Loopring Foundation: An Open Protocol, Making Headlines in the Blockchain Industry

In today’s economy, to sustain success, businesses need to evaluate the vision and mission they have established regularly. Making necessary adjustments usually helps in ensuring that the company is providing the best services to their communities and customers. Growing blockchain technology offers a fresh and new way to achieve this goal. The ability to create a transparent and robust incentive organization hangs in platforms that use this upgraded technology solution. Founded in 2017, Loorping Foundation is one such established company serving its customers in amazing ways.

It is being an open protocol Loopring Foundation builds on-custodial and highly-scalable order-book exchanges. The protocol of Loopring is open-source, which makes it efficient for any exchange to build its relayer operation to support their Loopring-based exchange excellently. Also, the company has its service known as ‘Relayer-as-a-Service,’ which is offered to incumbent exchange businesses (both decentralized and centralized), would-be exchange owners, and other enterprises that need it.

Loorping’s Uniqueness

Currently, the existing decentralized trading protocols can settle a maximum of 2 trades per second at the cost of around $0.33 per trade. Loorping, on the other hand, will be able to settle an incredible 350 trades per second at the expense of as low as $0.0021 per trade. That’s an amazing 174,000% increase in throughput of 0.6% of the total cost. And this is all possible because of the Zero-Knowledge Proofs leveraged by the company.

Loorping’s Out of the Box Services

The past couple of years for Loopring were hard as most of the time of the company was invested in R&D. And now the company’s version 3.0 is live, it is production time. Loorping is expecting March 2020 to be the time when full-suite Loopring-based exchanges will be ready to shine out of beta.

Loorping offers remarkable services to maintain their customers and build new ones. The company provides an increased throughput, which settles an incredible 350 trades per second. Loorping offers reduced settlement costs as low as $0.0021 per trade while guaranteeing the same level of security to their clients. LRC plays a significant role in Loorping version 3.0, and it typically comes down in staking to reduce fees, secure exchanges, and reap the rewards. LRC is now becoming a stake-able token to be used in three types of staking.

Inspiring Leader of Loorping

Jay Zhou, Co-founder & CMO of Loopring Protocol with extensive skills across online payment and financial operation. He is a blockchain entrepreneur and angel investor and a focused business person on risk management and innovative solution.

Before working in the cross-border payment at Pay Pal, Jay worked in a spectrum of diverse industry sectors such as Risk & Compliance at Ernst & Young, and as a Global Shapers Community member. Jay mentors a blockchain course at Sanford University, and he also loves to write on blockchain technology. Jay has written articles for the Chinese Smart Contract (Ethereum) community.

Current Scenario of Blockchain Industry

As per Loorping, they are expecting to see better experimentation with hybrid blockchain models, both in the public as well as financial sectors. They say that it is a great way to get comfortable with the blockchain technology.

The enthusiastic team of Loorping Foundation adopts several strategies that make needed efforts to serve their customers in a better way. The goal of Loopring 3.0 is to reduce settlement costs and increase the number of order rings per settlement by order of magnitude. They aim to significantly increase the scalability of the protocol and center with 3.0.

Jay’s Sayings on Changing Trends in Blockchain Industry

Jay Zhou explains, “In 2020, there is an opportunity for blockchain to have a social impact. Blockchain will revolutionize processes and operations in government agencies and several industries if adopted. But the adoption of blockchain technology requires efforts and time. Additionally, blockchain technology will motivate people to acquire new skills. Moreover, the traditional businesses will have to entirely reassess their processes to produce the maximum benefits from using this promising technology.”

Loorping’s Objective and Potential Future

Loopring’s chief objective is to design and engineer the best-in-class order book-based DEX protocol on Ethereum. They say, “We wish to make this infrastructure available for the whole industry, improving crypto asset holders’ overall trading experience and peace of mind. We expect that our effort will accelerate the adoption of blockchain technology and cryptocurrencies.”

Loorping is all set to progress rapidly in the coming years. The aim of the company is to average daily Loopring DEXes trading volume by 50 times that of its competitor’s most voluminous Dex. They are expecting to be driven by 2 to 4 DEXes on Lighconerelayer and Loopring Protocol 3.0. Initial products of Loorping focuses on the large and budding market of China but balances a borderless and global view. 2020 will be a kick start for Loorping and its productization.