We present a complete guide to understanding Loopring Cryptocurrency and it’s technology. We include helpful explanations, illustrated guides, historical data, and technical details. This article is brought to you by Digital Financial Market
Last Updated: 2/3/2022
Loopring (LRC) Cryptocurrency
LRC is an Ethereum-based Cryptocurrency powering the Loopring platform. Built as a layer 2 upgrade for Ethereum, Loopring intended to provide a more powerful transaction network for smart contracts.
The unique technology behind Loopring is called “ZK Rollups,” a mathematical Zero-Knowledge proof that allows for transaction finality without having to process excessive data.
Loopring also offers frameworks to build secure Decentralized Exchanges (DEXs), AMMs, and payment applications. A minimum of 250,000 LRC must be locked to launch an exchange with the Loopring Protocol.
See Loopring (LRC) Official Whitepaper
Key Points of Loopring
- Loopring uses a unique software protocol called “ZK Rollups”
- Has a Processing Speed of over 2,000 tps (Transactions Per Second)
- Used to build DEX exchanges and payment applications
- Ethereum-based, built for security and scalability
- Highly efficient, low gas fees
Loopring Price Chart
Loopring (LRC) Historical Price Chart
History of Loopring
Loopring was created in 2017 by former Google-engineer Daniel Wang. Based in China, the launch of the project had faced regulatory difficulty when the Government Regulations demanded that up to 80% of the funds be returned.
Loopring persevered regardless of the lost funds and continued to develop its blockchain network. With ongoing upgrades, LRC was established on the Ethereum mainnet as early as December 2019.
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