Loom Network is a Platform as a Service built on top of Ethereum that allows developers to run large-scale decentralized applications.
Loom Network’s Basechain is an interoperable blockchain hub that is live in production, EVM-compatible, audited, battle-tested, and secured by 21+ validators and thousands of individual token delegators. It is optimized for scaling dapps of all shapes and sizes, and enables secure asset transfers between chains.
Basechain already has secure bridges to the major blockchains, Ethereum, Binance Chain, and Tron — with Bitcoin, Cosmos, and more in the works.
Basechain uses a Delegated Proof of Stake (DPoS) consensus mechanism, and there are a number of high-performance validator nodes that help secure the network. The users of the network help choose the validators they want to run the network. They do this by “staking” or “delegating” their LOOM tokens to validators — giving validators their support by proxying their tokens to them.
Any LOOM token holder can choose which Basechain validators they wish to support. Read Staking Guide below for step-by-step instructions on how to stake your LOOM.