How Much is Loom?
Loom is a relatively new cryptocurrency, introduced in 2018. Since its launch, it has generated a lot of interest in the digital currency market. In this article, we will delve into the world of Loom and answer the question: How much is Loom?
Overview of Loom
Loom is an open-source, decentralized blockchain-based platform that allows users to create and trade their own tokens. It uses a consensus algorithm, delegated Proof of Stake (DPoS), which is faster and more energy-efficient compared to traditional proof-of-work algorithms. Loom is designed to be a high-performance blockchain that can process transactions at a rate of 2,000 TPS (transactions per second), making it suitable for a wide range of applications, from gaming to Decentralized Finance (DeFi) platforms.
Market Capitalization and Price of Loom
As of [current date], the current market capitalization of Loom is around $50 million. The price of Loom (LOOM) is approximately $0.06, with a 24-hour trading volume of around $1.5 million.
Fees and Gas Costs
One of the significant advantages of Loom is its low gas costs. In comparison to other platforms, Loom’s gas costs are significantly lower, with an average gas price of 0.00005 Loom per transaction.
Here is a breakdown of Loom’s gas costs:
| Transaction Type | Gas Cost (Loom) | Equivalent in USD (based on $0.06 per LOOM) |
|---|---|---|
| Simple Transactions (e.g., sending/ receiving tokens) | 0.00005 Loom | $0.003 |
| Complex Transactions (e.g., smart contracts) | 0.001 Loom | $0.06 |
Tokenomics and Supply
Loom has a total supply of 800 million LOOM tokens, with 200 million already released. The remaining 600 million tokens will be distributed over the next 6 years, with 20% allocated to the Loom Foundation for development and 10% reserved for the Loom team.
Token Distribution: Breakdown
| Token Distribution | Percentage of Total Supply |
|---|---|
| Loom Foundation | 20% |
| Loom Team | 10% |
| Private Sales | 10% |
| Airdrops | 5% |
| Community | 5% |
| Unallocated | 50% |
Conclusion: How Much is Loom?
In conclusion, Loom is a promising cryptocurrency with a total market capitalization of $50 million and a price of approximately $0.06. With its low gas costs and high-performance blockchain, Loom is an attractive option for developers and users alike. While the token distribution is subject to change, the current breakdown provides a transparent view of the Loom ecosystem.
Key Takeaways:
- Loom is a high-performance blockchain with a market capitalization of $50 million and a price of $0.06.
- Gas costs are significantly lower than other platforms, with an average gas price of 0.00005 Loom per transaction.
- Loom has a total supply of 800 million tokens, with 200 million already released.
- The token distribution is subject to change, with 20% allocated to the Loom Foundation and 10% reserved for the Loom team.
Disclaimer: The information provided in this article is for general informational purposes only and should not be taken as investment advice. It is essential to do your own research and consult with a financial advisor before making any investment decisions.
References:
- Loom Website: wwwloom.network
- CoinMarketCap: Loom (LOOM) www.coinmarketcap.com/currencies/loom/