Explore the Unparalleled Benefits of the @LoopNetwork3:
#LOOP Chain is a next-gen L1 that's setting the bar for scalability and privacy.
Or that's their goal.
Loop Network is a decentralized platform built on pBFT (Practical Byzantine Fault Tolerance) and PoSA (Proof of Staked Authority) consensus.
The consensus engine aims to provide quick block confirmation times, no inflation, compatibility with Ethereum, and strong staking and governance.
The network uses staking to elect validators through an independent election process.
The block reward is derived from transaction gas fees, providing a secure and fair mechanism for reward distribution.
The PoSA consensus used in LOOP Chain ensures that blocks are produced by a limited set of elected validators.
This not only makes the platform more secure but also allows for faster block times and lower fees.
But you've never heard of PoSA until now?
This infographic should help - it clearly demonstrates the fundamental differences between PoA and PoS ⬇️
With its combination of pBFT and PoSA, the LOOP Network's consensus engine is designed to deliver fast, secure, and fair transactions.
Let's leave the consensus and move to other topics.
The Loop Network is built with 5 essential principles in mind: speed, security, flexibility, scalability, and EVM compatibility.
A lot of words - I know. I mentioned some already but I will try to break it down a bit.
Let's start with security & scalability.
The Loop Network offers a highly scalable system for smooth & fast transactions.
Their unique distributed ledger splits super-resolution images into patches for added security, ensuring failed nodes can't interfere with the system.
And what about speed?
According to their website, the TPS is 75K, but mainnet peak TPS was 150K according to their statement on Twitter.
Just so you could imagine a bit more their stats, I am adding their comparison table:
Speaking of flexibility & EVM...
One of the standout features of LOOP Chain is its native cross-chain communication capabilities.
This allows users to seamlessly transfer and trade assets across multiple blockchains, creating a more liquid and efficient ecosystem.
Let's jump to team & tokenomics.
The native coin is called $LOOP.
Circulating supply according to their tokenomics is 180M, max supply 200M.
One interesting thing here is that if you buy or sell $LOOP, you will be taxed with 10%.
I haven't really come across this tax feature since the old $TOMB days in 2021.
This $LOOP 10% tax is used for future development (60%) and marketing (40%) for $LOOP.
Even if you forgot about the tax feature, CoinMarketCap and CoinGecko make sure to remind you!
There's not much to say about the team since they're anonymous as of now. And I haven't read anywhere that it should change anytime soon.
No VC funding has been announced either. As far as I'm aware, $LOOP is community-run and funded.
Their ecosystem is tiny right now - logically.
However, as of right now the ecosystem consists of:
- LoopSwap
- Sudo Chain
- Sphynx Labs
So how tiny is $LOOP?
That's a good question and it is hard to answer. CMC and CG don't track $LOOP's market cap due to the tax.
But their explorer shows $LOOP market cap with the total supply. So let's go with it.
As of now, the MC is ≈$6.67M.
And as you might have seen above, the current price is $0.03.
And since I'm all about providing value to you guys, I did something that CMC and CG couldn't.
I multiplied the price by total supply so you can finally see how $LOOP's market cap is evolving. You're welcome!
$LOOP hasn't been here for long – they recently celebrated their 1 year anniversary.
If you still don't know what $LOOP is about after 20 tweets, this infographic should help ⬇️
With that being said, I will wrap it up with their transactions evolution.
They are really at its inception still. In total, there have been 23K+ transactions and most of them happened in the past two weeks.
What does it mean in one word?
Potential.
I am a bit late with the L1 threads due to some work related stuff. I have already started with $ICP thread and will post it soon (12-16hrs).
If you are in a mood for more L1 reading, check out my previous thread on $AZERO ⬇️
twitter.com/CharlieXDeFi/status/1622342408439754752?s=20&t=eXJiM39H6EuXKtUD-HWJ8w