Loom Network is an Ethereum-based platform as a service that allows developers to create large-scale decentralized applications. The idea is for application developers to be able to create smart contracts that can access considerably more computational power as needed, or maintain the same power at cheaper prices for tasks like onboarding new users or applications that don't require the full security of blockchain to begin with.
The LOOM token is a membership token that each network user receives in order to gain access to all of the Loom Network's apps. This token works on all Loom Network DAppChains and allows users to move digital assets and data between Ethereum and Loom DAppChains.
All LOOM token holder can delegate their tokens to Basechain to assist validators and actively engage in network security.
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