According to available information at press time, sources show a highly uncertain future for the Loom Network, a platform-as-as-service blockchain project. Researchers have investigated a number of Loom Network communication channels, finding no firm proof of a live project. A May 8 tweet from Bruno Skvorc, owner of blockchain and cryptocurrency education platform, Bitfalls, led researchers down an investigative rabbit hole into the project’s current status. Loom no longer has an active Telegram, Reddit, or blog. The project’s main team has also left, Skvoric said in the tweet. “I’d call it an exit scam if there was anything left to exit with,” he added.
Loom ran its ICO in January 2018, selling its Loom token just prior to the crhttps://cryptognt.com/category/blockchain-news/ash of crypto’s largest bull market. The project’s ICO raised over $45,000,000 for its Ethereum-based tokens, ICODrops data showed. The project’s Telegram group shows a May 9 admin post, stating:
“This channel is now closed. Loom Network has pivoted from blockchain games to enterprise, therefore we’ve decided to consolidate our public channels so our staff can focus on enterprise sales, support, and outreach.”
Loom’s Reddit forum also looked fairly abandoned, with participants mentioning a lack of updates from the project. One user posted confusion almost one month ago, expressing a lack of communication from Loom’s brass. “This sub is basically dead,” the user said of the project’s Reddit page. “There have been no updates or anything here for a while really,” adding that he also stopped receiving emails from the team. These were formerly sent out twice per month. The project also has not posted on its Medium blog since February 21, when the outfit proclaimed the departure of its CEO, Matthew Campbell, in a post titled — “Loom Network Company Update.”
The post announced Vadim Macagon, a long-time member of the project, would step in as the endeavor’s new CEO. The post also included details on the project’s canceled bounty program, blockchain performance goals for the year, dapp support, and other minor details. One such detail included “providing dev support via Telegram,” although Loom’s May 9 Telegram post shows the closure of its current channel. Stake Capital, a Loom Network validator, also announced plans to transfer over to Matic from the network, calling Loom a dead project in a March 31 tweet.
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.