Loopring : An Introduction to the Future of Trading Tokens
Have you heard of Loopring?
Loopring is a decentralized exchange protocol utilizing new ring matching technology. If you haven't heard of Loopring then you probably don't know what ring matching technology is.
This is because... They created it.
Without getting too technical, ring matching allows users to make multi-token transactions.
An example given from the team
"Investor A puts an order out to sell XRP tokens for USD. Investor B wants to buy XRP and is selling BAT. Investor C is buying BAT, and selling MIOTA, and so on and so forth until it gets back to Investor A in the desired currency."
The ring miners also promise the best prices for everyone participating in the trade.
Liquidity
The ring matching technology combined with order sharing is a vital solution to liquidity problems. Exchanges that have low volume could use the Loopring protocol to improve the liquidity on their exchange and fill orders quickly.
Risk Elimination and Security
When placing orders with the Loopring protocol, the tokens remain in your wallet until the actual execution of the trade when the order is filled. Since the platform is decentralized, there is no centralized point of failure that would leave users easily exposed to exploits or hacks.
Who will be using the protocol?
The founder of Loopring, Daniel Wang, responded to a question of mine. I asked him if he had talked with any exchanges about adopting the loopring protocol. Daniels reply was
"Yes, but our strategy is not to talk exchanges into adopting Loopring protocol. They don't have the incentives at all. We are targeting wallets and wallet apps, they have a solid user base but don't have a source of income. We want to help them to be the entrypoint of decentralized trading. As a matter of fact, I personally believe in the future, most value exchange will start right from a wallet, not exchanges, unless fiat money involved."
In case you missed it
"We want to help them to be the entrypoint of decentralized trading. As a matter of fact, I personally believe in the future, most value exchange will start right from a wallet..."
The Loopring team is going to change the way tokens are exchanged.
You can checkout the Loopring Github Here
You can follow Loopring on twitter Here and the founder Daniel Wang Here
You can checkout the Loopring Reddit Here
If you like this content make sure to upvote, resteem, and follow me!
Have a great day, and Steem on.
It's worth noting that they will airdrop LRN and LRQ tokens to LRC holders in the near future. Current tokens (LRC) are used for transactions on the Ethereum network. The team will integrate the protocol to QTUM and NEO. Thus the need for the new tokens.
Yep! I actually wrote another article on that. Loopring is a great project.
Sounds cool what they promise in there; will it be various taxes applied for everytime a currency is converted to another, or how does this thing go? Plus, is it just an exchange or does it have a wallet built-in? Otherwise, sounds like a cool project to start with ;) !
It is a protocol that can be used by any wallet if they choose to. The Loopring team is working on a wallet called Loopr and it will be released fairly soon. If you use their wallet you will be able to trade directly from the wallet, no exchange involved! There will be a small fee as there is with any trade you make on an exchange. I will write another article about their wallet to be released. Thanks for the comment!
Sounds amazing! :)
It really is a great project. I think it will have good growth in 2018, especially as decentralized exchanges become more and more popular.
So I need to get on Telegram?
https://t.me/loopringinternational
Yes that is their Telegram channel. They also use rocket chat. You can find all of these in the sidebar on their reddit page!
Well at least I can follow them on Twitter. lol
great post chasegapo! keep it up! and thanks again for following!