Loopring is a smart contract designed to create truly transparent and secure exchange systems that are free of problems that plague the financial industry such as front-running, illiquidity, and order filching. Furthermore, it not only allows users to work with different smart contract platforms beyond just the Ethereum network and ERC20-compliant tokens, but it drastically improves token and asset trading in a secure, anonymous, auditable, and verifiable manner.
Version 1.0 of the Protocol has been deployed on top of Ethereum, and the protocol is currently being implemented on the Neo blockchain. The latest protocol version will also introduce a better incentive model.
The applications of this kind of tech cannot be understated. Loopring was initially conceived as a progressive solution for problems inherent in online exchanges, but its flexibility will be a necessary component powering the future “cyber-economy”. Because Loopring allows interoperability on the Ethereum and Neo networks, it is highly suited to facilitating economic activity and value transfer between humans as well as between smart agents (robots) that are powered by artificial intelligence.
The rapid growth of automation and AI now sees machines performing complex tasks such as speech recognition (using Natural Language Processing algorithms), cancer screening, detection of fraud, plagiarism detection, spam detection, automatic closed captioning, and more, and protocols such as Loopring that can connect active agents across the process pipelines for these activities are absolutely necessary to ensure that they can continue to grow and develop.
The Loopring team has pushed over 400 Git commits to different frontend projects including Loopring.js, Loopr, and Circulr.
For Loopring.js, recent updates include addition of support to MetaMask, TREZOR, and Ledger, added support to WebSocket, and the addition of some basic documentation.
Circulr: Loopring has a new Web-based wallet codenamed ‘Circulr’ (which goes alongside the original web-based wallet called Loopr). Circulr has been designed to look more like a centralized exchange. Its design is complete and current work is on its functional implementation. The current plan is to launch Circulr in early August. Eventually, both Loopr and Circulr will be available for DEX developers to use as Loopring’s reference wallet.
Loopr: New Loopr features include better labelling and clearer transaction details, additional annotation of gas cost, enhanced UX design, removal of duplicate entries from trading history, and allowing users to specify when and how long their orders will become valid.
To test the new beta of Loopr, two large orders to sell specific tokens at their private sale prices were placed. Much to the team’s delight, the sell orders were filled in minutes, demonstrating the robustness of Loopring and the proven functionality of the wallets.
iOS Wallet App
Recent progress on the iOS app includes support for peer-to-peer trading using QR codes, the ability to submit and cancel orders, gas optimization when sending tokens, support for zoom mode (which requires numerous UI layout updates), and updates to additional UI components for a better overall user experience by including circle charts, a numeric keyboard, text field validation, and so on.
The iOS app will launch in less than a month on July 7, 2018, at which time iPhone users will be able to make decentralized trades of ERC20 tokens within the Ethereum-based app.
Dedicated and specialized development teams are needed to focus on the research and development of Loopring to overcome the challenges of implementing Loopring on new blockchain infrastructures. To enable this, a new round of project funding via a token sale will take place, and a comprehensive airdrop and distribution plan is already in place to ensure fair and smooth distribution of the new tokens that will power the Loopring chains on Ethereum and Neo. The current price of LRN, which is the Loopring token on Neo, is roughly $0.78, and the highest price reached was $3. The Loopring token itself (LRC) is currently trading at roughly $0.37.
Along with tech progress, we’ve made sure to stay on top of things on the marketing and outreach side of things. Loopring recently launched a sleek, new, and redesigned website (https://loopring.org). Check it out for the latest news, updates, and community events.
Daniel Wang: Our Founder and CEO was previously a Google Tech Lead and a Cofounder of Yunrang Technology. He has deep and extensive experience in financial services and blockchain research.
Jay Zhou: Our CMO and is an experienced risk and operations consultant.
Johnston Chen: Our COO previously worked as a CIO and has held numerous high-powered positions in the finance and tech industries.
The final word
Loopring is the new standard for crypto trading. The project is committed to implementing smart contract and blockchain technology in real-world applications. The latest developments that integrate cross-chain functionality for different crypto assets allows traders to overcome privacy and liquidity problems, and they also creates new ways for people and machines to interact and exchange resources and value.
Loopring is at the very forefront of blockchain and financial technologies, and previous and upcoming releases of web-based and iOS wallets is another step towards bringing safe, secure, fraud-resistant, and user-friendly crypto trade to the world. Furthermore, Loopring’s ecosystem will support different types of DEXs and wallets. They will commit themselves to build a more diversify and integrated decentralized platform in the near future.