What is a loom network?

Could you elaborate on what a Loom Network precisely is? I've heard it mentioned in the crypto and blockchain community but am still unclear on its CORE functionalities. Is it a platform for developing decentralized applications? Does it provide scaling solutions? Or does it focus more on privacy and security? What are the key advantages it offers compared to other blockchain networks? I'm curious to understand its potential impact and how it aims to address current challenges in the industry.