The price Loopring today is 0.367577 USD, and the trading volume in 24 hours - 66,112,293 USD. The crypto asset has grown by -4.28% over the day. Currently, the coin’s market capitalization is 485,538,621 USD, and has 1,320,916,763 coins in circulation with the max supply of 10,348,059 coins LRC.
What is Loopring? (LRC)
Loopring is software running on Ethereum that aims to encourage users of the global network to work with a platform that allows creating new types of crypto exchange assets.
As one of the new decentralized financing protocols (DeFi), Loopring uses several cryptocurrencies, including its own - LRC, to provide the needs of the platform.
In particular, Loopring argues that its platform will allow exchanges built on its basis to bypass the slow speeds and high costs associated with decentralized exchanges on Ethereum, at the expense using a new type of cryptography called zero-disclosure convolutions or ZkRolLups.
With the help of ZKrolLups, exchanges can offer traders faster calculations. Instead of being calculated on Ethereum blockchain deals directly (as other decentralized exchanges do), ZKrolLups allows Loopring exchanges to perform key calculations in another place.
The idea is that this could reduce the number of transactions that the Loopring exchange would have to send to the Ethereum network, thereby increasing speed and reducing costs for traders.
This contrasts with other decentralized exchanges, where trades require confirmation of transactions by the Ethereum network, taking minutes instead of seconds or milliseconds.
Who created Loopring?
Loopring was founded by Daniel Wang, a software engineer from China who worked for Internet companies including Google and JD.com.
In 2017, Loopring held a primary coin placement, raising 1,20000 ETN worth $45 million. However, tightening rules on such proposals in China at the time prompted Loopring to return most of its public sales funds.
According to Wang, the team returned about 80% of the funds raised and the Loopring team continued to develop the exchange for the remainder of the revenue.
What is the uniqueness of Loopring?
Loopring's key uniqueness offering is advanced cryptography that it integrates on its platform.
Thus, it is important to note that ZkRolLups is just one of the proposed ways to make Ethereum blockchain more suitable for DeFi applications. Competing cryptographic offerings include XDai, Matic, Optimistic Rollups and Plasma.
Some experts find ZkRolLups promising because they use a known form of cryptography called zero-disclosure evidence, a technique that allows computer program to make statements about data without actually exchanging data.
How many LRC coins are in circulation?
As of January 2021, 1,215,335,499 LRC coins are in circulation, with a maximum offer of 1,374,513,896 LRC coins.
How is the Loopring network protected?
Each transaction package is added to the Ethereum blockchain with zero-disclosure evidence that allows anyone to recover transactions that took place off the network.
This allows users to be confident in the authenticity of transactions and that any unwanted parties have not interfered with them.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.