"Loom" is a digital currency that was launched in 2018 as part of the Loom Network platform, which is a platform for developing decentralized applications on the #Ethereum #Blockchain . #Loom Network was designed to make it easier to create decentralized applications on Ethereum with greater ease and improved performance.

"Loom (LOOM)" is used to pay transaction fees and interact with applications built on the Loom Network platform. It's important to note that my knowledge is based on information available up to September 2021, and there may have been new developments regarding Loom Network since then. Therefore, it is always advisable to consult official sources and the latest information if you want to learn more about the Loom project.$LOOM