A TechStars-incubated startup has launched what looks like the first production-ready platform designed to increase the capacity of ethereum.
Called Loom Network, the little-known company is today releasing a developer toolkit that makes it possible to deploy scalable ethereum apps on the second-largest cryptocurrency network, effectively leapfrogging ongoing efforts such as Raiden Network and Plasma.
For network users, the timing of the release couldn’t be more welcome. Scaling has long been top of mind for stakeholders of major cryptocurrencies, and on ethereum ever since CryptoKitties congested the network late last year.
But while other developers have been tinkering away on several off-chain solutions, which are in the testing phase right now, Loom Network’s platform uses so-called “dappchains,” which can be thought of as mini blockchains, that they say are ready today.
To do that, Loom Network takes a bit of a different approach than other scaling projects.
When a developer creates a new program, Loom Network spins up a new blockchain – a “sidechain” of sorts – that’s made specifically for the app and then connects to the ethereum blockchain.
However, Loom Network’s sidechains are different in that they’re specifically made for scaling, lifting capacity from the main ethereum network. Still there’s a little problem but it will be more developed.