What Is Loopring
Loopring is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges. In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated in the approximate range of $50-$200 million.
Most of that trading is conducted on centralized cryptocurrency exchanges — online platforms operated by private companies that store users’ funds and facilitate the matching of buy and sell orders.
Such platforms have a number of downsides common to all of them, so a new type of exchange — decentralized— has emerged to try to alleviate these disadvantages. However, fully decentralized exchanges are not without their own flaws.
Loopring Defi Coins purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.
LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.
Quick Fact About Loopring
| Coin Basic | Information |
|---|---|
| DEFI Coin Name | Loopring (LRC) |
| Circulating Supply | 1,202,201,433 LRC |
| Total Supply | 1,374,513,861 LRC |
| Contract Address | 0xbbbbca6a901c926f240b89eacb641d8aec7aeafd |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To Visit |
| Twitter Group | Click Here To Visit Twitter Group |
| Documentation | Click Here To View |
| Project Location | N/A |
| Official Project Website | Click Here To Visit Project Website |
Loopring Exchange
Loopring Defi Coins Exchange (Loopring.io) is the first decentralized trading platform built on top of 3.0. Now you can trade with MetaMask and multiple WalletConnect-compatible wallets.
The Redemption Centralized Exchange
If you have ever run a centralized exchange business for cryptocurrencies, you know the stress and fear of being hacked. You also know the regulatory burden which is being imposed on custodial crypto-businesses, and rightfully so. Loopring ensures that even if all your servers were compromised, you will, at worst, only lose a couple of Ether that you use as transaction fees (gas).
You can always recover from such an incident and resume your business. Even in the unimaginable case of being blackmailed, extorted or threatend with violence, an exchange owner simply cannot access user funds – a powerful deterrent. And without control over user assets, you also shed the bulk of regulatory burden. Control is a liability. Using an open-sourced, audited, cryptographically sound protocol means less time & money spent on security & compliance, and more on growing your business.
Why Loopring
Secure
Loopring Defi Coins is an open-sourced, audited, and non-custodial exchange protocol, which means nobody in the Loopring ecosystem needs to trust others. Cryptoassets are always under users’ own control, with 100% Ethereum-level security guarantees.
High Throughput
The powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck.
Low Exchange
The performs most operations, including order-matching and trade settlement, off the Ethereum blockchain. Such a design dramatically reduces gas consumption and thus overall settlement cost to only fractions of a cent.Learn more about Loopring 3.0.
Who Are the Founders of Loopring?
The founder and current CEO of Loopring Foundation, which manages the development of Loopring Defi Coins protocol, is Daniel Wang, a software engineer and entrepreneur based in Shanghai, China.
Wang has a bachelor’s degree in computer science from the University of Science and Technology of China, as well as a master’s degree in the same field from Arizona State University.
Prior to starting work on, Wang has held multiple managerial and executive positions in major tech companies: he was a lead software engineer at the medical device manufacturer Boston Scientific, the senior director of engineering, search, recommendation, and ads system at the Chinese e-commerce giant JD.com, as well as a tech lead and senior software engineer at Google.
Wang has also co-founded several companies: Yunrang (Beijing) Information Technology Ltd. and the cryptocurrency services firm Coinport Technology Ltd.
How Is the Loopring Network Secured?
Loopring is operable on Ethereum and Neo blockchains with plans to add support for the Qtum blockchain. Each of these networks has its own token: LRC and LRN for Ethereum and Neo respectively; when launched, the Qtum network token will be called LRQ.
These tokens are secured by the hash functions of their underlying blockchain platforms: LRC by Ethereum’s Ethash, LRN by Neo’s SHA256 and RIPEMD160 and LRQ by Qtum’s proof-of-stake PoSv3 algorithm.
Where Can You Buy Loopring [LRC]?
LRC is available on many exchanges, some of the major and most trusted ones are:
- Coinbase Pro
- Bilaxy
- OKEx
- Binance
