Loopring is a cryptographic protocol that can be used to build online trading and payment systems, decentralized exchanges, and fully automated financial solutions. It combines the power of blockchain technology with efficient and transparent order management protocols to shield users from counterparty risk, lower the costs of online trading, manage liquidity issues, and enhance trading experiences.
Alibaba’s Tech Talk Initiative
Daniel Wang, the founder of Loopring.org, recently led a communication forum held by Alibaba called Tech Talk to share his experiences in the blockchain industry with a wide range of tech enthusiasts and market leaders. As a technology-driven company that is always open to new thoughts and creative ideas, the forum was a chance for Alibaba specifically – and the business community more generally – to discuss new developments and ideas as they relate to Alibaba’s business and technology pursuits.
These Tech Talk forums aim to build a platform for top scientists and engineers from all over the world to communicate, collaborate, and learn from each other, and this quote from Daniel summarizes the forum perfectly: “We shall never cease the pursuit for new knowledge and creative thinking in the fast-changing world.”
Loopring and the Future of Payments
During forum meetings, Daniel educated attendees on the Loopring protocol smart contract and where he sees the future of online exchange: in peer-to-peer payment infrastructures. Loopring is set to release an in important version update that includes an online wallet which will act as an interface that gives users access to their tokens while allowing them to send orders to the Loopring network. This innovative technology promises to solve some of the most challenging problems of traditional centralized exchanges and even online e-commerce sites such as third-party hacks, insider trading, and lost or stolen funds.
As protocols, crypto-assets, and online trade continue to grow and mature, the entire ecosystem is headed towards traders using and exchanging tokens and assets from within the safety of their private wallets rather than on public transaction platforms. The Loopring protocol – with its in-built order management technology, liquidity controls, and security and privacy features – will be a central component of these systems.
Versatility is also key because getting larger scale systems and user bases to work together seamlessly are important challenges that need to be overcome as developments in tech continue to erase borders and boundaries between people and markets. Loopring is exemplary in this aspect as well: it allows users to work with different smart contract platforms beyond just the Ethereum network and ERC20-compliant tokens, thereby drastically expanding user and trader options. Loopring will add support to NEO as well as QTUM in 2018, and additional integrations and system build-outs will progress alongside these initiatives throughout this year and next.
Loopring and the Future of Consensus Economy
The past few years have seen Artificial Intelligence (AI) and the Internet of Things (IoT) evolve from buzzword to business game-changers and they have, in the process, reshaped the Internet as we know it. Numerous IoT systems can be configured to operate autonomously using AI and other decision-making algorithms to use spare capacity as efficiently as possible. Spare capacity can even be “rented out” to the highest bidder in exchange for online rewards.
With the maturity of intelligent robot technology, we are entering a new period called a “Consensus Economy” in which human-human, human-machine, and machine-machine exchanges of value occur. The Loopring protocol will provide a safe and efficient value-exchange system for this highly lucrative economic activity to take place, and it will open up entire industries to new ways of creating value. Internet services that combine blockchain with AI and IoT are definitely going to be worth the wait.
What the Future Holds
Daniel is committed to promoting Loopring’s contract and blockchain technology to real-world applications. By taking effort to integrated cross-chain functionality for different crypto assets, allow traders to overcome the privacy and liquidity problems that plague crypto-exchanges, and create new ways for people and machines to interact and exchange resources and value, Loopring is going to reach very forefront of blockchain and financial technologies. Be sure to look out for new developments and announcements from Loopring in the weeks and months to come.