To some developers, total decentralization is a lofty but ultimately unreachable goal. To give blockchain users the utility they need right now, the Loom Network team developed a range of tools for partially centralized but secure solutions that use the benefits of Ethereum. The sidechains Loom Network uses to circumvent the ails of Ethereum are implementations of a Plasma scaling solution, zkLoom. By opting to perform some of the operations off-chain, applications built on Loom Network achieve better performance and scaling. In addition, by being partially centralized, applications and APIs on the Loom Network can communicate with real-world data by design.
The native utility token LOOM acts as an incentive for users to engage with the apps built on the Loom Network. Since its launch in 2017, it has had a limited total supply of 1 billion LOOM.