The Loopring concept was founded in October 2016 by Daniel Wang (who is also the CEO). With a team comprising CMO Jay Zhou and COO Johnson Chen, the company also boasts an influential team of advisors, including Da Hongfei, the NEO founder and Xuefend Li (an investor in the crypto space).
The biggest problem that most crypto enthusiasts are facing today is the loss of their coins thorough hacking and other cyber criminal attacks on exchanges. In fact, over the years, lots of exchanges have been hit, some losing millions in cryptocurrency. This is why Loopring is filling the gap with a service that is not only an open protocol, but also a decentralized crypto exchange to protect traders from losing funds.
Here Are Some of Loopring’s Key Features.
Reducing the Average Trader’s Exposure to Risk
Like the old adage says, where there is no risk there is no reward. However, if you do not have such an appetite for risk, Loopring is quickly developing a solution to protect your interest. Basically, with Loopring, traders get to trade cryptocurrency without moving tokens out of their wallets to any known exchange. How does Loopring achieve this? Well, simply put, Loopring automatically adjusts trading amounts on a user’s wallet, with tokens remaining secure in the user’s blockchain address. This therefore protects users from risks associated with exchanges, as well as counterparty expenses.
Yes that’s right. With Loopring’s decentralized platform, your traded funds easily remain under your control while you execute automatic trades on a decentralized, smart contract, blockchain network that is secured. This makes it easy for users to remain anonymous as well, which is great.
With Loopring, users are allowed to break orders into smaller chunks with the ability to distribute those separate pieces of orders into the best and most affordable reliable exchanges. Loopring uses a concept called game theoretical logic to optimize the trading results and protect traders from a possible DDOS attack, while giving them the best available options.
Cross Chain Protocol
The original design of the Loopring project was to have it as a blockchain platform that has smart contracts. This would allow for cross wallet trades on its platform, but since it’s an Ethereum-based project, it can currently only support a cross chain protocol for ERC20 tokens. However, with future development, the company promises to allow for a cross chain protocol for all blockchains.
Thanks to the ring matching features, traders on Loopring will not only be able to trade across exchanges and blockchains, but they will also get to enjoy enhanced liquidity; way better than existing market options. As a result, traders on Loopring simultaneously enjoy breaking down their orders and spreading them while enjoying liquidity
What do you thinks about the future of Loopring? Share your thoughts below.