Loopring is a cryptographic protocol that is used to build automated and decentralized systems. It provides users with transparency and impenetrable security while providing high transaction speeds and liquidity. It also keeps transaction costs extremely low and makes order matching fair and efficient. Furthermore, innovative applications by the Loopring team in the fields of crypto wallets, exchange pools, and integration with multiple blockchains are really helping the project to gain traction and acceptance as the crypto movement of the future.
No idea, regardless of how innovative or groundbreaking it is, can make meaningful change unless it gains popular support and brings actual benefits to users. We’ve seen the blockchain and cryptographic-asset market explode and gain widespread popularity, but few exchanges actually tackle issues related to decentralization, and what we see instead is exchanges making profits while traders make marginal gains, at best.
The Loopring project was created to solve exactly these problems: to bring actual benefits to crypto enthusiasts, to enable people to reap the rewards of their own investment strategies, and to make trading, buying and selling, and using crypto tokens and assets easy, straightforward, and very user-friendly. In addition to these, Loopring has been working on a number of exciting new partnerships as well to help make token trading and exchange safe, secure, and in common use. Read on below for details on each new development!
In July, Loopring released its new web-based wallet named ‘Circulr‘, to go alongside the project’s original web-based wallet called Loopr. Circulr is intended for use with DEX developers as Loopring’s reference wallet, the importance of which will become clear in the next section below.
In addition to Circulr, major updates to the iOS wallet now provide support for peer-to-peer trading using QR codes, the ability to submit and cancel orders, gas optimization when sending tokens, and updates to UI components for a better overall user experience. The iOS app will open up the world of decentralized trading of ERC20 tokens to millions of iOS users worldwide.
The DEX Alliance Initiative
Earlier last month, Loopring launched the DEX Alliance Initiative. 19 Wallets and DEX are using or will use the Loopring technology (Including imToken, the largest Ethereum mobile wallet) in The DEX Alliance Initiative. The first of its kind, this initiative was designed to use order clusters on Loopring’s own exchange to provide participants (and users of Loopring wallets and the Loopring DEX) with actual income (in the amount of 20%) from trading fees that they generate. This is a major shift from the way centralized exchanges operate. Centralized exchanges take a commission for executing trades; using Loopring, however, the entire crypto trading network becomes a decentralized and optimized marketplace in which orders are matched in an efficient and automated fashion, and traders are able to generate actual income for themselves. Even the remaining 80% of trade income is distributed to platform participants twice a year, based on each participant’s liquidity contribution to the network.
The DEX Alliance also demonstrates a very subtle point that many people often fail to see: Loopring understands that the best business strategy for any company is to help your customers. Launching an exchange is no big feat; growing a user base and helping your users benefit is the real challenge. So far, there are 15 projects confirmed to use Loopring now, including AEX, Pilot, and Dolomite. Besides Wallexes/Dexs projects, Loopring has other partners like Corl that using Loopring as well. For example, devs are working with huobi Wallet to help them integrating Loopring and add more values on the Wallet. Loopring is one of the few players who are actually expending large amounts of resources and burning countless development manhours towards those goals. These initiatives are a true testimony to Loopring’s commitment to creating exchange and trading services that are by the people, and for the people!
Security Advancements and Strategic Partnerships
As mentioned above, changing the status quo is no easy task, and doing so takes more than having a great idea. You have to convince people of your vision. You have to provide easy-to-use tools and features (which is where Loopring’s iOS and web-based wallets come in). You have to reach a mass audience and gain their interest (which is where user-generated profits come in). Finally, you need to make sure that the systems you are building and the services you are providing are safe and secure from external threats so that you can continue to grow and develop without risk of attack.
In order to add an additional level of security and high-tech professionalism to the project, Loopring has partnered with SECBIT Labs, a project that focuses on smart contract security. Founded by a group of crypto enthusiasts and specialists in the fields of cryptography, game theory, contract analysis, and economics, SECBIT provides Loopring with smart contract auditing all the way from design, development, testing, and verification, across all relevant development dimensions including semantics, formal verification, and compiler processes. In this way, SECBIT provides Loopring with comprehensive, reliable, and thorough security assessment and measurement tools to ensure that the Loopring DEX, the Loopring protocol itself, the platform’s wallets and apps, and all trades and orders that are executed using the service are fully secure and safe from external exposure or attack.
The Bottom Line
Loopring, using its deep blockchain expertise and a focus on building technology and products, is paving the way for crypto trading to be a beneficial, safe, secure, and easy process for the general public. The DEX alliance initiative promises to bring low-cost, risk-free, and completely private and secure crypto trading to both tech as well as non-tech traders, and since it is completely open-source and free to use, Loopring provides a unified trading experience for users and projects regardless of the underlying technology they use. Anyone can build on top of the Loopring system, using the web-based and iOS wallets is simple and intuitive, and the order-matching system used by Loopring (in addition to the extra layer of security provided by SECBIT audits) eliminates the risk of hacks and losing assets to virtually zero. The addition of numerous trading pairs on the Loopring DEX, and several exciting new projects that are building systems using Loopring, are testimony to the success of these approaches.
The cryptocurrency market will continue to develop and mature, but systems and solutions that work for everyone, not just the elite few or the tech-savvy, are the order of the day. By providing traders with incentives in the form of commission profits, by attracting more users via simple tools and useful features, and by striking strategic partnerships with the right organizations in the right industries, Loopring is slowly yet surely creating the right tools and the right services in a very tight-knit ecosystem that will power crypto trading and DEX security in the future.
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