Loopring (LRC) knowing better this token.

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Loopring (LRC)

is a kind of token whose purpose is to supported the Loopring decentralized exchange protocol. Which conducted its ICO in August 2017.

Loopring is also attempting to try and do what all decentralized exchanges are focused on, within the tagline “the new crypto trading standard”, giving users total control of their assets, with an additional specialise in improving liquidity and tremendously lowering fees.

Major trend in the market currently are Decentralized exchanges (DEX) with multiple exchanges either researching or launching decentralized versions of their respective exchanges. With the amount of hacks that have occurred since the Bull Run of 2017, several projects have expedited their research into decentralized exchanges.

However the true Loopring’s distinction protocol, is anyone can build a DEX using its open source protocol. where such developement, DEXs are built on the Loopring protocol, mean a shared network that greatly increases liquidity. The protocol is additionally blockchain agnostic, which implies it will be deployed on any blockchain so long because it possesses smart contract capability.

The Loopring team stated that their two major focuses of 2019 will be innovation and focus, with the former implying advancements in the blockchain tech, such as new research that may optimize the Loopring protocol. Prefers to the development and improvement of current goals, features and strategic projects.

The team is currently working out on version 3 of Loopring, which could bring about such changes as orders being matched off-chain but settled on-chain. They're newly exploring additional trading models and deploying Loopring 2.0 to the Loopring Chain, a application specific sidechain used exclusively for Loopring protocol orders.

Loopring has two other tokens on chains; first one being LRC (Ethereum), but also LRN (NEO), and LRQ (Qtum). You can enable trades on each of them without the necessity to lock down your cryptocurrency balances.

Some simple information about Loopring by MUYASK

How many Loopring LRC tokens are out there?

There are currently 1,095,798,773 LRC tokens in circulating supply with a complete max supply of 1.375 billion, consistent with data from Loopring. However, it's important to noted since they upgraded to Loopring 3.0 this number could be continuously change.

Is Loopring LRC an ERC-20 or NEO token?

Loopring (LRC) is an ERC-20 token that's issued on the Ethereum blockchain. It launched via an ICO in August 2017. However, because the Loopring protocol is blockchain agnostic it's already been implemented on other blockchains like NEO and QTUM. Respectively the implementation of these blockchains gave birth to LRN and LRQ.

What can you use Loopring LRC token for?

Stake LRC to earn some of the protocol fees
LRC is required by decentralized exchange owners to realize a reputation and keep their DEX open.
LRC can be used to lower protocol fees.

Loopring (LRC) on the Loopring protocol is required for a variety of functions . Firstly, in Loopring 3.0, anyone can stakes LRC and earned some of the 70% protocol fees of all of the various decentralized exchanges built on the Loopring protocol. Each token must be staked for at least 90 days before they are matured enough to earned from the protocol fees. These protocol fees are could be paid by the exchange owners and not by traders themselves. Instead, traders will paid a fee's that is dictated by the particular DEX they are trading upon.

Who is behind the Loopring cryptocurrency project?

Loopring was founded by Daniel Wang. Before Loopring, Wang was a co-founder of Yunrang Technology, a Google Tech Lead, co-founder of Coinport Exchange, and therefore the Senior Engineering Director at DJ.com. Wang has an in depth history to bring the whole Loopring vision into reality with the experience gained in his former positions.

What is the product of Loopring?

Loopring’s product is that the decentralized exchange protocol that they need created. This open protocol allows any user to return and build their own decentralized exchange without browsing the effort of coding everything themselves.

Can you stake Loopring?

Yes, Loopring can indeed be staked. User's now have the potentially to stakes LRC ever since the team released Loopring version 3.0. When a user stakes Loopring, they permit themselves to earn some of the protocol fees from all decentralized exchanges that are paid by exchange owners when trades happen . Up to 70% of this fee's taken and shared amongst stakers that are staking LRC. This is referred to as a worldwide sort of staking because it is clear across the whole protocol.

How to stake Loopring?

As of early 2020, a friendly interface has not been provided by the Loopring team. Nevertheless, you could still stakes Loopring on a 3rd party's services such as Etherscan.io. It is quite a complicated processing but you could use the following guides to help you along each step.

What exchanges or relayers use Loopring technology?

Toward the top of February 2020, Loopring released its own fully-fledged decentralized exchange (DEX) called Loopring.io

There's also further list of strong contenders of decentralized exchanges and wallets that actively working to implement the Loopring 3.0 protocol. These include;

imToken - digital asset wallet that enables multi-chain assets.
MyTokem - one-stop crypto platform that gives a wallet, news, charts, and data analysis.
QBao - token exchanger platform and payment settlement solution.
Loois - DEX platform.
DEXLAB - wallet, trading terminals, and messaging services.
Tokenall - multi-currency digital asset wallet.
GTEX (Game Token Exchange - gaming asset marketplace to allowed gamers to exchange in-game assets.
Uone - A web wallet that allowed user's to traded in a decentralized manner.
CPOO - non-custodial wallet, OTC trading environment, and assets management platform.

What is Loopring’s transaction throughput?

Loopring can settle up to 2,025 trades per second (As of late-Feb 2020) by utilizing the safety of Ethereum and may process up to 16,400 trades per second when the On-Chain Data Availability (OCDA) is disabled. However, security is significantly reduced when OCDA is disabled

Compared with other blockchains, this is often a particularly high throughput and it's required to form a usable decentralized trading environment.

How secure is Loopring?

Loopring is considered secured that you never lose control of your cryptocurrencies. the very fact that users don't need to hand over the custody of their private keys means they have complete peace of mind that their tokens won't be stolen. Typically, centralized exchanges are often subjected to outside attack vectors and hackers as they're targets for large-scale theft. this can be not the case with Loopring because it could be a completely decentralized protocol and each DEX built on top of this protocol has got to adhere to certain standards set-out by it.

Additionally, Loopring teams up with 3rd party's securities firms like SECBIT to audit their protocol on a daily basis and any adjustments are made to enhance the protection. The introduction of Zero-Knowledge Proofs in Loopring 3.0 also adds additionally layered of securities as the increases of user's privacy.

What is the latest Loopring protocol?

The newly protocols for Loopring is 3.0 which introduces scalability into the Loopring protocol. Loopring 3.0 utilizes Zero-Knowledge Proofs, referred to as zkSNARKs, which helps to introduce scalability to the protocol. It allows DEX owners to be ready to prove that users’ have accurate account balances and trades history is accounted for in a simple way that doesn't compromise security. In fact, the introduction of Zero-Knowledge Proofs actually improved privacies.

Where to buy and sell Loopring?

Loopring are often bought on a range of exchanges for cryptocurrency. to shop for with traditional fiat, in most cases, a user will got to deposit the fiat into an exchange and buy BTC or ETH. they will then use this BTC/ETH to go ahead and buy Loopring. Loopring may be bought at the following exchanges; (USDt = Tether)