For a while, the Publish0x Devs have been testing a few new ceyprocirrencies to add to the tipping ecosystem.

We've seen Hydro and Bounty0x come and go. And now it's Loopring's turn.

I have very, very high hopes for this cryptocurrency, mostly because if its project, and partly because of the amount I currently hold.

I'm guessing that all of us are pretty excited to start receiving this token in tips, but I'm equally guessing that many of us don't really understand how the token works, or what it is.

So I'll explain.

Loopring is simply defined as a decentralized exchange protocol built on the Ethereum blockchain that will allow its users to trade assets across exchanges. Loopring facilitates decentralised exchanging by being able to connect the exchange with the user.

It runs on the Ethereum blockchain, hence the token used in transactions is an ERC-20 compatible token.

Loopring us also blockchain agnostic, which means that it isn't picky of the blockchain it works on. It would integrate nicely with any blockchain that can run smart contracts.

How does Loopring work?

It works by matching users with other users to facilitate buying and selling of ERC-20 compatible smart contract tokens like NEO and ETH.

Unlike regular exchanges, Loopring doesn't require the users to deposit their tokens on the exchange. This really improved security of funds, especially if you have a cold wallet.

When you’re ready to make a trade, you’d have to submit an order through the loopring.io wallet, and sign the transaction with your private keys. This is to ensure that it's really you placing the order.

Once you've placed an order, the order is sent to smart contracts on the Loopring network. These smart contracts make sure that the coins in your wallet move to its new owner, and their own tokens move to your wallet once an exchange is made.

I have faith in the Looping team,as they have a lot in store for its users. They have just launched a decentralised exchange which used the steps I have explained above, but is now like every regular exchange out there.

So that's it about the new token listed on Publish0x! Have fun tipping and receiving LRC!