Loom Network is announcing that it has a next-generation blockchain platform that will enable developers to run huge games — as big as World of Warcraft — to run directly on blockchain, or the public ledger technology behind the explosion in cryptocurrencies.
Cryptocurrencies such as Bitcoin and Ethereum have become valuable, but they are slow at updating transactions.
Blockchains are decentralized and spread out across many computers across the internet, enabling them to keep accurate and transparent records.
The company said it has raised $25 million in funding.
“With Bitcoin came the world’s first blockchain, a decentralized ledger of financial transactions that cannot be counterfeited, forged, or modified,” said James Duffy, cofounder of Loom Network, in a statement.
“Ethereum took it a step further by allowing developers to upload indelible pieces of code into the Blockchain, called ‘smart contracts’.