loom Network DAppChain.
If you think your project would be a good match, you can apply by filling out this form.