Loopring (LRC): Open Protocol For Multi-token Transactions

Loopring is a decentralized exchange and open protocol that can be employed to build a decentralized exchange or market of ERC20 tokens.
Loopring supports multi-token transactions and increases the exchange's liquidation on the blockchain under different circumstances. The protocol provides advantages to users and exchanges by reducing risk with advanced techniques. More specifically, Loopring deploys decentralized smart contracts, thus reducing fees and cost and generating more profitable orders via ring-matching and order-sharing, and as a cross-platform protocol.The Loopring network was founded by Daniel Wang, a Chinese software engineer working at internet companies including Google and JD.com.
In 2017, Loopring conducted an ICO (initial coin offering), successfully raising 120,000 ETH worth $45 million. However, due to strict regulations around such offerings in China, Loopring returned much of its public sale funds. The Loopring team returned about 80% of the funds and desired to develop its exchange with the remainder of the proceeds.LRC is the token used on the Loopring protocol to earn fees from the exchanges built on top of Loopring, in which 70% of the fees are rewarded to stakers, the other 20% will be utilized to fund the Loopring DAO, and the remaining 10% will be burned.
LRC token is being used for the Loopring reputation system. Owners on Loopring are required to stake LRC to build their reputation and enhance economic security. This means that traders should utilize exchanges with a high collateralized stake.Staking LRC is another incentive to lower their protocol fees. The more LRC an exchange stakes, the fewer fees they pay. Moreover, traders are able to stake their LRC to lessen their protocol fees on the platform.The network operates based on the following key elements:
The LRC Token has the following use cases:
Loopring is not the only project attempting to address the issue of fast and low-cost token conversion. Loopring's competitors include Kyber Network (KNC) and Bancor Network (BNT).
Loopring Protocol is intended to apply to other Blockchain Platforms in the future, which makes LRC highly desirable and much more widely available on many other platforms. Explore all the trending topics and hottest news in the crypto market with our Blogchain.Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.