Some of you have already recognized it: A new ERC20 tipping token is introduced to publish0x that is called Loopring Coin (LRC). I believe that not many of you are already familiar with Loopring. For this reason, I decided to write this post about Loopring.
The Vision Behind Loopring
The Loopring is a quite young crypto project, but the goal of the developers is as big as clear: They want to network trading in cryptocurrencies worldwide and thus ensure faster and cheaper processing. Instead of the large number of trading exchanges that exist today, there could only be one point of contact for users of cryptocurrencies. In theory, at least, this could ensure that digital currencies are becoming increasingly widespread. Because trading in shares once also benefited from the establishment of central stock exchanges.
How The Loopring Works
The Loopring mainly consists of a worldwide platform for trading cryptocurrencies. Users can specify how many units of a particular currency they want to buy or sell at what price. The decentralized system then automatically searches for a counterpart for the desired trade. This also works with a time delay. The supply then remains in the loop ring until supply and demand meet. As long as there is no hit, the coins remain in the user's private wallet. This is said to increase security. In addition, the tokens are not blocked either: Users can continue to trade or buy in parallel with them. The offer within the loop ring is then automatically adjusted to the current account balance.
The Loopring Coin And Its Function
The fees incurred have to be paid with the Loopring Coin (LRC). There is no purely technical reason for this because the trading platform would also work without its own cryptocurrency. However, the Loopring Coins were, of course, brought to the people in an ICO. The income generated in this way is currently used to finance the project. A total of 1,395,076,054 Loopring Coins are to be generated. Demand will depend primarily on how well the trading platform is received by cryptocurrency owners. Because when numerous transactions take place, users must of course first stock up on the associated digital currency.
Loopring Coin has a current circulating supply of 1.14 Billion coins and a total volume exchanged of $2,846,988. LRC`s price today is $0.02726320 with a 24-hour trading volume of $2,846,988. The young Loopring Coin has already reached market cap rank #87.
The Loopring Coin And Its Advantages
Users no longer have to register on different platforms to trade all available cryptocurrencies. Instead, all transactions should be processed via the loop ring in the future. The use of intermediate currencies is also superfluous. Today, on the other hand, bitcoins often have to be bought first in order to then be able to purchase the desired currency with them. At the same time, the direct match between users should also reduce transaction fees. As good as this sounds, it should not be forgotten that the Loopring only works if the developers succeed in getting enough users to participate.
I hope I could provide you with some interesting and useful information about LRC, the new tipping option on publish0x.
Thank you guys for reading, liking and tipping 👍
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