"Why Loop Network over Ethereum. The Loop Team has the utmost respect for Ethereum and their team.
28 Mar 2023, 11:38
“Why Loop Network over Ethereum?”
The Loop Team has the utmost respect for Ethereum and their team. They don’t want to “out compete” Ethereum, they want to provide a L1 alternative that is faster and more scalable while being fully compatible with all EVMs.
✨Protocols✨
Robert and the team contributed to the Eth2.0 protocols. The protocols that will be used in our blockchain are modified version of those protocols while still being fully compatible with other EVMs. The modifications that are being made to the protocols are designed to suit our vision while staying EVM compatible. (Think of it as a modified car engine that has changed the octane to gas ratio.)
✨Are we a Fork of Eth?✨
Loop Network isn’t a soft fork of Ethereum. All of the Ethereum improvement protocols are open source. They are the defacto protocol standard right now and using them isn’t “stealing”. We’re modifying them to suit our needs and making improvements that fit Loop Network.
✨Our Algorithm is Different✨
We are not changing our “Practical Byzantine Fault Tolerance” algorithm. As mentioned in a previous “Jimmy’s Article”, this algorithm will allow for more validators to run nodes as more are needed to achieve consensus. Ethereum uses the ETHash PoS algorithm. Simple put, we think our algorithm is better for you, the early investors.
✨Loop’s Specs✨
At a superficial glance, we beat ETH out of the gate.
Eth - 14 TPS
Loop - 150k to infinite TPS
Eth - 6min Transaction Finality
Loop - <1sec Transaction Finality
Eth - $4.7 to $19 Gas
Loop - $0.00002 Gas
✨Applications✨
This was explained well by @amnesianer so I will use his reply here.
“For example, Loop Network could be more suitable for enterprise-level applications, where high transaction throughput and low latency are critical. Additionally, Loop Network offer more favorable gas fees and transaction costs than Ethereum, making it more cost-effective for certain use cases.”
✨The fundamentals or the “Why Loop?”✨
This is a quote directly from Robert about his vision:
“We are going to build a super scalable blockchain that can handle a high volume of transactions, and we're doing it by customizing the Ethereum Virtual Machine (EVM) to meet our specific needs for transaction speed. With this custom EVM, we can process multiple smart contracts in parallel, reduce gas costs, shard the network into smaller pieces, and leverage off-chain processing to speed up contract execution. This means our blockchain will be able to handle many more transactions per second than traditional blockchains, opening up new possibilities for fast and efficient decentralized applications. Get ready for a blockchain that's built for speed!”