What is Loopring (LRC)?

What is Loopring (LRC)?

Loopring is a protocol that consists of a decentralized exchange of tokens Exc20 in the Ethereum blockchain. Loopring permits multi-token transactions, offering many advantages to its users like exchanges to integrating decentralized intelligent contract risks and reducing commission fees.
To understand the usefulness of Loopring, you need to observe the problems a centralized exchange. In these cases, the users must first deposit their tokens in the platform before they can exchange them (with other tokens). The tokens are sent to the exchange wallet where they are converted into a debt of the exchange toward the user. Later, the users exchange these credits with credits of other users within the platform. Last, when users want to withdraw their credit, they send the tokens to their external wallet. Actually, this causes a series of problems:

  • The lack of security (in this model, the users have no control over their tokens. It’s certain that this allows instantaneous transactions on the exchange site, but with a certain amount of risk; in fact, if the site shuts down or is blocked, the users lose their tokens);
  • The lack of transparency (any problem can happen to the users’ tokens when they are stored in centralized Exchange wallets);
  • The lack of liquidity (the users in the platform can only exchange with other users having compatible tokens on the same platform and only with sale or buy orders of users on said platform. As a consequence, if there aren’t enough requests for a cryptocurrency, there aren’t enough assets in the market and as a result the price is very high or very low. On the other hand, if a given pair of tokens that a user wanted to change isn’t compatible, he has to transfer the funds to another exchange where it is accepted).

Loopring will be based on Ethereum

The decentralized exchange could be the future in the cryptocurrency sector since this should always be less vulnerable.
The Loopring team is small but very solid and has a lot of experience. All of the members have worked in key positions at businesses like Google, PayPal and E&Y. Daniel Wang is the founder; he was chief of technology at Google, co-founder of Yumrang Technology, senior director of engineering on J.D.com, co-founder and CEO of the Coinport Exchange, co-founder of Hygiene Online and senior director and blockchain investigator at Zhongan Technology. Ay Zhou is the marketing director; he worked at E&Y, has been Risk Operations on PayPal, and funder of S Consulting. Johnston Chen is the Chief of Operations; he was the information director on 3NOD.
Ethereum will probably serve as the first blockchain on which Loopring will be based. In the future, they could also use other blockchains that allow intelligent contracts, like NEO, QTM and EOS.
Loopring is currently found in 56th place in the ranks of the best cryptocurrencies for stock market capitalization, with a market capitalization of approximately 318 million USD and a current value (5/23/2018) of 0.49 Euros (0.57 USD). From a speculative point of view, it’s a currency to buy (even at these prices) and keep in the wallet with a first medium/long-term (9-18 months) operational horizon. At the beginning of January and then to the middle of March 2018 we have integrated an LRC in our wallet. Thanks to its popularity, it is currently possible to buy LRC in the best known Exchanges; we suggest: Binance, OKEx, Bittrex, Yobit, CoinExchange, HitBTC, etc.

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Risk warnings
The views and opinions expressed are the views of Crypto Currency 10 and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material(s) have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.
Changes in rates of exchange may have an adverse effect on the value, price or income of an investment.
Past performance is no guarantee of future results and the value of such investments and their strategies may fall as well as rise.

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