How & Where to Buy Loopring (LRC)
Loopring Price & Information
Current LRC price and historical price chart
Why Should I Buy Loopring (LRC)?
What is Loopring?
Loopring (LRC) is the system native token for a novel cryptocurrency platform named Loopr that combines the features of a decentralized exchange (DEX) and wallet into the same software application. It has the goal of becoming the go-to platform for Ethereum-based (ERC20) asset exchange. By making heavy use of publicly-available smart contracts, Loopr can communicate trade information both on and off-chain to enable trustless and anonymous token trading. It also offers advanced liquidity solutions using the technique of price matching to determine a fair conversion rate between any two particular tradeable tokens.
History of Loopring
Loopr, the Loopring-based decentralized token exchange protocol, was developed in 2017 by Daniel Wang, Jay Zhou, Alex Wang and Matthew Finestone. The Loopring ICO ran for 2 weeks in August 2017, during which LRC tokens were sold for $0.06 a piece. It was highly successful, raising several millions of dollars in the process, and opened trading on exchanges at a price of nearly 2x its ICO price. In January 2018, token prices briefly exceeded $2.00 as its market cap rocketed upward of $1 billion, making it one of the fastest growing blockchain-based businesses ever to be launched.
How Loopring Works
Loopring’s main exchange protocol is called Loopr, which simultaneously acts as both trading platform and wallet. From the Loopr platform users can view token balances, trading activity and open orders. Because Loopr is decentralized, meaning it is not owned or governed by a specific 3rd party entity, users pay a nominal fee of ether gas in order to enable trading of tokens owned within their own wallets, all performed through a series of sophisticated smart contracts that keeps trading activity on a peer-to-peer basis. The system-native LRC token is used as the means for trading fee payment using the Loopr protocol.
Loopring and its trading platform Loopr offer several advantages over traditional exchanges. They include:
Decentralized asset trading. Similar to the idea of decentralized exchanges, the Loopr platform manages trading functions exclusively through the use of smart contracts, meaning user tokens are never at risk of being compromised by a 3rd party or hacker. Because the smarts contracts by which it functions have been thoroughly audited by blockchain specialists, it is a more secure trading option than traditional exchanges.
Compatibility with other wallets. Functions of the Loopr exchange can be accessed by connecting an Ethereum account from popular Ethereum wallet options like MetaMask, Trezor and Ledger wallet. Additionally, contents of keystore and mnemonic phrase wallets can also be accessed, as well by the simple importation of an Ethereum private key.
Mix-and-match trade pairings. Unlike traditional exchanges where most trading options are based in terms of one or a few base pairings (such as BTC, ETH and/or USDT), trades can be made using a near-infinite array of token combinations thanks to Loopr’s smart contracts which can quickly find a fair rate of exchange between any two Ethereum tokens.
Blockchain agnostic. Because of the nature of its coding, Loopring can be deployed on any blockchain with smart contract functionality. As of mid 2018 it operates on Ethereum and Qtum with plans for a NEO deployment under construction.