About LOOP Token

Adepoju David

$LOOP is a Loop-blockchain-based token that rewards its holders with automatic passive interest payments every 15 minutes over the lifespan of 13.5 years until the maximum supply of 3.25 Billion tokens has been reached. 

The concept of tokens is in some ways similar to cryptocurrencies in the sense that they are a type of currency that exists on a blockchain and can be transferred between blockchain wallets. However, unlike cryptocurrencies, their behaviour is not built into the blockchain software itself. Instead, their behaviour comes about by implementations in smart contracts. These smart contracts supervise, monitor and record the units of the token transferred between blockchain accounts.

A simple explanation of what crypto tokens exist and represent things in a digital record on the blockchain. Often a digital token represents physical or intellectual property, such as a work of art, a piece of music or a book.

In an attempt to transfer units of these tokens, an account signs a transaction telling the smart contract to debit a number of units of the token from its tally and credit the same number of units of the token to the other account’s tally. Most tokens conform to the EIP-20 token standard, and in fact, the majority of all smart contracts on blockchain networks tend to be of this type, making it easy for users, wallets, exchanges, etc., to interact with them.

It is fundamental to know that Loop’s smart contract is safe and secured because it was written and developed from line 1 by Loop’s competent developers. Also. Loop works on a new set of mechanics, allowing for complete protocol sustainability. Although it can act as a form of payment, its primary purpose is to be used within a blockchain platform’s wider ecosystem. In many cases, cryptocurrency tokens are created to foster user interaction and innovation within a network’s community. Loop will use the $LOOP token to sponsor any utilities-based projects within and outside the LOOP community.

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