What is Loopring (LRC)?
Loopring (LRC) is an open-source token exchange protocol for decentralized exchanges. The Loopring protocol works on three different blockchains: Ethereum, NEO and Qtum. This is an automated execution system that can transact across various cryptocurrency exchanges, protecting users from the risks of their partners and reducing transaction costs. Loopring transactions are made through a free, open set of smart contracts, and can be used for decentralized applications (dApps).
What is Loopring (LRC) used for?
Similar to 0x Protocol (ZRX), Loopring Protocol is also the protocol that allows integration to build decentralized exchanges.
In the Loopring Protocol, the entity that receives, maintains, and processes orders books are the Relay – or nodes.
Relay locations – or these nodes take orders from the wallet wallets, maintain order books and transactions and then select orders to other relays.
The entity that performs calculations outside of Blockchain (Off-Chain) is called Ring-Miners. They are responsible for processing the different sequential Order Rings.
Loopring ensures high security with low transaction costs, thanks to the following features:
Distributed network: All transactions are processed automatically, while the entire amount of transactions is under the smart contract holder’s control on Blockchain.
Order-sharing: This mechanism divides orders into small parts, thereby applying game theory to optimize every transaction result, which helps protect transactions from DDOS attacks.
Ring-matching: Loopring interface is automatically intelligent, decentralized between exchanges with blockchains, helping users to recognize liquidity when it exceeds the direct value on the market many times to an alarming level.
Cross-chain protocol: Loopring is not dependent on Blockchain and all ERC20 tokens on blockchains can transact with Loopring.
Reduce risks from partners: Loopring does not require members to send tokens to the floor to deposit. Tokens are always in the blockchain addresses during the whole transaction process. Members can even transfer their tokens to another place after placing an order – Loopring will automatically adjust the number of transactions at the original price. Loopring protects its members from threats such as bankruptcy exchanges and DDOS.
The Loopring project development team brings together talented members with rich experience in the field of digital technology. In particular, the most prominent names include:
Daniel Wang (Project Founder): He is the co-founder and CEO of Coinport Exchange, co-founder and vice president of Hygene Online, senior director and Blockchain research of Zhongan technology.
Jay Zhou: A former employee of the “risk” operations division of PayPal, and also the founder of SJ Consulting.
Johnston Chen: Used to be the information director at 3NOD, and an expert on “Products and Finance” for the project.
Loopring (LRC) – a coin belonging to an interesting decentralized exchange protocol in the cryptocurrency space, the Loopring project is considered the new development trend of decentralized exchanges in the future.
Loopring is a bold and highly realistic project. LRC is a suitable short-term surfing investment for investors, to make investments, you need to have an observation of the market progress of the project.
You can check Loopring price here.