Ethereum is one of the most famous and well known blockchain platforms for its development of smart contracts and decentralized applications. Basically, the cryptocurrency project provides a model to all its developers around the world in order to create their own custom applications that enable them to function on the Ethereum blockchain. It also allows them to develop their own cryptocurrency token by incorporating its ERC 20 protocol. All these tokens that are developed according to this protocol are exchanged on Ethereum Blockchain itself. Let's now look at the token looping, looping ICO and looping mining .
The Loopring project
Loopring token is one of these initiatives and ERC 20 protocol based token Ethereum and in particular is renowned for its exchange decentralized as well as the automatic execution mechanism. It should not be confused and it should be kept in mind that it is not a decentralized exchange but provides the functionality of a decentralized exchange through its order matching and cycle sharing mechanism.
Why is it so crucial?
The project Loopring collects all orders within its pool and then searches for various centralized and decentralized exchanges to fill the orders with the best correspondence. This particular feature allows its customers to obtain the benefits of cross-border exchange. The global cryptocurrency market also benefits as cross-exchange liquidity is provided with such an initiative and end-customers have a wider range of options for their orders. The mechanism Loopring is highly adaptive and users of other cryptocurrency projects such as Ethereum, NEO, Qtum, etc. can use this particular mechanism within their network.
How does the mechanism work?
The mechanism Loopring can be applied to all cryptocurrency blockchain platforms that enable the functionality of the smart contract. Although direct exchanges between two cryptocurrencies are not available on any of the centralized and centralized decentralized, then the protocol Loopring will identify an intermediate cryptocurrency and will execute both the two operations simultaneously to simulate the behavior of direct trade between two cryptocurrencies .
Team members Loopring project are thrilling the initiative of cryptocurrency at a rapid pace in order to reach their roadmaps. Members of the project team are extremely interested in developing the best possible product and therefore have also initiated numerous bug-fixing programs. One of these initiatives offered $ 10,000 to any citizen who presented a critical flaw in their implementation mechanism.
The Loopring ICO
The project Loopring blockchain had managed to raise almost 15 million US dollars during the period of Loopring ICO, like all the regulatory experts I witnessed to this unprecedented crowdfunding. Daniel Wang, the founder and the main person behind the Loopring ICO, made the interface very pretty bad, but the underlying mechanism and order matching function is very large.
During an interview, he also mentioned that their initiative Loopring blockchain had nothing to do with the real economy, but everything was based on virtual finances. The Loopring ICO allowed investors all over the world to invest in the blockchain platform in a very simple way. It is absolutely worth mentioning that Loopring ICO, lasted only 15 days in August 2017.
Loopring mining can be started very easily using various performance computing devices such as CPUs, GPUs, and application-specific integrated circuits. The process Loopring mining can be started via high-end Linux systems, according to reports. Loopring mining is basically a metaphor that is not similar to Bitcoin mining but here users have to match specific orders from a huge database. Specifically, Loopring mining requires the use of the nodes ethereum together with JSON API, IPFS, etc.
Concluding and Future Notes of the Loopring project
Cryptocurrency blockchain seems to be very futuristic in its working mechanism as it provides cross-border liquidity that was very essential in the current cryptocurrency space, it would also have allowed the global market to achieve stability as it is highly volatile in nature.