Review on Loopring [NEO] by Yenkelys Barcenas
Loopring NEO. A good competition in exchages.
Loopring NEO, is an exhange defined as the first decentralized trading platform built on Loopring 3.0 that runs on the Ethereum blockchain, whose objective is to guarantee security and performance in operations. Its developers are betting on the best-in-class order book-based DEX protocol design on Ethereum, fueled by building a highly scalable non-custodial crypto exchange and enhancing the overall trading experience and peace of mind for crypto asset holders.
Experts have assured that the use of the new Loopring 3.0 protocol is the guarantee to achieve a much higher performance without sacrificing security. With this system you can settle up to 2025 transactions per second while ensuring the same level of security as the underlying Ethereum blockchain. This is possible by using a construct called zkRollup and a function called String Data Availability, or OCDA. This novelty boosts performance but orders can no longer be shared between multiple exchanges and must be matched by a dedicated relay and this somewhat limits the decision of some users who pursue cross-platform trades without trading restrictions.
The token of this project is the LRC, an ERC20 type, which it has two main applications on the platform: as a commission per transaction and as a reward for miners. This token started in the market with an acceptable valuation, achieving prices equivalent to $2 per token, although at present this price has dropped considerably, and has remained until allowing the project to be located within the 100 cryptocurrencies with the highest capitalization volume of the world.
This protocol is designed by google developers and this is already a guarantee for many users, as it transmits trust and security in the processes. In particular, it is necessary to highlight an excellent web portal, with a simple, easy-to-use, visually attractive user interface that makes the most detailed information about your project, its offer and the functionality of its system available to its users. Thus, each user will be able to forge their criteria, establish comparisons and make decisions about its use. It is a very interesting project that can become a great competition for all existing exchanges.
Pros
- With its decentralized protocol, it allows its users to carry out secure transactions.
- The coins are only withdrawn from the wallet once the exchange process is complete.
- The LRC token can be mined and awards rewards to miners in the same currency.
- LoopRing makes mining easy, with a maximum amount of coins much higher than Bitcoin or Litecoin.
Cons
- It just accepts ethereum tokens.
- Currently the LRC token has low prices.
