Loom Network Roadmap 2021+

This article was first published on Loom Network - Medium

Loom Network Roadmap 2021+ — Enabling multi-chain DeFi

Photo by Davyn Ben on Unsplash

A retrospective

Loom Network was the first to implement a sidechain to Ethereum (now known as Basechain), and one of the first to launch a working transfer gateway that allowed anyone to transfer tokens between our sidechains and Ethereum.

In 2020, our main focus was on building out our enterprise platform by running a number of pilot projects in collaboration with local hospitals. On top of the technical and administrative challenges, we also had to contend with the unique challenges posed by the on-going pandemic. We’re quite proud of what we’ve built so far, and seeing our tech alleviate the drudgery of hospital staff has been quite rewarding.

This year we’ll continue improving our enterprise platform, and expanding its reach to new hospital departments. However, it would be foolish of us to ignore the explosion of activity around DeFi any longer. Many popular DeFi applications are now hitting the limits of Ethereum, faced with high protocol fees, and network congestion — developers are looking for ways to improve the usability and scalability of their applications. Loom Network has been building scaling solutions for years, it’s time for us to come off the sidelines and enter the fray!

Our vision for 2021 and beyond

Many of our founders’ predictions from 2017 have become a reality: Ethereum gas prices have skyrocketed, and the need for sidechains / L2 systems is more important than ever. Today, no widely usable L2 systems are running in production yet, though there has been great progress with more constrained single-purpose L2 systems (mainly used for building DEXs). With Ethereum straining under the weight of its own success alternative networks like Binance SmartChain and Polkadot have started to gain traction. Some have criticized us back in 2018 for ...

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