What Is Loopring Protocol (LRC)? Loopring is hoping to decentralize crypto asset trading.

What Is Loopring (LRC)?

Loopring (LRC) is a decentralized exchange (Dex) protocol that uses Ethereum’s blockchain to enable creation of a Dex by third-party developers. In fact, both decentralized and centralized exchanges can utilize Loopring, and it’s already implemented in dozens of projects, including imToken, Dexlab, Timchain, Up Wallet, and Dolomite.

The protocol entered 3.0 in 2019, which adds zkSNARKs to the decentralized financial ecosystem. The Loopring Foundation also released its open-source Oedax token auction protocol in May 2019. This secure exchange protocol is continuing to expand features to support more powerful dApps.

LRC is the proprietary ERC-20 token used by Loopring on the Ethereum blockchain, while LRN is the proprietary NEP-5 token used on the NEO blockchain.

Who Is Loopring?

Loopring was created by Loopring Foundation Founder Daniel Wang in 2014 after working on a centralized exchanged called Coin Port. He’s joined by CMO Jay Zhou and COO Johnston Chen, leading a talented team of developers. The Loopring advisorty board includes NEO and Ontology Founder Hongfei Da and Nebulas Founder Hitters Xu.

Use Cases of Loopring Protocol

Decentralized exchanges are increasingly popular in cryptocurrency, with 0x, Kyber Network, and Bancor being just a few. But Loopring itself isn’t trying to compete with these exchanges. Instead, it’s powering wallets, exchanges, and other dApp developers to incorporate its protocol to enable easier, cheaper, and more efficient token exchanges.

The Foundation also created the Loopring Ecosystem Advancement Fund (LEAF) to fund and incubate new blockchain innovation on its protocol.

How to Mine LRC/LRN

Neither LRC nor LRN are mined. They’re created to tokenize smart contracts in escrow to enable faster trades. The total supply of each is 1,375,076,040 LRC/LRN and processing/verification nodes are paid a portion of the exchange fee for each transaction.

It reached an all-time high value of $2.59 on January 9, 2018, according to CoinMarketCap.

Learn More About Loopring

If you want to learn more about the Loopring Protocol, check out this comprehensive intro guide at Coin Central which is more reputable than many blockchain/cryptocurrency publications. Or check out this comprehensive analysis report on the Golem blockchain project on Thought for Your Penny.

Versability

Dr. Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer. You can find his work in Cracked, High Times, HuffPost, Lifewire, Forbes, Fast Company, and dozens of other places, although much of it is no longer under his name. Dr. Penny loves annoying fake media.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: