As anyone who has dealt with crypto, transaction times are one of the biggest challenges crypto investors face. Those moments between completing a purchase and the network verifying it’s legitimate can take minutes to days. That’s why a number of solutions, nicknamed ‘Layer 2‘ solutions, have come along to help take smaller transactions off the main blockchain to help speed things along. One of those is called the Loom Network.

In this article, let’s have a look at Loom Network (LOOM) and how you can buy it in India’s most trusted crypto exchange.

What is Loom Network?

Loom Network is a cross-chain optimized platform empowering developers to construct and launch high-performance DApps simultaneously on various blockchain networks, such as Bitcoin, Ethereum, Tron, and BNB Chain.

As an interoperability platform, Loom boasts user-friendly features, making it a breeze for developers to create and operate DApps with nearly instantaneous transaction finality. Users also enjoy perks, interacting with DApps with zero gas fees and without the need to download crypto wallet software.

Having debuted in 2017, Loom underwent a roadmap overhaul in 2021, shifting its focus to Basechain, the mainnet enabling the deployment of enterprise-grade DApps across various sectors.

What technologies does Loom Network utilize?

Loom Network operates on the Delegated Proof-of-Stake (DPoS) consensus and employs side-chain technology for the efficient functioning of DApps. It empowers developers to craft tailored side-chains with specific functionalities. The EVM-compatible Basechain of Loom is safeguarded by over 21 validator nodes and thousands of delegators.

For secure transactions between side-chains and main chains, Loom employs zero-knowledge technology. Tokens are lodged in smart contracts on the mainchain, maintaining custody while forwarding deposit events to the Zk-rollup contract. This, in turn, credits tokens to the user’s account on the basechain. Likewise, token transfers on the basechain are initiated and secured by zk-rollup contracts, then submitted to the Ethereum gateway for verification.

What issues does Loom Network solve?

Loom Network addresses key challenges in the crypto industry, offering solutions and fostering innovation. It focuses on:

• Interoperability:

Loom is a platform-as-a-service, enabling Ethereum Solidity applications to run on side chains. This approach prevents vendor lock-in by constantly integrating with new chains, ensuring dApps remain relevant.

• Easy dApp Development:

Developers on Loom can access increased computing power for smart contracts as needed or maintain efficiency at lower costs. The platform facilitates dApp creation without switching programming languages, streamlining development.

• Scalability:

Loom employs DPoS side-chains for fast confirmation times and high transaction throughput. Utilizing Plasma, a scaling solution, further enhances transaction speed across the network.

• Security:

DPoS side-chains enhance dApp security by leveraging the Ethereum mainnet’s security. Loom Basechain, a DPoS blockchain with global validators, ensures a robust security foundation validated by an audit from Trail of Bits.

About the LOOM Token

At the core of Loom Network’s functionality is the LOOM token. This digital asset serves as a means for developers to cover the expenses associated with hosting their dApps on the blockchain protocol.

In addition, the LOOM token plays a crucial role in:

• Staking: Holders of LOOM can secure the network by locking up their tokens, earning newly minted tokens as rewards when transactions are verified.

• Governance: Loom Network operates fully decentralized, allowing the community to shape its development path. LOOM holders have the privilege of voting on network proposals.
• Delegating: Users have the democratic ability to elect validators for creating new blocks on the network by staking their LOOM tokens. These delegated nodes prioritize the network’s interests over their own.

4 Things to Remember Before Choosing a Crypto Exchange in India for Loom Network

You must do thorough research when choosing a crypto exchange to invest or for crypto trading in India. You must research the authenticity of the platform and the credibility of the team behind it before deciding on an exchange to invest in Loom Network in India.

You should also ensure the platform provides the following before investing in Loom Network:

• The exchange’s website/app has a simple user interface and is easy to use.
• The exchange supports Loom Network trading pairs.
• The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to avoid exchanges that do not have a KYC protocol in place.
• The exchange offers reasonable trading fees to buy crypto in India.

Now, let’s see how you can buy Loom Network in India from the most trusted exchanges in India in 2023.

Buying Loom Network (LOOM) in India in 5 Easy Steps

Below are a few simple steps you can follow to buy the LOOM token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy LOOM tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy LOOM using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling LOOM, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy LOOM through P2P to the WazirX wallet. The LOOM will act as funds to help you buy your favorite Cryptos.

Step 5 – Finally, buy LOOM on WazirX.

You can now easily purchase LOOM tokens using INR Deposits. In the case of P2P trade, check the LOOM to INR rate from here and LOOM to USDT from here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the LOOM Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.