Review on Loopring by Jesmin Akter

This open-source token exchange system may help decentralized exchanges. The protocol is deployed on three distinct blockchains. A third-party automated execution system simplifies trading across various bitcoin exchanges (AES). The kind of transactions Loopring may do is dependent on smart contracts, which can be carried out via decentralized apps (dApps). Loopring Foundation, an independent non-profit organization, manages the protocol.



It is important to remember that the comparison between Loopring and other exchanges with their own currencies is not always accurate. In simpler terms, Loopring is a protocol that can be implemented on decentralized exchanges and decentralized apps (dApps) that enables them to perform cross-exchange transactions. A consideration should also be made in regards to the fact that the Loopring token should not be compared to digital currencies focusing on peer-to-peer transactions such as Bitcoin. Although LRC is most often used for peer-to-peer transactions, the creation of the currency was focused on making it possible for platform users to use LRC as both gas and rewards. It is different from other cryptocurrencies in that it is not limited to a specific blockchain and can thus be implemented on virtually any public blockchain that supports smart contract features. Currently, the protocol has been implemented on the Ethereum, Neo, and Qtum blockchains, with future plans to introduce it to additional blockchains.



Since mainstream corporations are increasingly turning to cryptocurrencies, the need for better cryptocurrency exchanges is on the rise as well. Loopring is targeting poorly functioning centralized exchanges using the Loopring protocol. With respect to decentralized applications (dApps) and decentralized exchanges (DEXs), the most important advantage is the ease with which it may be deployed. This new project is being spearheaded by a group of industry leaders that are well-versed in relevant areas and have a proven track record of on-time and top-notch deliverables. In addition to the development team, it will also benefit from the advice of a board of professional advisors. As a consequence of this collaborative effort, several partnerships have been established. Currently, a number of decentralized apps (dApps) are integrating the protocol, such as digital wallets.