Loopring Delivers An Open Protocol for Building Decentralized Exchanges

S DigitalOcean.com – cloud hosting, built for champions: sign up and receive $10 in hosting credit immediately!

Loopring is an open protocol for building decentralized exchanges. Loopring operates as a public set of smart contracts responsible for trade and settlement, with an off-chain group of actors aggregating and communicating orders. The protocol is free, extensible, and serves as a standardized building block for decentralized applications (dApps) that incorporate exchange functionality.

Loopring is blockchain agnostic, and deployable on any blockchain with smart contract functionality. At the time of writing, it’s operable on Ethereum and Qtum with NEO under construction.

Below is our recent interview with Daniel Wang, CEO at Loopring:

Daniel Wang

Q: Tell us more about how you got involved with cryptocurrencies?

A: Daniel created a centralised crypto exchange Coinport back in 2014. It was invested by IDG capital, one of the largest VC fund in crypto world. He also participated the Ethereum token sale at same time. In early days, Daniel also tried mined the bitcoin.

Q: Why centralisation is one of the biggest cryptocurrencies’ weak points?

A: Current centralised crypto exchanges (CEX) have three major issues security, transparency and liquidity.

The CEX can not 100% prevent crypto asset from cyber attack. This means storing your crypto asset on CEX is not secure.

Due to lack of regulations, trading data and information from CEX is not regulated. There is high risk of trading manipulation occurring in every CEX.

Thus, Loopring protocol is designed to solve above problems from CEX.

Loopring Recommended: Energo Labs – The Company Dedicated To Building Decentralized Autonomous Energy Communities

Q: Is Loopring a decentralised exchange (DEX)?

A: Loopring is not a decentralized exchange per se, as all building blocks of a traditional exchange are dissembled and put together again as different roles in a decentralized environment. These roles include, but may not be limited to, wallets, relays, orderbook browsers, ring-miners, and asset tokenization services.

Loopring Recommended: Portfolio And Tax Manager For Cryptocurrencies CoinTracker Announces $1.5 Million In Seed Funding Round

Q: What is on the roadmap for Loopring moving forward?

A: 1.Product:
• Enhance the overall trading experience(web loopr wallet 2.0, loopr app)
• Support/sponsor ecological partners
• Implement decentralized governance

2.Research:
• Integration with zero-knowledge proof
• Improve relay infrastructure
• Refine ring-mining algorithms

3.Ecosystem:
• Implement the Loopring protocol on NEO and Qtum.
• Issuance and distribution of LRCx
• Support Loopring ecosystem project

4.Community:
• Support all ICO projects by listing their tokens
• Offer better development tools
• Manage the LEAF fund
• Share our smart contract development experience

,