Loopring Exchange also acts as a payment app, as it supports recently launched Loopring Pay. Each user can send ETH and ERC20 token transfers to any other user in the zkRollup instantly, cheaply and securely.
For those who may be used to centralized exchanges like Coinbase Pro or Binance, it's helpful to think of Loopring Exchange in general that way, but while living in Ethereum, so users have self-custody security at all times, and assets Users can never be stolen by the exchange, by hackers, or frozen by regulators. It also works similarly, as putting assets in and out of the exchange can take a little time and network fees, but once in the exchange, everything is instant and cheap, thanks to its zkRollup technology.
What is a zkRollup?
zkRollup is a layer 2 scaling solution on Ethereum, which enables much higher performance (transactions per second) and much lower costs, without sacrificing security.
zkRollup is a type of scale solution for Ethereum, commonly located in the "layer 2" category. It is used to process more transactions, faster and at a lower cost. It does this by moving all the heavy work (calculations) off the chain, but keeping the rules applied by validity tests: mathematical tests that cannot be falsified. Because Ethereum verifies these tests and stores enough data to indicate exactly which off-chain account owns what, zkRollups inherits the same non-custodial security as Ethereum.
Loopring has created a zkRollup, and that allows our platform to process user transactions (exchanges and transfers) instantly and at a very affordable price. And as long as Ethereum exists, your assets will be completely under your control. They are ~ 1000 times faster and cheaper than a "normal" layer 1 DEX.
How do I register an account?
All you need to register an account is an Ethereum address. Registering an account means that your Ethereum address is linked to a "slot" (account ID) in the off-chain account system (the Merkle tree). This requires an on-chain transaction, and that means paying a gas fee on Ethereum and waiting for the transaction to be confirmed. The account then takes 5 to 30 minutes to create in the zkRollup and be reflected in its interface.
Why do I even need to register an account? Have you never heard of a DEX before?
You haven't heard of it because Looopring is the first zkRollup DEX :). Registering only means assigning your Ethereum address to the Merkle tree. You need to realize the benefits of 1000x scale versus other DEXs.
Is personal information or KYC needed?
No, just an Ethereum address.
I did not enter a password, what does it give?
No passwords Instead, each exchange account is controlled by a special "account key" that is derived from their Ethereum signatures (We use Meta Mask). You don't need to remember anything additional, just have access to your address as usual.
So how do I log in again?
To log in again, simply sign a message from your Ethereum address in our case we will use Meta Mask. The signature will be used to recalculate your account password. Please note that your account key lives only in your browser session and will not be sent to the Loopring Relay or any other remote server.
How to integrate our Ethereum with Loopring pay?
*the only you have to do its go to :https://loopring.io/account/transfers
*then click to TRANSFER
*you choose what type of asset you want to transfer in this case ethereum ETH
*you also write the ETH address*you choose the quantity
*and if you want to send a message to the recipient just write the memo
And ready your transfer is done with loopring pay
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