Loopring (LRC) is an ERC-20 token built on the Ethereum blockchain. LRC is also developed as LRQ on Qtum and LRN on NEO blockchain platforms. LRC solves the problem of security and transparency caused by centralized exchanges. It also provides the solution for liquidity issues in decentralized exchanges. Although LRC itself is not a decentralized exchange, it is developed as a modular protocol for building decentralized exchanges on multiple blockchains. LRC provides various security features such as front-running prevention, Sybil attack, and insufficient balance. Other features include off-chain order management, on-chain settlement and dual authoring. The fee structure os exchange is of two types i.e. ring matching cost saving and the transaction fee.
Loopring was founded by Daniel Wang, who is a Google tech lead, CEO of coinport exchange and senior director of Zhongan technology. The team consists of 20 members and 12 advisers. The LRC project is running under Loopring foundation.
The major use of Loopring is to provide the user with a decentralized exchange solution for their respective cryptocurrencies. As Loopring is developed above the parent blockchain (ETH, NEO, QTUM etc), it provides an off chain order management.
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