What is Loopring (LRC)?
The Loopring platform is a decentralized cryptocurrency trading exchange that aims to address the issues presented by the exchanges that are currently in use in the blockchain ecosystem today. While digital currencies may themselves be decentralized, the most popular trading platforms today are not, which creates a number of problems. Buy Loopring (LRC) India – BuyBitcoin
Centralized exchanges are prone to hacking attacks, which can (and has) resulted in the loss of millions of dollars worth of cryptocurrency. On some occasions, the centralized nature of the exchanges in use today can also severely inhibit the freedom of users.
The Loopring platform negates these issues by functioning as a decentralized exchange, delivering greater levels of liquidity and transparency. Loopring doesn’t require that their users send their tokens to a third party for custody. Instead, Loopring users retain control over their tokens at all time, protecting them from threats such as exchange hacks, bankruptcies, or DDOS attacks.
How Loopring Works
On the Loopring platform, orders placed by users are executed automatically while their trade funds remain under their control, albeit locked in a decentralized smart contract on the blockchain. The mechanism that drives the Loopring platform breaks orders down into small pieces, then identifies the best time and place to trade these pieces.
This process uses advanced game theory logic to optimize trading results. Importantly, Loopring is blockchain agnostic and is compatible with any blockchain that supports smart contracts. Once a blockchain is connected to Loopring, all ERC20-like tokens on that blockchain can be traded using Loopring.
Team Behind Loopring
Serving as its head, Loopring founder Daniel Wang used to run a centralized exchange called Coin Port back in 2014. “At that time,” he told Coin Central in an interview, “[I was] trying to solve the problems of centralized exchanges, and then I realized that it’s not possible. Those problems are inherent to the centralized exchange model.” Thus, he began conceptualizing what would become Loopring. In the past, he’s also held a position as a Google Tech Lead and was a co-founder and VP of Yunrang Technology.
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Loopring’s CMO, Jay Zhou, was formerly employed by Ernst and Young, helped found SJ Consulting, and used to work in PayPal’s Risk Operations unit.
Johnston Chen, the project’s COO, has worked as the chief information officer at 3NOD.
There are a couple of key takeaways from Loopring that distinguish it from decentralized exchanges and other decentralized exchange protocols. For starters, it’s not trying to beat out DEXs and centralized exchanges–it’s trying to connect to them. This has the potential to increase liquidity across all markets that implement Loopring, and it could potentially be neutralized arbitrage thanks to lowest-price order matching.
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