What Is Loopring (LRC Coin)?

lrc coin

LRC Coin Price

What is Loopring? A Quick Overview

Loopring is a decentralized automated execution system, which allows for trading crypto-tokens across blockchains without the inherent risk that typically comes from cross blockchain trades.

Tokens don’t get sent to exchange for custody but instead stay in a users wallet until the trade is executed.

The History of LRC Coin

LRC coin started with an idea born in November 2016.

After the idea was formed, they started testing and made sure that the ring-match concept worked December of 2016, before publishing a whitepaper in May 2017.

In August of 2017, they went live with their token sale.

Then they went live on exchanges in December 2017 and are working on their roadmap goals today.

The Founder of Loopring

Daniel Wang - Linkedin - Founder

Google Tech Lead, Cofounder & VP of Yunrang Technology, Senior Engineering Director at JD.com, Cofounder & CEO of Coinport Exchange, Cofounder & VP of Hygene Online, Senior Director & Blockchain Researcher of Zhongan Technology (from their site)

Looprings Development Github - Loopring

The Purpose of Loopring Coin

LRC was made for a problem that occupies the cryptocurrency world.

Many cryptocurrencies lie on one blockchain, and people want to actively trade them, but currently exchanges are centralized and cross-blockchain transfers are hard to do.

Which is why LRC coin was created.

Loopring allows for the exchange cross-blockchain of tokens utilizing a decentralized protocol without anything holding your tokens in the interim...

Allowing for easy transferring without the security risks of storing your coins on an exchange (that’s why we recommend the Ledger Nano S).

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The Features of Loopring Cryptocurrency

Ring-Matching

Being a decentralized automated trading mechanism, they utilize a ring-matching system for their customers best interest.

Essentially this is a balance sheet that enables users to realize liquidity many times greater than available directly in the market by both finding the liquidity in the market and breaking down orders into small pieces for the different market venues.

Order Sharing

Becuase orders can break into smaller pieces, and their system identifies the best time and exchanges to trade on, there is game theory logic applied.

This helps optimize the trading results while allowing orders to be combined for the best-guaranteed price.

Also, because there is a combination of orders in one, it protects the system from something like a DDOS attack.

A Decentralized Cross-Chain Protocol

As long as a blockchain has smart contract support then LRC coins can operate across them.

All ERC20 tokens can be traded under Loopring (being that it is an ERC20 token), but being that it is decentralized, it isn’t limited to ERC20 tokens on the Ethereum network.

Orders are automatically executed while your funds stay in your control.

Reduced Counterparty and Exchange Risk

Since members are not required to send their coins to an exchange actively, it cuts down on the counterparty risk.

You can even transfer around tokens after you submit a transfer, Loopring will then automatically adjust trading amount at the initial price.

LRC thus protects members from bankruptcies, DDOS attacks, and other threats.

What We Think of Loopring

Loopring is an excellent coin for its ability to bridge the gap between blockchains.

Being able to transfer coins between blockchains and mitigate the risk via a counterparty adjusted holding protocol and order sharing is powerful.

Granted, it is a protocol and acts like 0x protocol (one of our favorite coins).

We will be watching this coin grow, but currently, do not hold it.

If you liked this review and want to help support the academy donate some LRC below!

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March 2nd 2018, 18:45