Loom Network (LOOM) is a platform designed to simplify Blockchain development and deployment for developers worldwide. Loom Network offers a user-friendly ecosystem that allows developers to create and deploy high-performance decentralized applications (dApps) across multiple Blockchain networks, including Bitcoin, Ethereum, Tron, and BNB Chain. In this article, you can find answers to two frequently asked questions: What is Loom Network (LOOM) and how to buy Loom Network (LOOM) with TRY.
What is Loom Network (LOOM)?
Loom Network is a cross-chain optimized platform designed to empower developers with the tools and infrastructure needed to seamlessly create and deploy dApps across various Blockchain networks. Launched in 2017, Loom Network has evolved to focus on its mainnet known as Basechain, which serves as a hub for deploying enterprise-level dApps across different sectors. By offering simple and user-friendly features, Loom Network aims to bridge the gap between traditional web developers and Blockchain technology.
Loom Network is supported by a delegated proof-of-stake (DPoS) consensus mechanism and software development kits (SDKs) aimed at developers. The DPoS consensus mechanism ensures security and scalability, while the SDKs simplify the deployment of dApps on major chains. Loom Network’s mainnet, Basechain, allows LOOM coin holders to delegate their tokens to secure the network, facilitating faster transaction confirmations and scalability.
Loom Network offers various SDKs, including Loom SDK, Unity SDK, and Go Contract SDK, catering to developers with different levels of Blockchain knowledge. These SDKs enable developers to create smart contracts, gaming dApps, and effortlessly connect to dAppChains. Basechain, the mainnet of Loom Network, supports Ethereum Virtual Machine (EVM) compatibility, allowing Ethereum developers to deploy dApps and smart contracts using familiar programming languages like Solidity.
The mainnet asset of Loom Network, LOOM, plays a crucial role in securing the platform and hosting dApps on individual dAppChains. LOOM coin holders can stake their coins to help secure the network and earn rewards. Additionally, Loom Network has introduced zkLoom, a ZK-rollup protocol designed to enhance scalability and security by collecting transaction data off-chain.
How to Buy Loom Network (LOOM) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Loom Network (LOOM). On Binance TR, where you can quickly create an account, you can trade over 100 cryptocurrencies, including LOOM. To buy Loom Network (LOOM) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website according to your preference. Note that you will also need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, continue by tapping on the “Upload Front” option. After taking a photo of the front of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back of the document and upload it. Ensure that the images are clear and the information in the photo is easily readable when taking photos of the front and back of your ID card or driver’s license.
Then continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure that your face fills the camera area as much as possible after the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts and trade without interruption. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL made from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank does not yet have Binance TR integration, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information shown on the page of your preferred bank.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy LOOM Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying LOOM coin with TL by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the following page will open. By typing “LOOM” in the search section on the right side of this page and clicking on the LOOM/TRY option from the results, you can go to the LOOM purchase page with TL.
Now the following LOOM trading page will open. In this page, in the area marked with a red box, you need to enter the price at which you want to buy LOOM in the first box and the number of LOOM you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy LOOM” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR in 2020 for cryptocurrency investors in Turkey. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities with Binance TR, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls.
