Loopring (LRC) is a decentralized crypto exchange protocol that has an automated execution system based on Ethereum. Put it differently, Loopring is a tool that uses smart contract algorithms to convey crypto assets without human intrusion. This is an exchange solution that simplifies buying and selling processes. Loopring's goal is to create the excellent-in-class zkRollup exchange and payment protocol on Ethereum that will be in demand all over the world.
The zkRollup protocol can be described as a secondary blockchain on top of the Ethereum main chain. The secondary chain (or "child" chain) is used to perform calculations when processing is required. The main chain is needed to store the received data. ZkRollup processes packets of transactions off-chain (instead of processing separately each transaction on the main chain) and delivers the result to the main chain. By maintaining security at the Ethereum level, Loopring can consolidate transactions across multiple blockchains.
In 2017 Loopring launched the LRC token which was used to pay off on-network fees. The token sale raised $45 million from 12,000 investors.
LRC is the ERC-20 token. The project uses the LRC Burn Rate mechanism to burn tokens, thereby increasing the value of tokens on the market. LRC tokens are used to pay off the commission for Loopring transactions.
Loopring was established in 2017.
The main feature in the first version of the project was the "matching rings" feature. Several proposals from several traders are integrated into virtual rings. This allows splitting orders. When a proposal cannot be completed in one transaction, it can be completed in a subsequent ring until the final processing. Tokens are moved within the formed group of 2-16 applications. The creators added the function of eliminating the lead when trading in the second version (1.5). The third version allows traders to use any ERC20 token as a relay board (not just LRC). Then the aforementioned zkRollup protocol was added. It increased the speed of processes without compromising security. So, the project continues its development. Each new version is more innovative than the previous one.
Loopring was invented by a software engineer, Daniel Wang. Wang graduated from the University of Science and Technology of China and has a Bachelor of Computer Science degree. Before Loopring, Wang held several management and leadership positions. He worked at Boston Scientific and Google. Wang is also a co-founder of several companies: Yunrang (Beijing) Information Technology Ltd. and cryptocurrency company Coinport Technology Ltd.
Jay Zhou worked at Ernst & Young and Paypal before switching to cryptocurrency. He co-authored the original technical paper for Loopring. Now he is a tutor at Stanford who consults students on cryptocurrency and decentralized applications.
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