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digital currency


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Definition: Loom


A platform for building decentralized apps (dApps) that integrate with major blockchains such as Bitcoin, Ethereum and Binance Chain. Launched in 2018, Loom's dApps look and feel like regular applications. Registering new users in a Loom dApp is touted as being much easier than the often-cryptic stages required to open and use a new crypto wallet.

Native Chain and Tokens
Basechain is Loom's native blockchain (mainnet), which uses the delegated proof-of-stake (dPoS) consensus method. The native LOOM token is used to pay developers for hosting their dApps. See dApp.