Loopring is an open-sourced, high throughput, and low-cost payment protocol. It addresses the lack of security, transparency, and liquidity that centralized cryptocurrency exchanges deal with.
Loopring also leverages zero-knowledge proofs, which enhance privacy for cryptocurrency. By keeping control of their assets and their privacy keys, Loopring users may not need to rely as heavily on centralized crypto exchanges and other third parties.
A recent announcement shared that Loopring will provide the foundation for GameStop’s NFT marketplace. If the NFT marketplace grows and becomes strong, the price of Loopring’s LRC token may increase.
By being built on top of Ethereum, Loopring may inherit some of Ethereum’s massive user base. As well, Loopring offers lower transaction fees because it batch-processes thousands of requests off-chain.
With the use of zero-knowledge proofs, Loopring transactions can be processed privately, proving valuable for crypto protocols which don’t want to leak extra information for every transaction.
With higher throughput and lower transaction costs than Ethereum, Loopring is in a great position for massive adoption and rapid growth. The Loopring protocol can settle as many as 2025 trades per second.
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Coinberry is a Canadian digital asset trading platform that provides users the easiest and safest way to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Stellar in Canada. Assets held by Coinberry are not eligible for Canadian Investor Protection Fund coverage.
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