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What Is Loom Cryptocurrency?

Innovation is not difficult to come by in the world of blockchain technology. Loom Network aims to become a different breed of blockchain platform, as it mainly focuses on large-scale online games and applications. It is a very interesting approach, and now is a good time to take a closer look at what this particular project is all about.

The Purpose of Loom Network

There is a lot more to blockchain technology than just financial transactions. Even though it’s evident that this technology will mainly disrupt the financial sector, projects such as Loom Network show that there are other opportunities available. Right now, this project focuses on games and social applications which can make use of this technology.

How Does it Work?

Loom Network largely revolves around DAppChains. More specifically, it aims to establish an ecosystem where token-based karma, Ethereum-based crypto-collectibles, games, and social apps can all come together without any friction. All of this will be based on forkable, decentralized, and human-readable blockchain rulesets.

Moreover, Loom Network will help build games which cannot be built without the blockchain. Although it sounds like a niche market, the project’s team has rather bold ambitions. With provably scarce items, traceable tokens, and multi-game-spanning universes, there certainly are a lot of opportunities waiting to be explored. Additionally, the project also wants to build new types of social applications not inherently driven by advertising.

The DAppChains themselves are full-scale blockchains running in parallel to Ethereum smart contracts. In the modern world, they are referred to as sidechains, but they are a rather advanced form in terms of scaling data rather than focusing on regular network transactions. Through the Loom SDK, anyone can generate their own DAppChain with its own consensus mechanism. It is quite an interesting concept which will certainly attract a lot of attention moving forward.

The Loom Token Explained

As one would expect, Loom Network has its own token. It’s known as Loom, and it allows smart contract developers to make their DApps as secure and powerful as they want. This token is also a brand-new way to incentivize Ethereum-based DApps, which will be of great interest to developers all over the world.

The Road Ahead

Even though Loom Network will only launch this month, it will be interesting to see what the future holds for this platform. Building Twitter-scale apps on top of Ethereum will not be an easy feat. It is certainly possible to do so in the future, as Loom Network seems to offer a lot of additional scaling solutions for Ethereum in its current form.

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Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges

Law enforcement in Ukraine has arrested four young men who were running at least six fake cryptocurrency exchanges. The cryptocurrency sphere is an exciting space, and many people are eager to begin buying and selling virtual currencies. However, such an influx of money and inexperienced newcomers also bring out the criminal element, seeking to gain funds at the expense of those new to the space. Scams abound, but police in Ukraine have done their part by arresting some individuals who ran a number of fake cryptocurrency exchanges. Using Programming Skills to Set up Scams In the city of Dnipro, Ukraine, police announced that they had arrested four men between the ages of 20 and 26. The quartet had set up a number of fake cryptocurrency exchanges. Police know of six fake exchanges that they operated, but there is a definite possibility that there may be more. The six fake exchanges include: moneycraft.info, wowex.online, swapex.net, myexchanger.lv, iconvex.net, and likechange.biz. Police say that the criminals had “special knowledge and skills in the field of programming” and “have created their own CMS-system for managing the content of exchange sites.” Unsure of Amount Stolen Police are asking those who were scammed by the fake cryptocurrency exchanges to come forward and file complaints. As of now, law enforcement does not know exactly how much the four men were able to steal from their victims. Police may be able to glean such information from the equipment that was seized during the arrests. It was reported that flash drives, computers, smartphones, and other equipment were confiscated when police raided the homes of the four men. The reality is that crime and scams are rampant in the cryptocurrency sphere. One should always do due diligence before spending any money. The world of virtual currencies is still akin to that of the Wild West, which means that danger is just as close as excitement and opportunity. Have you ever been scammed by a fake exchange, wallet, or ICO? Let us know in the comments below. Images courtesy of Shutterstock. The post Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

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