Loopring is a protocol that allows a decentralized exchange of Erc-20 tokens on the Ethereum blockchain. Loopring allows multi-token transactions; these offer advantages to both users and exchanges by incorporating the risk into appropriate decentralized smart contracts and minimizing commissions.
A centralized exchange generally presents various problems caused by the many necessary steps in the blockchain. 1) The user must deposit the tokens on the exchange in order to exchange them. 2) Tokens become an exchange debt owed to the user. 3) Then the tokens can be exchanged for credits from other users within the platform itself. 4) Finally, the user will have the tokens sent to his own external wallet.
This leads to various problems:
The lack of security (in this model, users have no control over their tokens).
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The lack of transparency.
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Lack of liquidity (if a given pair of tokens that a user wanted to exchange is not supported, one must transfer his / her funds to other exchange sites where it is supported).
Decentralized exchanges could be the future in the cryptocurrency sector, because they should be less vulnerable.
Ethereum is the first blockchain to base Loopring on. In the future, other blockchains that support smart contracts may also be used, such as NEO, Qtum, and EOS.
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