### What is Loom Network (NEW)?

Loom Network is a multichain platform designed to support high-performance decentralised applications (dApps) with seamless user experiences. It facilitates developers in integrating assets from major blockchains such as Bitcoin, Ethereum, Binance Chain, and Tron, enabling dApps to be deployed across various platforms simultaneously.

### How does Loom Network (NEW) work?

Loom Network operates as a Platform-as-a-Service (PaaS) providing a Layer-2 scaling solution for Ethereum-based applications. It employs sidechains to alleviate congestion on the Ethereum mainnet, thereby enhancing performance and scalability of dApps. The consensus mechanism used is Delegated Proof of Stake (DPoS), which allows for faster transaction confirmations and increased network throughput.

### What are the potential use cases for Loom Network (NEW)?

Loom Network is versatile, supporting a wide range of use cases such as:

1. **Gaming and NFTs**: Facilitating scalable and secure gaming applications with features like tradable tokens.
2. **DeFi Applications**: Enabling high-efficiency financial applications.
3. **Social Media**: Supporting social apps with unique features and monetisation models not reliant on advertising.
4. **Enterprise Solutions**: Providing scalable applications for government and healthcare sectors.

### What is the history of Loom Network (NEW)?

Loom Network was founded in 2017 by Matthew Campbell, James Martin Duffy, and Luke Zhang, with its headquarters in Bangkok, Thailand. Initially, the focus was on blockchain-based social media and gaming applications. Over time, the network pivoted towards enterprise solutions, targeting government and healthcare. Significant milestones include the launch of the Basechain Mainnet in 2018 and the introduction of the PlasmaChain Project in 2019, which expanded interoperability across multiple blockchains.

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