The Loopring platform is an Ethereum-based cryptocurrency token that was designed as an open protocol to facilitate the development of decentralized crypto exchange systems. In general, the majority of the trading that is conducted on centralized cryptocurrency exchanges is done via online platforms which are controlled by private companies in the business of storing the funds of users and using it to enable it to match buy and sell orders. However, these platforms have a number of downsides that are specifically common to all of them, as such, this led to the need for a new type of decentralized exchange platform that can eliminate these major disadvantages known as the Loopring platform.
The purported goal of the Loopring network, according to its team is to successfully incorporate a system that matches centralized orders with the decentralized on-chain order settlement into one product. The process essentially aims to take the best parts of both decentralized and centralized systems into one hybrid commodity to provide better exchange services.
Who are the Founders of Loopring (LRC)?
The Loopring system was founded by a collection of highly skilled individuals. The system was founded by Daniel Wang, who also serves as the CEO managing the development of its protocols and systems of operation.
Wang is a software developer and engineer from Shanghai, China. He holds a degree in computer science which he earned from the University of Science and Technology of China. Later, he went on to bag a master’s degree from Arizona State University in the same field.
Prior to establishing the Loopring network, Wang Worked in several major tech corporations where he held executive and managerial positions. For starters, he worked at Boston Scientific as the head software engineer, later he went on the work at JD.com, a major e-commerce brand where he served as the senior director of engineering before later moving on to Google to work as a project head and senior software engineer.
In his wake, Wang is also celebrated as the co-founder of several companies including the cryptocurrency services firm Coinport Technology Ltd, as well as the Yunrang Information Technology Ltd.
What is Loopring (LRC) used for?
Principally, LRC is the dedicated token of the Loopring system and as such plays a key role in the operation of the system. The LRC token also has advanced advantages which help in incentivizing participants who use the network to its optimal level. On the platform, its exchange operators deposit LRC and in some cases, their deposits could be confiscated by the protocol if it was discovered that they have been operating the exchanges poorly. The funds confiscated would then be allocated to participants who decided to lock up LRC tokens.
Additionally, the users on the platform are also presented with a unique opportunity to stake their LRC tokens in order to earn a part of the trading fees being paid on the platform. It also avails its users the advantage of being traded with other types of cryptocurrencies, thereby helping them profit from another avenue.
What Is the Unique Point of Loopring (LRC)?
The Preceding concept behind the design of the Loopring network is to integrate the elements of decentralized and centralized blockchain-based exchanges in order to create a protocol where certain unique advantages will be evident while also eliminating the inefficiencies of the centralized and decentralized systems individually.
Generally, Centralized exchanges are presently the leading mode by which cryptocurrency trading services are being executed. While there are a series of popular and well-known systems of its kind in existence, using centralized exchanges is accompanied by a number of risks, most of which are related to its custodial nature. Due to its operation that involves funds being held for the users through the process of making deposits and withdrawals, there is an inherent risk of the funds being partly or completely lost because of several malicious parties within the exchange or other potential attacks. Another major challenge facing the operations of centralized exchanges is the existence of an opaque system. The lack of transparency stems from the unsettlement of trades within the blockchain which are then stored in the internal record system controlled by the exchange, thus giving room for malicious manipulation. This could also lead to the unauthorized use of users’ funding for selfish interests.
The Loopring protocol aspires to retain the advantages provided by decentralized, as well as centralized exchanges while it works on reducing or completely eliminating the shortcomings of the systems via its innovative hybrid solutions.
How many Loopring (LRC) coins are in circulation?
The allotment of LRC tokens is regulated via a smart contracts protocol that is controlled by the Loopring network. The basic way of earning in the Loopring ecosystem is through a process known as ring mining. On the Loopring network, the orders available are not specifically matched as a pair of two digital assets so as to improve the liquidity available. Rather, the system is able to mix and match up different orders in different cryptocurrency pairs in a process called the order ring which is essentially a circular trade. On the Loopring network, Nodes are rewarded in the form of LRC coins because of their responsibility of maintaining the public order books, as well as the combination of single orders into order rings.
The total supply of Loopring tokens is pegged at 1,374,513,896 LRC coins, while it has a circulating supply of 1,328,333,700 LRC coins
Is the Loopring (LRC) Network secured?
The Loopring system is based on Neo and Ethereum blockchains and is also working towards an expansion to incorporate the Qtum blockchain. The Ethereum blockchain on its own and the Neo blockchain have the LRC and the LRN systems. The tokens each have specific security systems provided by the hash functions existing in their underlying blockchain. The Ethereum network is secured by an Ethash protocol provided by the LRC system. The Neo network on the other hand has a hybrid security protocol provided by the SHA256 and RIPEMD160. The Qtum network provides security through a dedicated proof of stake algorithm provided by its LRQ system.
How do I buy Loopring (LRC)?
The Looping network provides a series of solutions to challenges that have been facing the world of blockchain technology for several years. Due to this, several people have been drawn into the network and as such it has increased its rate of adoption. Currently, Loopring is listed across several exchanges and can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy LRC through your trading account.
Which Cryptocurrency Wallet Supports My Neighbors Loopring (LRC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Loopring (LRC). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Loopring wallet because offers a simple and interactive interface making it easy for people to navigate its system.
