The LRC Loopring Protocol is a new generation of blockchain asset trading protocols and exchanges. It adopts decentralized technology, provides a zero-risk token exchange model, and allows multiple exchanges to conduct off-chain matching and on-chain clearing and settlement of the same order through competition. I want to call him the exchange in the exchange.
Operating mechanism
An order in Loopring can be broadcast to multiple exchanges and matched by these exchanges in parallel. An order can be matched partly by one exchange, and partly matched by another exchange. There is a competitive relationship between exchanges, so orders will be matched faster and better (at the best price). Using Loopring to place an order, the transaction will not be matched in time because the exchange is attacked by DDOS.
The matching system it provides is an automated (non-human intervention) matching system that supports pair matching and loop matching. There is no other project involving the same mode.
It broadcasts the same order to different exchanges or matchmakers (which can be wallets), and matchmakers can compete to match the order or part of the order to achieve the fastest and optimal matchmaking plan
Cost saving and profit sharing. The matchmaker can directly charge a handling fee when matching orders, or can choose to obtain the difference between the matched orders, that is, cost savings and profit sharing. Improve the liquidity of tokens in a variety of ways.
Data summary
Circulation: 734,089,390LRC
Total tokens: 1,395,076,054LRC
ICO cost: 1ETH=5000LRC (about 0.35 RMB)
ICO time: 2017.8.1~2017.8.16
Funds raised: 120007ETH (most of them were later recalled due to China's ICO supervision)
Support wallets: imToken, Parity, MyEtherWalle.com, etc.
Official: https://loopring.org/
Official white paper: https://github.com/Loopring/whitepaper/raw/master/zh_whitepaper.pdf
Overview: Decentralized Token Exchange and Protocol
Sector: Decentralized trading platform
Founder: Wang Dong (former Google Tech Lead in the United States, co-founder and vice president of Yunyun.com, senior R&D director of JD.com, co-founder of Bifeng Port Exchange and Bifeng Payment, co-founder and vice president of Hejin Online, Zhong Senior Director and Blockchain Technology Researcher of Antech.)
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Token role
As a matching fee
LRC can be specified in the order as the matching fee paid to the exchange. Although the agreement supports the profit sharing through the cost of selling tokens as a means of payment, for exchanges, there may be more and more ERC20 token types that need to be supported in the future. If every matched transaction is sold through each order If the tokens are used as the unit to pay the fee, then the calculation of the profit of a match will become complicated; on the contrary, if the profit is measured by LRC (or used to calculate the cost), it will be much simpler. Similarly, for the order initiator, the approximate cost of an order can be obtained through public information. If the sold tokens of each order are used for calculation, the cost calculation during the ordering process will also be more scattered.
As an exchange registered mortgage
Order initiators want their orders to be best matched, which requires the exchange to be professional in all aspects, especially the aggregation of all orders. Since decentralized trading has no geographical restrictions, a good exchange should be able to see more orders than a relatively poor exchange, and it should also be able to find the best trading loop in the shortest time. In order to encourage strong exchanges and eliminate weak ones, we provide an exchange registration mortgage mechanism: exchanges can mortgage a certain amount of LRC tokens to smart contracts. The exchange can apply for the unfreezing of mortgage tokens at any time, but after the application is submitted, only the locked tokens can be transferred out after one year. Not all exchanges must register for mortgage. Another function of exchange token collateral is to prevent exchanges from frequently changing their identities in order to discard unfavorable historical statistics.
Core features
Absolutely safe
The sold tokens in the Loopring protocol order do not need to be recharged to the fund custody of the transaction, and are always stored in the user's own blockchain address during the order placement, matching, and settlement process. The order does not lock the tokens on the user's blockchain. After the order is placed, users can still use their digital tokens at will. When the balance is insufficient, the Loopring Protocol automatically adjusts the amount of the order and keeps the price constant. With the Loopring protocol, the closure of the exchange will not affect users in any way.
Loop matching
The Loopring protocol can match dozens of orders containing different types of tokens in a loop.
Decentralization
Orders are generated, disseminated, and matched outside the blockchain; cleared and transferred on the chain. In theory, it is 100% safe, and user funds will not be lost or stolen.
Order sharing
In the Loopring protocol, an order can be broadcast to multiple exchanges and be matched by these exchanges in parallel. An order can be matched partly by one exchange, and partly matched by another exchange. There is a competitive relationship between exchanges, so orders will be matched faster and better (at the best price). Using Loopring protocol to place an order, the transaction will not be matched in time due to the DDOS attack on the exchange.
Cross-chain agreement
Loopring Protocol is a protocol layer for decentralized secure transactions, which can be implemented on multiple smart contract public chains without relying on a specific platform. We will be the first to implement the first version on Ethereum, and then we will deploy protocols on EOS, ETC, and Quantum Chain to provide token liquidity support for these platforms.
The project team is a down-to-earth master of technology. Interested readers can follow Sina Weibo: Loopring Agreement to keep an eye on project developments. As the project is under development, the completion of the two time periods of "2018.2 open source ring mining software 2018.4 open source and launch of a wallet Loopring protocol transaction" is very important,
LRC has a similar competitor KyberNetwork, you can check it if you are interested. The current price fluctuates around 7 yuan, I think 1: low unit price, low market value. 2: After the future function is realized, it will be able to get through the intelligent brick moving of major exchanges. 3: The team has been researching and developing the technology, and there is no falsehood. In addition, I am personally optimistic that the major exchanges will flourish in the future, and I am optimistic about the blockchain industry. Personal conclusion: There is a certain investment value. The risk is that development is blocked, all the functions mentioned in the white paper are not completed, competitors are too strong, and marketing is blocked.