Loom Network – over $10 million staked, also gains new integration with Cobo Wallet

While Loom won’t be cutting any new albums as a record label, it has since undergone its first decentralized hard fork. Confirmed by its current committee of validators, the hard fork included enabling a range of new features.

1/ Over the weekend, #PlasmaChain saw its first major decentralized hard fork — a huge milestone for the chain.

All validators voted and agreed to activate the new functionality, which enables Mobile Wallets and signing on PlasmaChain using Ethereum private keys.

— Loom Network (@loomnetwork) April 3, 2019

Among these new features includes enabling functionality through digital wallets, including Cobo Wallet. Operating as one of Loom’s validators, the Cobo Wallet has become the first that allows for direct staking.

By having the Cobo Wallet, users will have another way to support the PlasmaChain instead of through a dedicated ledger or Metamask.

In total, Loom has its PlasmaChain secured by approximately 13 validators, contributing a large volume of tokens. According to the team, this has resulted in an influx of hundreds of millions of tokens so far.

“As of this writing, over 142 million LOOM have been staked by the community — and that’s JUST with desktop support.”

What this hard-fork represents is one of the many steps towards providing interchain compatibility for developers and users. With the team behind Loom disclosing that there is still much more to come.

2/ This added functionality is big news for PlasmaChain, for reasons we'll be delving into in a future blog post.

It's one of the first implementations of interchain signing, and integrates PlasmaChain as a totally seamless sidechain to Ethereum from the user's perspective.

— Loom Network (@loomnetwork) April 3, 2019

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