Chorus One Talks Loom Network as Week One Sees $2M in LOOM Staked on PlasmaChain
Loom Network (LOOM) was the focus of an insightful video chat between three Chorus One team members – co-founder and CEO Brian Crain, business development strategist Brendan Dillon, plus marketing and research analyst Felix Lutsch – shared on Wednesday morning (SGT).
Incorporated in the U.S. state of Maryland, Chorus One operates validating nodes and staking services for Proof-of-Stake (PoS) blockchain networks. Since launching in early 2018, Chorus One has been known for its heavy involvement with Cosmos, a network upon which they will validate once it launches in early March.
Chorus One has always intended to expand their staking service to token holders of other PoS networks. They took the first step earlier this month by announcing they will operate as a validator for Loom Network’s PlasmaChain.
Loom Network is a layer-two scaling solution for Ethereum. It represents a platform that developers and entrepreneurs can use in order to build highly scalable Delegated Proof of Stake (DPoS) sidechains.
By running a PlasmaChain validator, Chorus One allows LOOM holders to delegate their tokens to them – paying a commission rate in doing so. As Lutsch explained in their video chat, there are 300,000,000 LOOM “reserved for staking rewards.” Once this amount – which represent 30 percent of LOOM’s total supply – runs out, it is hoped that Loom Network will be self-sustaining. That is to say, it will generate a sufficient income by way of fees derived from Loom Marketplace trading and network transactions.
The staking function is mainly there to secure the PlasmaChain and to delegate to validators that you think are suited to govern or secure the chain.” – Lutsch
CryptoCoinSpy readers can view the full conversation between the three Chorus One team members below. Whilst the discussion centres around Chorus One’s Loom Network investment thesis, various other topics are also explored. These include the evolution of monetization in the gaming industry, modding, blockchain governance models, and the future of virtual reality (VR).
$2M in LOOM Already Locked in Loom’s PlasmaChain
According to the below tweet shared by Loom Network’s official Twitter account on Wednesday, there are already 38,824,292 LOOM – the equivalent of more than $2,000,000 (USD) – locked on PlasmaChain. It has only been a week since the Loom Network team announced the launch of PlasmaChain staking.
$2,000,000+ total value locked on PlasmaChain after its first week, and growing 💪 https://t.co/4dsOQRmnrN
— Loom Network (@loomnetwork) February 27, 2019