What Is Loop Network?

About Loop Network (LOOP)

Loop Network is a Layer-1 crypto ecosystem that supports smart contracts functionality that tries to solve the problem of scalability inherent in already existing similar blockchains.

The first component of the network (LOOP Chain), employs a hybrid consensus mechanism called Proof of Stake and Authority (PoSA) which means that the blocks are generated by a particular number of chosen protocol participants. The selection is possible due to the governance system based on staked LOOP coins. It allows the system to create new blocks faster and with fewer fees. 

Additionally, the network includes LoopSwap, a decentralized exchange. The LOOP Chain is equipped with compatibility for programming languages such as Solidity and Vyper, commonly used for creating smart contracts on Ethereum. This facilitates the interoperability between the two chains, enabling the transfer and communication of assets across different blockchains through a bridge.

The Network possesses Ethereum Virtual Machine (EVM) compatibility, which allows for scaling solutions off the chain for current platforms. Furthermore, developers can create decentralized applications that are hybrid in nature by utilizing the LOOP Chain and BNB Chain concurrently, courtesy of the native cross-chain functionalities offered by the system.

According to the white paper, Loop Network has surpassed other projects in several ways:

According to the white paper, Loop Network has surpassed other projects in several ways:

©loopnetwork

The BEP-20 LOOP token has a supply of 200 million. Out of the entire supply, 10% has been set aside for the team. Transactions pertaining to the buying and selling of the token incur a 10% tax. The revenue generated from this tax is allocated for development and marketing needs.

In addition to LOOP, there is a utility token of the DEX – LSWAP. Its supply is 400 mln; the transactions do not imply any taxes.

Where did Loop Network (LOOP) come from?

There is not much information about the company. According to Loop Network’s socials, the company was founded in 2022 in Iceland.

Loop Network strives to create a blockchain space that is scalable, private, and efficient.

What are the advantages of Loop Network (LOOP)?

1. Simplicity. It offers an easy way to create DApps: the configuration changes are minimized, and developers can use the instruments that they are familiar with.
2. Efficiency. The network has great performance specs, for example, throughput, even in comparison to the leading protocols.
3. Innovative consensus. The fusion of PoS and PoA allows for faster block creation.

What are the disadvantages of Loop Network (LOOP)?

1. Lack of information. Pretty much nothing is known about the company.
2. Unclear strategy. At the time of writing (April 14, 2023), there was no established roadmap which leaves us in the dark when in terms of the network’s prospects.

How to buy Loop Network (LOOP) on SimpleSwap?

For those interested in obtaining LOOP crypto, SimpleSwap is an excellent place to do so. Here are all the necessary instructions:

1. Select the cryptocurrency you would like to exchange (e.g., Bitcoin). Enter the amount you want to swap.
2. Choose LOOP in the second drop-down list (the crypto you would like to receive). You will see the estimated amount that you will get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. LOOP will be sent there. Double-check the address, please, to make sure that you are using the correct one.
5. Create the exchange.
6. You will see the BTC deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange. After that, wait for crypto to reach your wallet.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.