Up 59,000 percent since its launch, Loopring Coin (LRC) is a Tier 2 solution that hopes to change the way crypto is handled and benefit all crypto traders. By combining the features of centralized and decentralized exchanges (DEXs), Loopring hopes to create a powerful new exchange that can securely provide fast transactions at low fees.
Overview of Loopring Coin (LRC)
Loopring is a scaling solution for Ethereum. Scaling means that the project is based on the Ethereum Blockchain and aims to help scale the Ethereum network. It uses Ethereum’s open source smart contracts to build its own projects. Specifically, it is focused on creating a new exchange for cryptocurrency traders. This platform aims to tackle major issues associated with the 2 main types of exchanges.
The first major type of exchange is a centralized exchange. These exchanges operate by trading on behalf of the investor, and the exchange holds users’ funds. The main problem with this system is that investors do not have direct ownership of their tokens on a centralized exchange. If the exchange is hacked or regulated, most or all of the funds on the exchange may be lost. For this reason, many do not want to invest in crypto through centralized exchanges.
To combat this concern, many developers use the other main type of exchange, the decentralized exchange (DEX). A DEX gives investors full ownership over all crypto investments. This benefit is achieved through the use of wallets, which are a way to securely store tokens separately from any single exchange. While DEXs are more secure, high transaction fees and slow transactions can lower their value.
Loopring hopes to remove the downsides of both centralized exchanges and DEXs. It offers security by allowing users to store their investments in their own wallets, while also allowing them to transact centrally. This application ensures that it offers security and speed.
Loopring’s history
Loopring was first released in December 2017 by Chinese software engineer and entrepreneur Daniel Wang. Wang airdropped millions of LRC tokens during the initial release. Since then, 2 new versions of Loopring have been created: Loopring v2 and Loopring v3. These new versions brought new fee models and more options to run transactions.
Loopring’s price hit an all-time high of $3.83 and is currently hovering around $3.26. Users who invested at all-time lows of just under $0.02 had a pretty high return.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.