Loom Network, a Layer 2 scaling solution for Ethereum that provides blockchain developers with the scalability and UX layer needed to build user-facing decentralized applications (dApps), has announced the launch of its bounties and rewards program. Loom plans to give away millions of dollars worth of its native LOOM tokens to its active community members who carry out various tasks to move the project forward, including deploying dApps, running validators, curating and voting content and more, according to a blog post on September 25, 2019.
Loom Incentivizing Community Members
As part of efforts to grow its ecosystem and boost the adoption of Loom, Loom Network has unveiled its rewards and bounties program which aims to reward existing stakers, node validators, dApp developers, content creators and curators with LOOM tokens, for their participation in the network. The Loom team declared:
“Loom Network occupies the frontline in blockchain scalability, but instead of continuing at a steady pace, we are shifting into an even higher gear. We want to accelerate hard over the next year and beyond to increase this lead.“
Specifically, the team plans to run the promotion for six months. In October 2019, developers of the first 10 new dApps deployed to the Loom Basechain, and listed on DappRadar, will receive 500,000 LOOM tokens each.
What’s more, the team says developers who build and launch a functional Loom blockchain explorer will also be rewarded with 2 million LOOM, while those who deploy dApps to the Basechain with 20+ DAU (weekly average) will also get 500K LOOM.
Content Creators Not Left Out
Interestingly, the team has also hinted that content creators who create engaging, high-quality content about Loom Network, such as a step by step guide on how to develop an app with Unity SDK, how to set up the developer environment and more, will receive massive rewards in LOOM tokens.
Creators of technical video tutorials will get 300K LOOM and non-technical videos will attract 100K LOOM.
That’s not all, writers who craft technical content on how to use the Loom Transfer Gateway will receive 300k LOOM, those that pen articles about using Solidity programming language on Loom or deploying a dApp to the Loom network, will bag 200k LOOM respectively, while the creators of original non-technical content will get 50K LOOM.
Notably, content curators are not left out of the promotion, as the team has revealed that from November, Loom users will be able to submit and vote for the best content on Loom Network and get rewarded for their participation.
The Loom team plans to set aside 2M LOOM tokens every month to reward best-performing validators for that month and the tokens will be given to them at the end of the 6-month promo.
In related news, on September 25, 2019, BTCManager informed that the recent crash in the price of bitcoin and altcoins has led to a significant decrease in trading volume, forcing top crypto exchanges to offer more incentives to traders to spur them to trade more.
At press time, the price of Loom (LOOM) sits at $0.035, with a market cap of $34.41 and 24-hour trading volume of $19.63 million, as seen on CoinMarketCap.