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The developers of Ring to ring, which allows anyone to create “high-throughput”, unattended, Ethereum orderbook-based exchanges leveraging Zero-Knowledge Proofs or ZKP (for financial privacy), have introduced a beta version of the Loopring Wallet, which is specifically the first Ethereum smart wallet with built-in zkRollup scaling.
As mentioned in a Loopring blog post:
“Android users can download the wallet app right away from https://loopring.io. We think this is the first step for Ethereum’s burgeoning financial system to enter the traditional world. It’s not perfect on its first day at all, but the user experience (user experience) of a lightning fast, super cheap and powerful Ethereum gateway in your pocket makes us ecstatic, and we hope it does it for you too.
The Loopring team says they have been working on this portfolio (called Hebao for the Chinese-speaking community) for nearly a year. The new Wallet is described as a mobile Ethereum smart contract wallet and features the Loopring protocol, including the zkRollup layer 2 scaling solution, “natively cooked”.
Smart contract-based cryptocurrency wallets are designed to offer more security, flexibility, and a decent user experience. Loopring developers explain that zkRollups allows users to access all of Ethereum’s Level 1 security “guarantees”, along with a “massive” increase in scalability: “1000x higher throughput and 1000x lower rates”.
According to Loopring, what it means from a user’s perspective is that the Wallet feels like it’s on a traditional Fintech app. However, this wallet could probably be even better because it is global, self-guarded and “presents the powerful opportunities of Ethereum”.
The Loopring team also said that the Android app can be downloaded via link (APK) on Loopring.io. The team says they have plans to introduce the app to Google Play and other platforms as well. They plan to launch the wallet for iOS users by early next year.
The new crypto wallet is reportedly allowing users to trade using the same orderbooks available on the Loopring Exchange. The developers claim the wallet can be used for “one-click trading, no delays, no gas”.
The wallet also allows users to send funds “instantly and for free”, using Loopring Pay. Transfers can be made to more than 7400 users on Loopring’s L2 (regardless of whether users joined via wallet, Loopring.io or another method).
The Loopring team added:
“We have received the audit report for [platform version] 3.6, which we will release shortly. On November 27, 2020 we will release Loopring 3.6, which is the other thing we have been working on all year. Loopring 3.6 is a huge update to the current protocol version. “
(Note: More information on the new Loopring Ver 3.6 can be found here.)
Loopring developers also noted that one of the main features that many people are waiting for is the AMM support of version 3.6 (automated market maker) on our zkRollup.
This feature will allow traders to “trade, add liquidity, remove liquidity, all without gas and instantly”. A Loopring AMM web user interface (UI) will also be launched. With the new version, users will reportedly not be limited to “only sending resources to users / addresses already on Loopring’s L2, but to any Ethereum address”.
The Loopring team is also launching “Withdrawal Mining”.
As confirmed by the developers:
“From November 27th to December 26th, we will be launching an incentive campaign we call Withdrawal Mining. It aims to incentivize people to take control of their crypto-assets and take them out of centralized platforms. We all know that the days of CEX supremacy (of centralized trading) are coming to an end and winning platforms will give users the possibility of self-sovereignty, openness and endless opportunities. This is a little nudge to keep you going, with 1 million LRC (currently ~ $ 220k). The [main incentive will involve] by inserting some Ethereum-based assets into your Loopring wallet and earn daily rewards. You can increase the “weight” of your resources by performing certain operations, such as putting them in L2, not L1, adding “guardians”, etc. “
(Note: For more details on these updates, check here.)
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