Loopring is a new generation blockchain asset trading protocol and exchange. It adopts decentralized technology, provides a zero-risk token exchange model, and allows multiple exchanges to conduct off-chain matching and on-chain clearing and settlement for the same order through competition. LRN (loopring neo token) is a decentralized transaction protocol deployed by the Loopring protocol on the NEO network, that is, LRN is a token issued by the Loopring Foundation on NEO, and is used to support the decentralized currency of tokens in the NEO ecosystem currency transactions.

1. Project introduction

The Loopring protocol is a protocol that has nothing to do with the blockchain system. It is a wallet that allows users to authorize private keys for safe, anonymous and trustless token transactions. Loopring is currently not a cross-chain transaction protocol (there is no related technology to support cross-chain transaction matching), so a token needs to be issued on each target blockchain. The currently supported target blockchains include Ethereum, Quantum Chain, and YI, which correspond to three tokens LRC, LRQ, and LRN respectively.

Ethereum and NEO are two different public chains. LRN is a token issued by Loopring on NEO. Users must register NEO wallets to receive LRN airdrops and store LRN. LRN is a token issued by the Loopring Foundation on NEO, with a total issuance of 139,507,605.45 pieces (one-tenth of the total issuance of LRC), which is used to support the decentralized currency transactions of tokens in the NEO ecosystem. Currently, NEO The O3 wallet of yours has been connected to LRN. To obtain LRN, users must hold LRC, and the project party binds the Ethereum wallet address of the user holding LRC with its NEO address.

The role of LRN is mainly in two aspects, one is as a matching fee, and the other is as a collateral for exchange registration. The matching fee here can actually be understood as the transaction fee, but the calculation method may not be as simple as the transaction fee.

As for the exchange collateral, since the Loopring protocol is only a protocol layer, it also needs a corresponding exchange as the application layer. The exchanges under the application layer need to pledge LRN as collateral. The more LRN you mortgage, the more orders you can get, so that the exchange can earn more corresponding fees. This is the mortgage EOS in the EOS network to obtain broadband, and the principle is the same. So in fact, this is a game process, and the value of LRN is also reflected in this game link.

2. Comments

Loopring itself is not a decentralized cryptocurrency exchange, but the Loopring Foundation is developing and maintaining a decentralized exchange platform. Loopring connects other blockchains to enable P2P exchanges without any middlemen. The project's success depends on these key features.

Loopring currently has three cryptocurrency tokens: LRC (Ethereum), LRN (NEO) and LRQ (Qtum). Each is used to enable transactions without locking cryptocurrency balances.

Loopring matches, verifies and settles transactions through order rings stored on smart contracts. The LRx token is used as an intermediary on the backend to make the transaction technically possible. Loopring pulls transaction data from as many exchanges as possible to match buy and sell orders, enabling faster and cheaper peer-to-peer transactions.

Related Links:

https://loopring.org/

https://www.btc123.com/en/news/13514

https://0xzx.com/20190402093624899.html